|Bid||119.70 x 0|
|Ask||119.95 x 0|
|Day's Range||119.60 - 125.60|
|52 Week Range||79.14 - 154.75|
|Beta (5Y Monthly)||0.42|
|PE Ratio (TTM)||26.02|
|Earnings Date||Feb 24, 2020 - Feb 28, 2020|
|Forward Dividend & Yield||0.06 (4.55%)|
|1y Target Est||1.68|
PERTH, AUSTRALIA / ACCESSWIRE / December 13, 2019 / Centamin is pleased to announce the following changes to the Board, representing a further step in reshaping and strengthening the Company's leadership team, with a balance of core skills, experience and diversity. Following these directorate changes, the Centamin board will comprise of ten members: a non-executive chairman, independent non-executive deputy chairman, an executive director and seven independent non-executive directors. The Company's multi-disciplinary members offer a broad range of skills and experience to the Board, including but not limited to finance, legal, mining technical, capital markets and governmental experience.
Centamin has announced a new chairman as its battles predatory interest from Canadian rival Endeavour Mining. The London-listed company said Jim Rutherford, a former fund manager, would join the board in January with the “intention” of migrating to the role of non-executive chairman by the end of next year, succeeding Josef El-Raghy, who has held the position since 2002.
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Endeavour Mining’s proposed £1.5bn all-stock offer for Centamin would expose shareholders to the deteriorating security situation in Burkina Faso, the board of the target company has warned. “The Board strongly believes that Endeavour’s proposal significantly increases financial and operating risk without any material benefits to our shareholders,” said Centamin chairman Josef El-Raghy. with its £1.5bn offer on Tuesday after Centamin refused to engage in talks about a deal that would create a powerful new mid-tier gold company.
Egypt said on Wednesday it welcomed Endeavour Mining's bid to takeover Centamin Plc , saying it would encourage foreign investment in the country's mining industry. Centamin rebuffed the 1.47 billion pound ($1.9 billion) all-stock takeover proposal on Tuesday, saying it did not offer enough value to Centamin shareholders. Centamin's assets include Egypt's Sukari mine and Cleopatra project, as well as exploration projects in West Africa.
Augmentum has written down the value of its shares in Zopa by 47 per cent, cutting the valuation of its 6.2 per cent stake in the peer-to-peer lender from £22m at the end of March to just £11.7m six months later. Previously Zopa was Augmentum’s largest holding by some distance. Now its stake in Zopa is outweighed by investments in Interactive Investor and Tide.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO, OR ...
Endeavour Mining has refused to rule out a higher bid for rival African gold producer Centamin but said it would only consider improving its offer if it can hold friendly discussions. The Canadian company went public with a £1.5bn all-stock offer on Tuesday after Centamin refused to engage in talks about a deal that would create a powerful new mid-tier gold company. London-listed Centamin swiftly rejected the offer, saying it was skewed in favour of Endeavour shareholders and did not “adequately reflect” the contribution it would bring to a merged entity.
(Bloomberg) -- Endeavour Mining Corp. went public with an offer of about $1.9 billion for fellow Africa-focused gold producer Centamin Plc, after efforts to engage with the board were unsuccessful.Endeavour’s proposal is the latest in an expanding list of gold-mining deals, with at least two acquisitions announced in about the past week. Investor anticipation for more consolidation has been building since the two largest producers shook up the industry with their own transactions last year.This “is a bold and welcome move,” said James Bell, an analyst at RBC Capital Markets. The deal would diversify Centamin’s operations, which have faced operational setbacks and declining production, he said.In a separate statement, Centamin said it rejected Endeavour’s offer and is better positioned to operate as a standalone company. The board advised shareholders not to take any action on the proposal.Centamin has been touted as a takeover target ever since the size of its Sukari mine in Egypt, one of the biggest not held by a major producer, became apparent at the start of this decade. Earlier this year, Barrick Gold Corp. Chief Executive Officer Mark Bristow -- who was long seen as a suitor when he ran Africa-focused Randgold -- described it as one of the world’s top mines.Centamin has faced operational setbacks, missed output targets and multiple political hurdles since the ouster of former Egyptian President Hosni Mubarak in 2011. In addition, CEO Andrew Pardey is preparing to retire and Chairman Josef El-Raghy was supposed to retire at the end of last year.“The transaction would also provide a new, strong and highly credible management team for Centamin at a time when transitions in terms of both CEO and chairman are ongoing,” said RBC’s Bell. “The feedback we keep hearing from global investors is that single asset gold producers are potentially not viable long-term investments and hence may struggle to gain premium ratings.”Endeavour is proposing to exchange 0.0846 of its own shares for each Centamin share, the company said in a statement. The deal represents a 5% premium to the 30-day average price and would result in Endeavour investors owning about 53% of the combined company. Centamin shares rose as much as 10% in London, the most since July.Should Endeavour pursue a hostile offer, it would echo a similar move by Barrick this year for Newmont Mining Corp. Endeavour said the benefits of a combination included geographic diversification, better access to capital and a stronger position to pay dividends. Endeavour operates mines in Ivory Coast and Burkina Faso. Egyptian billionaire Naguib Sawiris’s La Mancha Holding S.a.r.l., Endeavour’s’s biggest shareholder, backs the proposal.Endeavour said it wrote to Centamin’s chairman and CEO proposing an all-share merger in October 2018, but the offer was immediately rejected. After another attempt last month, Centamin refused to hold any discussions without standstill and non-disclosure agreements that would restrict the ability to canvass shareholder sentiment, Endeavour said.This isn’t the first time Endeavour has tried to combine with another Africa-focused producer. The company ended talks for a potential deal with Acacia Mining Plc in March 2017 after failing to reach an agreement.(Adds details on Egyptian operations in sixth paragraph)To contact the reporters on this story: Elena Mazneva in London at firstname.lastname@example.org;Thomas Biesheuvel in London at email@example.comTo contact the editors responsible for this story: Lynn Thomasson at firstname.lastname@example.org, Stuart Wallace, Liezel HillFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The following amendment has been made to the "Statement regarding possible offer by Endeavour Mining Corporation" announcement released on 3 December 2019. The Company has corrected its ISIN number and deleted the statement that there can be no certainty as to the terms on which an offer might be made by Endeavour. THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.4 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE") AND DOES NOT CONSTITUTE AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CODE.
THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.4 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE") AND DOES NOT CONSTITUTE AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CODE. PERTH, AUSTRALIA / ACCESSWIRE / December 3, 2019 / The Board of Centamin plc ("Centamin" or the "Company") notes the announcement by Endeavour Mining Corporation ("Endeavour") regarding an unsolicited preliminary proposal for a potential all share combination of the Company and Endeavour based on an exchange ratio of 0.0846 Endeavour shares for each Centamin share, implying a 5% premium based on the preceding 30-day VWAP of each company to 22 November 2019 (the Proposal). The Board of Centamin has reviewed the Proposal with its financial and legal advisers and believes, based on publicly available information on Endeavour, that the terms of the Proposal provide comparatively greater benefit to Endeavour's shareholders, do not adequately reflect the contribution that Centamin would make to the merged entity and that Centamin is better positioned to deliver shareholder returns than the combined entity.
Endeavour announced its offer, a 13% premium to Centamin's last closing price, earlier in the day, seeking to gain control of Centamin assets that include the Sukari mine and Cleopatra project in Egypt and exploration projects in West Africa. The Toronto-listed firm, which owns four West African mines, said Centamin had rebuffed several attempts to engage in talks. "The terms of the proposal provide comparatively greater benefit to Endeavour's shareholders, do not adequately reflect the contribution that Centamin would make to the merged entity," Centamin said.
Canada's Endeavour Mining Corp on Tuesday disclosed its 1.47 billion pound ($1.89 billion) buyout proposal for Centamin Plc, after the British gold miner refused to discuss the bid. Endeavour Mining said the all-share takeover plan has an exchange ratio of 0.0846 Endeavour shares for each Centamin share, a 13.1% premium to their closing price on Monday. Centamin did not immediately respond to Reuters' request for a comment outside of business hours.
PERTH, AUSTRALIA / ACCESSWIRE / November 11, 2019 / Centamin announces that Ms Marna Cloete, Non-Executive Director, purchased 15,000 ordinary shares in the Company on Friday 8 November at a price of 112.5 ...
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PERTH, AUSTRALIA / ACCESSWIRE / October 23, 2019 / Quarterly Report for the three months ended 30 September 2019 HIGHLIGHTS Operational Improved Group lost time injury frequency rate ("LTIFR") ...
PERTH, AUSTRALIA / ACCESSWIRE / October 3, 2019 / Centamin today announces that Andrew Pardey has informed the Board of his intention to retire as Chief Executive Officer ("CEO"). The Nomination Committee, chaired by Edward Haslam, is initiating a search process to find a new CEO, commencing with the appointment of a global executive search firm. Andrew will continue with his responsibilities - fully supported by the Executive team and the Board - while assisting the search process and facilitating an orderly handover to the appointed successor, within his 12-month notice period.
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PERTH, AUSTRALIA / ACCESSWIRE / September 16, 2019 / TR-1: Standard form for notification of major holdings NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft ...
Investor Presentation PERTH, AUSTRALIA / ACCESSWIRE / September 12, 2019 / Centamin (LSE:CEY)(TSX:CEE) is speaking today at the EFG Hermes Emerging Market Conference in London. A copy of the updated presentation ...