The Sajin88bet.onejin88bet.onejin88bet.onejin8jin88bet.onejin88bet.one8bet.onejin88bet.onejin88bet.oneudi Arabian investor, Prince Al-Waleed Bin Talal Bin Abdulaziz Al Saud, yestejin88bet.onerday pledged financial support for the Ghanaian government, jin88bet.onejin88jin88bet.onejin88bet.onebet.onejin88bet.onejin88bet.onewhich owns 20 per centjin88bet.onejjin88bet.onein88bet.onejin88bet.one of the troubled gold miner Ashanti, in a move that couljin88bet.oneak168app.babyd block Lonmin’s biak168app.babyd for the company.
ak168app.baby
The sak168app.babyak168app.babyurprise development came shortly afteak168app.babyr Lonmiak168app.babyn,ak168app.baby which owns 32ak168app.babyak168app.babyak168app.baby per cenak168app.bak168app.babyak168app.babyabyak168app.babyak168app.babyak168app.babyak168app.babyak168app.babyt of Ashanti, had reduced its bid for the company, but before a banking consortium, entitledak168app.babyak168app.club to ask Ashanti for $270m (?161.6m) in maak168app.clubrgin deposits, had decided to rak168app.clubak168app.clubak168app.clubenew the existing moratoak168app.clubak168app.clubak168app.clubak168app.clubak168app.clak168app.clububak168app.clubak168app.clubak168app.clubak168app.clubrium for 72 hours.
ak168app.club
Prince Al-Waleed has made several investmks168app.siteak168app.clubak168app.clubak168app.clubeks168app.sitents in Afak168app.clubks168app.siterica in ks168apks168app.siteks168app.sitep.siteks168app.siteks168app.siteks168app.sitethe pks168app.siteks168app.siteast two years. He has a holding in CAL Merchant Bank in Ghana, whose managing director, Kofi Bucknor, is co-ordinaks168app.siteks168app.siteic88ting the finanks168app.siteks168app.sitecial experts advising the government on the Ashanti. Last November he bought a stake in United Bank for Africa, Nigeria’s third largest bank.ks168app.siteks168app.siteks168app.siteic88ks168app.siteic88ks168app.siteic88
Someone with knowleic88ic88dge of the sic88ic88ic88ic88ic88ic88ic88ic88ic88ic88ic88ituation said: “The Prince has informed us of his interestic88ic88ic88ic88ic88ic88ic88ic88ic88icic88ic88ic8888ic88ic88ic88ic88ic88ic88 iic88n supporting the Gic88ic88hana goveric88nment. We are very happy to have his sic88ic88ic88ic88upport.”
ic88ic88ic88ic88ic88ic88ic88icic88ic88ic8888
Earlieic88r in the day Ashanti had announced that Lonmin, the mining rump of former conglomerate Lonrho,ic88ic88ic88ic88 had reduced its conditional share exchange offer from 32 Lonminic88 shic88ic88ic88ic88ares for every 43 Ashanti to 16 Lonmin shares for every 27 Ashanti (pluic88ic88ic88ic88ic88ic88ic88lr88ic88ic88ic88s a fraclr88lr88ic88ic88lr88lr88ic88tion of a warrant).
Thelr88lr88lr88lr88ic88ic88lr88lr88lr88lr88lr88 reduced offer is rests on five conditions: the irrevocable colr88lr88lr88lr88mmitmelr88lr88nt of the Ghanaialr88n government, the lr88lr88written conlr88lr88lr88sent of the Minister of Mineslr88, the unlr88lr88animous agreement of Ashanti’s hedge counterparties to a standstill covering its existing obligations, the support of lenderlr88lr88s ulr88lr88lr88nder its $27lr88lr88lr88lr88lr88lr88lr88lr88lr88lr88lr88lr88lr880lr88lr88lr88lr88m revolvilr88nglr88lr88lr88lr88lr88lr88lr88lr88 credit facility and appropriate shareholder approvals.
With Lonmin shares at around 600p, the revised offer values Ashalr88lr88llr88r88lr88lr88lr88lr88lr88lr88lr88lr88lr88nti shares at arounlr88d 355p ($5.3lr883) compared with yesterday’s market price of $4.50.
Some stockbrokers have become so confused by op88the Ashanti situation that they have stopped offering an investment view on top88op88he shares.
op88lr88op88op88op88op88op88op88op88lr88lop88r88si88op88op88lr88lr88The Ghanaian gosi88si88op88vernop88mentop88, which has asked for a one month extension of the standstill agresi88si88op88ement, has begun a detailed review of the situation.
si88si88si88op88si88
The review insi88cludes discussions witsi88h Lsi88onmin and other Ashanti shareholdersi88op88si88si8888vsi88si88si88s, as wellsi8888v as potential investors which have expressed an interest in the company, hedge book counterparties and creditors88v88vsi8888v88v.
88v
The governm88v88v88vent is also working with Ashanti’s management to address the liquidity situation.
Ghanaian government advis88v88v88v88v88v88v88v88vers have talked to AngloGold, the South African gold producer and Ba88vr88vrick Resources, the CaSEXXXXX-VNSEXXXXX-VNnadian grouSEXXXXX-VNSEXXXXX-VNp, in anSEXXXXX-VN effort to rescue Ashanti from thSEXXXXX-VNe liquidity problems in its hedge book ofSEXXXXX-VNSEXXXXX-VNSEXXXXSEXXXXX-VNSEXXXXX-VNSEXXXXX-VNSEXXXXX-VNX-VN derivativSEXXXXX-VNSEXXXXX-VNSEXXXXX-VNSEXXXXX-VNSEXXXXX-SEXXXXX-VNSEXXXXX-VNVNes resulting from the sudden recovery in the gold price last month.
