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Ashanti Goldfields Co. (ASL) Message Board

  • goldfits goldfits Feb 11, 2000 2:43 PM Flag

    Ashanti Chairman - pt 2

    DJ Chairman/Ashanti -3: Chairman Also Ghana's Min
    Of Finance

    Peprah is also Ghana's
    Minister of Finance, appointed to the post after becoming
    Ashanti chairman. He sits on the board along with the two
    official government representatives to Ashanti.

    Thursday evening, the Ghanaian government made a statement
    on public television and radio, attacking the
    Ashanti board of directors.

    "It is the
    government's view that the board of AGC hasn't exercised to
    its fullest ability the authority conferred on it by
    shareholders to resolve its problems and ensure continued and
    sound returns on their investment in the company," the
    statement, read by Ghana's communications minister, said.

    The Ghanaian government, which has a 20% shareholding
    in Ashanti and a golden share, criticized the board
    on a number of accounts. It said Ashanti was biased
    towards its largest shareholder, the U.K.'s Lonmin PLC
    (U.LMI), with whom it had started merger negotiations last
    year. Lonmin holds 32% of Ashanti.

    All Ashanti
    shareholders should come to a planned EGM, the government
    said. It said it was in support of a bid to put in
    place a new board of directors "which will cater for
    the interests of all shareholders."

    DOW JONES NEWS 02-11-00


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