The British gold-mining company Anglo Asian Mining PLC (AAM), which operates in Azerbaijan, expects specifics from the British ACG Metals Limited (ACG) until December 24, regarding its intentions to acquire AAM.
“AAM draws attention to the announcement by ACG Metals Limited dated November 26, that ACG is at an early stage of considering the possibility of submitting an offer to purchase all of the issued and to be issued ordinary share capital of Anglo Asian Mining,” AAM said.
AAM notes that ACG’s statement is not a firm intention to make an offer in accordance with Rule 2.7 of the UK Takeover Code, and there is no assurance that ACG will actually make an offer.
“There are also no guarantees that a definitive agreement on a possible acquisition will be concluded or that such an offer, if made, will contain any specific conditions. In accordance with Rule 2.6(a) of the Code, ACG must, no later than 5:00 p.m. on December 24, either announce its firm intention to make an offer to purchase Anglo Asian or declare that it does not intend to make such an offer,” the statement said.
AAM urged its shareholders not to take any action at this time and informed that in light of ACG’s statement, an “offer period” had begun for AAM in accordance with the provisions of the UK Takeover Code.
“Following the appearance of a number of speculative comments on investor information stands and the subsequent change in share prices, AAM requested the suspension of trading in ordinary shares on the Alternative Investments Market (AIM) at the London Stock Exchange,” the information says.
AAM emphasizes that it is successfully implementing its growth strategy aimed at transitioning to the status of a mid-level producer with multi-profile assets and low cost, focused on copper.
“In 2025, Anglo Asian commissioned two new mines in Azerbaijan on time and within the budget, which confirms many years of successful experience in the country. The board of directors is fully focused on the further development of the company’s resource base, which exceeds 400,000 ounces of gold and 1 million tons of copper, which strengthens confidence in the production of two more assets – Kharhar and Garadag,” the information says.
ACG is a British company specializing in the mining of non-ferrous metals, in particular copper, as well as gold and silver. The company owns the Gediktepe copper-gold mine in Turkey, where gold is mined, and plans to start production of copper and zinc concentrates.
ACG shares are traded on the London Stock Exchange. (Report)