TIDMABG
RNS Number : 1443K
Barrick Gold Corporation
16 August 2012
16 August 2012
Barrick Gold Corporation
STATEMENT IN RELATION TO AFRICAN BARRICK GOLD PLC
TORONTO - Barrick Gold Corporation (NYSE: ABX, TSX: ABX)
("Barrick") notes the recent press speculation regarding Barrick's
holding in African Barrick Gold plc ("ABG").
ABG isF subject to the UK City Code on Takeovers and Mergers
(the "Code") and in accordance with its obligations under the Code,
Barrick confirms that it is in preliminary discussions with China
National Gold Group Corporation ("China Gold") regarding its
holding in ABG.
As noted in Barrick's 2012 Second Quarter Report, Barrick has
adopted a renewed focus on maximizing shareholder value through a
disciplined capital allocation program which includes optimizing
Barrick's portfolio of assets and maximizing returns on investment
and free cash flow. The preliminary discussions relating to ABG
form part of this program. Barrick remains both committed to and
confident in ABG, its qualified and experienced management team and
its portfolio of world-class assets.
Discussions are at an early stage, and there can be no certainty
that these discussions will result in the acquisition of all or
part of Barrick's holding in ABG.
The Panel Executive has confirmed to Barrick on an ex parte
basis that, in view of Barrick's 73.9 per cent stake in ABG, the 28
day deadline referred to in Rule 2.6(a) of the Code will not apply
to China Gold in respect of this announcement.
To the extent that any offer is made for Barrick's 73.9 per cent
stake in ABG, then an offer will be made to all shareholders in ABG
in accordance with the Code.
Further announcements will be made in due course as
appropriate.
-ends-
For further information, contact:
Barrick Gold Corporation
INVESTOR CONTACT:
Greg Panagos
Senior Vice President
Investor Relations and Communications
Telephone: +1 416 309-2943
Email: gpanagos@barrick.com
MEDIA CONTACT:
Andy Lloyd
Director
Media Relations
Telephone: +1 416 307-7414
Email: alloyd@barrick.com
UBS Limited (Financial Adviser to Barrick)
Simon Lyons / Sam Roberts
Telephone: +44 (0) 20 7567 8000
UBS Limited, which is authorised and regulated in the United
Kingdom by the Financial Services Authority, is acting exclusively
as financial adviser to Barrick regarding its holding in ABG and
no-one else and will not be responsible to anyone other than
Barrick for providing the protections offered to clients of UBS or
for providing advice in relation to ABG or the contents of this
announcement or any transaction or arrangement referred to
herein.
Notes:
(1) The Code required a public announcement to be made if, in
these circumstances, the company (i.e., ABG) is the subject of
rumour and speculation and/or there is an untoward movement in its
share price.
(2) Disclosure Requirements of the Code
Rule 2.4(c)(ii) of the Code requires that any announcement which
commences an offer period (such as this announcement) and any
subsequent announcement which first identifies an offeror must
include the following summary of the provisions of Rule 8 of the
Code.
Under Rule 8.3(a) of the Code, any person who is interested in
1% or more of any class of relevant securities of an offeree
company or of any paper offeror (being any offeror other than an
offeror in respect of which it has been announced that its offer
is, or is likely to be, solely in cash) must make an Opening
Position Disclosure following the commencement of the offer period
and, if later, following the announcement in which any paper
offeror is first identified. An Opening Position Disclosure must
contain details of the person's interests and short positions in,
and rights to subscribe for, any relevant securities of each of (i)
the offeree company and (ii) any paper offeror(s). An Opening
Position Disclosure by a person to whom Rule 8.3(a) applies must be
made by no later than 3.30 pm (London time) on the 10th business
day following the commencement of the offer period and, if
appropriate, by no later than 3.30 pm (London time) on the 10th
business day following the announcement in which any paper offeror
is first identified. Relevant persons who deal in the relevant
securities of the offeree company or of a paper offeror prior to
the deadline for making an Opening Position Disclosure must instead
make a Dealing Disclosure.
Under Rule 8.3(b) of the Code, any person who is, or becomes,
interested in 1% or more of any class of relevant securities of the
offeree company or of any paper offeror must make a Dealing
Disclosure if the person deals in any relevant securities of the
offeree company or of any paper offeror. A Dealing Disclosure must
contain details of the dealing concerned and of the person's
interests and short positions in, and rights to subscribe for, any
relevant securities of each of (i) the offeree company and (ii) any
paper offeror, save to the extent that these details have
previously been disclosed under Rule 8. A Dealing Disclosure by a
person to whom Rule 8.3(b) applies must be made by no later than
3.30 pm (London time) on the business day following the date of the
relevant dealing.
If two or more persons act together pursuant to an agreement or
understanding, whether formal or informal, to acquire or control an
interest in relevant securities of an offeree company or a paper
offeror, they will be deemed to be a single person for the purpose
of Rule 8.3.
Opening Position Disclosures must also be made by the offeree
company and by any offeror and Dealing Disclosures must also be
made by the offeree company, by any offeror and by any persons
acting in concert with any of them (see Rules 8.1, 8.2 and
8.4).
Details of the offeree and offeror companies in respect of whose
relevant securities Opening Position Disclosures and Dealing
Disclosures must be made can be found in the Disclosure Table on
the Takeover Panel's website at www.thetakeoverpanel.org.uk,
including details of the number of relevant securities in issue,
when the offer period commenced and when any offeror was first
identified. You should contact the Panel's Market Surveillance Unit
on +44 (0)20 7638 0129 if you are in any doubt as to whether you
are required to make an Opening Position Disclosure or a Dealing
Disclosure.
(3) CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
Certain information contained in this press release, including
any information as to our strategy or plans and other statements
that express management's expectations, constitute "forward-looking
statements". All statements, other than statements of historical
fact, are forward-looking statements. Forward-looking statements
are necessarily based upon a number of estimates and assumptions
that, while considered reasonable by management, are inherently
subject to significant business, economic and competitive
uncertainties and contingencies. Barrick cautions the reader that
such forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual
performance or achievements of Barrick to be materially different
from the company's estimated future results, performance or
achievements expressed or implied by those forward-looking
statements and the forward-looking statements are not guarantees of
future performance. These risks, uncertainties and other factors
include, but are not limited to: the worldwide price of gold and
copper or certain other commodities; the ability of Barrick to
complete any proposed transaction on terms acceptable to it or at
all; the impact of global liquidity and credit availability;
legislative, political or economic developments in the
jurisdictions in which Barrick carries on business and, in
particular, Tanzania; the impact of the regulatory environment
applicable to any proposed transaction or to Barrick; the timing of
cash flows and the values of assets and liabilities based on
projected future cash flows; fluctuations in currency markets; acts
of war, terrorism, sabotage and civil disturbances; operating or
technical difficulties in connection with mining or development
activities; employee relations; availability and costs associated
with mining inputs and labor; the speculative nature of exploration
and development, including the risks of obtaining necessary
licenses and permits and diminishing quantities or grades of
reserves; changes in costs and estimates associated with our
projects; inflation; contests over title to properties,
particularly title to undeveloped properties; the risks involved in
the exploration, development and mining business. Certain of these
factors are discussed in greater detail in Barrick's most recent
Form 40-F/Annual Information Form on file with the U.S. Securities
and Exchange Commission and Canadian provincial securities
regulatory authorities.
Barrick disclaims any intention or obligation to update or
revise any forward-looking statements whether as a result of new
information, future events or otherwise, except as required by
applicable law.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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