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buy canada goose jacket cheap JOHANNESBURG/LONDON, canada goose black friday sale Sept 15 (Reuters) Africa largest gold producer AngloGold canada goose Ashanti has scrapped a planned demerger and rights issue after a shareholder revolt against the overhaul announced five days ago, buy canada goose jacket and might be forced to sell assets to shore up Canada Goose Outlet its finances. buy canada goose jacket cheap

canada goose coats The South Africa based gold producer last week unveiled its intention to split its international assets from its South African mines to create a new London listed company, mirroring moves by other producers to reduce exposure to a canada goose uk shop country cheap Canada Goose hit by rising labour costs and policy instability. canada goose coats

canada goose store AngloGold had also planned a $2.1 billion rights issue to pare its net debt level of $3 billion, canada goose clearance which the company chief executive canada goose store has called high canada goose store

Canada Goose Parka Shareholders and analysts said splitting the Johannesburg based company domestic operations from the rest made sense given South Africa tarnished reputation as a destination for mining investment. Canada Goose Parka

buy canada goose jacket But the size of the rights issue was just too big. buy canada goose jacket

number of shareholders have expressed concerns about certain aspects of canadian goose jacket the proposed transactions, in particular the quantum of the equity capital raising, the company said in a canada goose uk outlet statement announcing the dramatic about turn.

canada goose coats on sale Ashanti has, therefore, decided not to proceed with the restructuring and capital raising. canada goose coats on sale

canada goose With the rights issue now off the table the company might have to sell assets to pare debt. canada goose

cheap Canada Goose sales are on the cards. We will look at all https://www.canadagoosejacket-outlet.ca options, canada goose outlet vancouver Chief Executive Srinivasan Venkatakrishnan said in response to a question about the issue in a conference call from Denver, where he was attending an industry meeting. cheap Canada Goose

canada goose black friday sale SHAREHOLDERS CONCERNS Billionaire hedge fund manager John Paulson had been one of the most outspoken critics of AngloGold abortive plan, saying the rights issue would be counterproductive for shareholders. canada goose black friday sale

will not vote its shares in favor of AngloGold Ashanti proposal to conduct a highly dilutive $2.1 billion rights issue to support a partial spin off of its international assets, his hedge fund Paulson Co, which owns about 6.6 per cent of uk canada goose AngloGold Ashanti, said in an emailed statement.

canadian goose jacket the separation of canada goose coats the company into an international business and a South African business makes strategic sense, the small Canada Goose Online amount of the spin out, the likely holding company discount, and the highly dilutive equity offering would, on a net basis, destroy shareholder value. canadian goose jacket

The company decision to drop its plan, after consulting two thirds of its shareholding base at the weekend, raises questions about how it can cut its debt level and how quickly.

Canada Goose sale Investec analysts suggested in a note it should sell its share cheap canada goose uk in the Kibali mine in the Democratic Republic of Congo to joint venture partner and rival Randgold. Canada Goose sale

Canada Goose Outlet AngloGold canada goose clearance sale net debt/EBITDA, a ratio used as a measure of leverage, is currently at canada goose factory sale around 1.73. Canada Goose Outlet

canada goose clearance sale Its rival Gold Fields had a level of around 0.7 when it implemented a de merger in 2013 that gave life to South African gold producer buy canada goose jacket cheap Sibanye Gold. canada goose clearance sale

you consider Canada Goose sale the amount of debt in AngloGold, having a rights issues makes sense to me. I think the main problem I canada goose uk black friday had was that they did not give any uk canada goose outlet details on the rights issue. Markets do not like uncertainty, said Michael Canada Goose Jackets Schroder, a fund manager at Old Mutual, which has a 1.7 percent stake in AngloGold, Canada Goose online according to Reuters data.

Canada Goose Jackets Schroder said the fact that AngloGold intended to initially retain a 65 percent stake in the company it was planning to spin off and list in London was also important. Canada Goose Jackets

canada goose deals potentially interested in buying shares in the new company would canada goose coats on sale have seen that the big parent might have wanted to offload the stock at some Canada Goose Parka point, so there could have been an overhang of shares for years to come, he said. canada goose deals

canada goose clearance When the producer unveiled the plan last week, its share price fell over 12 percent as investors gave it a thumbs down. canada goose clearance

On Monday its share price leapt Canada Goose Coats On Sale almost 13 percent after the news that the proposal was being ditched, but then pared gains to trade 2 percent up by 1500 GMT. (Additional reporting by Svea Herbst and Helen Nyambura Mwaura; Editing by Ed Cropley and Andrew Roche).

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