|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||11.62 - 11.62|
|52 Week Range||4.80 - 27.90|
|Beta (3Y Monthly)||4.36|
|PE Ratio (TTM)||0.54|
|Earnings Date||Oct 1, 2018 - Oct 1, 2018|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||0.11|
Gold Miner Avocet plans to close down its business after selling off its last significant asset in Guinea, the London-listed miner said on Friday, crumbling under mounting debt. Avocet, which had warned in October that it could be broken up while it was still in talks with its largest shareholder Elliott Management to restructure its debt, said it would pay creditors with whatever cash remained. The West Africa focussed miner has relied primarily on loans from Elliott since 2014 due to cash flow shortages resulting from a fall in gold prices and lower production at its Inata mine in Burkina Faso..
The company, which debuted on the London Stock Exchange in 2007 at 1,200 pence a share, has lost nearly all of its value and was trading at 9.9 pence. The company said that it has sufficient funds to operate for the next 12 months provided that the capital and interest on Elliott's loan will not have to be paid in the period. "A possible outcome of these discussions could be that the Avocet Group is broken up further in an orderly manner and eventually wound up," Avocet said in its statement.