TIDMCEY
RNS Number : 6215V
Centamin PLC
04 December 2019
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 FROM ANY JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT
JURISDICTION
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. THERE CAN BE NO CERTAINTY THAT ANY FIRM OFFER WILL BE
MADE.
FOR IMMEDIATE RELEASE
4 December 2019
Centamin plc
("Centamin" or "the Company")
(LSE:CEY, TSX:CEE)
BOARD OF CENTAMIN UNANIMOUSLY REJECTSEAVOUR'S PROPOSAL
The Board of Centamin plc ("Centamin" or the "Company") notes
the announcement by Endeavour Mining Corporation ("Endeavour") on 3
December 2019 regarding the unsolicited preliminary proposal for a
potential all share combination between Centamin and Endeavour (the
Proposal).
Centamin regularly considers potential strategic opportunities
and does so through the correct communication channels and with
non-disclosure agreements in place in order to best protect
shareholders' interests. Centamin has communicated to Endeavour
several times its willingness to engage on this basis and Endeavour
has repeatedly refused to engage in a proper manner and allow the
sharing of non-public information in order to better assess the
value to shareholders of the potential combination. As a result,
the Board of Centamin has reviewed the Proposal and the available
public information on Endeavour with its financial and legal
advisers and has concluded that the Proposal materially undervalues
Centamin and that Centamin is better positioned to deliver
shareholder returns than the combined entity.
-- The Board believes that the Proposal is skewed in favour of
Endeavour's shareholders and fundamentally undervalues
Centamin:
o The exchange ratio in the Proposal would result in Centamin
shareholders owning only 47% of the shares of the enlarged company.
However, Centamin would contribute:
-- 100% of H1 2019 free cash flow([1])
-- 100% of 2018 free cash flow(1)
-- 100% of H1 2019 dividend distribution(1)
-- 100% of 2018 dividend distribution(1)
-- 57% of Measured and Indicated resources(2)
-- 69% of Inferred resources(2)
o In addition, the above percentages do not take into
consideration that whilst Centamin had cash and liquid assets as at
30 September 2019 of US$289 million[2] and no debt, Endeavour had
gross debt and financial obligations of US$729 million[3] and net
debt of US$599 million[4] as at 30 September 2019 and financial
liabilities related to hedging and streaming obligations.
Therefore, a significant portion of the cash flows derived from
Endeavour's assets will not accrue to shareholders
-- The Proposal does not justify changes to the investment case for Centamin's shareholders:
o The Board believes that Endeavour has failed to demonstrate
that the logic of the Proposal outweighs the risks to Centamin's
established policy of distributing significant cash returns to
shareholders
-- The Proposal puts at risk Centamin's shareholders' ability to
continue receiving dividends at historic levels and exposes the
Company to Endeavour's substantial US$729 million(5) gross debt
obligations, including debt obligations of US$310 million maturing
in 2021[5]
-- The Company's strong track record of replacing reserves at
Sukari means that despite producing more than 3.7Moz of gold to
date, Sukari still has a current reserve life of more than 15
years
-- Centamin's shareholders would have material exposure to the
deteriorating operating environment in Burkina Faso, where
approximately 44% of Endeavour's attributable resources are
located
-- Centamin shareholders are being asked to exchange their more
liquid, London-listed Centamin shares for less liquid, TSX-listed
Endeavour shares. Based on the last six months average daily value
traded, Centamin's shares are 1.8x[6] more traded than Endeavour's
shares.
-- The Board believes that the quality of Centamin's asset base deserves a premium:
o Endeavour's Proposal would result in Centamin's shareholders
exchanging 100% direct exposure to a world-class gold asset for a
reduced 47% exposure to the same asset within a broader portfolio
of lower quality, higher risk assets.
Josef El-Raghy, Chairman of Centamin, said: "The Board strongly
believes that Endeavour's proposal significantly increases
financial and operating risk without any material benefits to our
shareholders. Centamin's stated strategy has always been to
maximise returns for all of its shareholders, having returned
approximately US$500 million to shareholders since 2014. In
addition, despite numerous requests, Endeavour has refused to enter
into a customary non-disclosure agreement to allow the Board to
further assess the Proposal. It is the Board's belief that the
Proposal made by Endeavour sits in stark contrast with Centamin's
strategy and we strongly advise our shareholders to take no
action."
In conclusion, Centamin's Board unanimously rejects the Proposal
and strongly advises shareholders to take no action. The Company
will communicate with its shareholders again in due course with
further details.
Centamin shareholders should note that the announcement made by
Endeavour does not amount to a firm intention to make an offer
under Rule 2.7 of the Code. There can be no certainty that an offer
will be made.
The person responsible for the release of this announcement on
behalf of Centamin is Josef El-Raghy, Chairman.
For more information, please visit the website www.centamin.com
or contact:
Centamin plc
Ross Jerrard, Chief Financial Officer
+44 (0)1534 828 700
Ross.jerrard@Centamin.com
Alexandra Carse, Investor Relations
+44 (0) 7700 713 738
alexandra.carse@Centamin.je
BMO Capital Markets
Gary Mattan
Tom Rider
Pascal Lussier-Duquette
Neil Elliot
+44 (0)20 7236 1010
Buchanan Communications
Bobby Morse
Chris Judd
+ 44 (0)20 7466 5000
centamin@buchanan.uk.com
Important Notice
BMO Capital Markets Limited ("BMO"), which is authorised and
regulated in the United Kingdom by the Financial Conduct Authority,
is acting exclusively for Centamin and no one else in connection
with the above and will not be responsible to anyone other than
Centamin for providing the protections offered to clients of BMO
nor for providing advice in relation to the subject matter of this
announcement or any other matters referred to in this
announcement.
Information Concerning Endeavour
The information concerning Endeavour contained in this
Announcement is based solely on publicly available information.
Scientific and Technical Information
Information of a scientific or technical nature in this
Announcement pertaining to the Sukari Gold Project mineral reserve
and resource estimates is based on information of a scientific and
technical nature that was included in the Company's annual
financial statements for the year ended December 31, 2018 which is
available under Centamin's profile on SEDAR at www.sedar.com. The
underlying information was prepared by and under the supervision of
Norman Bailie, Centamin's Qualified Person(s) and independent
Qualified Person(s) as below:
-- Open Pit Mineral Reserve Quinton de Klerk of Cube Consulting Pty Ltd
-- Underground Mineral Reserve Adrian Ralph of Cube Consulting Pty Ltd
-- Mineral resource (underground) Mark Zammit of Cube Consulting Pty Ltd
-- Mineral resource Arnold van der Heydyn of H&S Consultants
Pty Ltd
Please refer to the technical report entitled "Mineral Resource
and Reserve Estimate for the Sukari Gold Project, Egypt" effective
on 30 June 2015 and issued on 23 October 2015 and filed on SEDAR at
www.sedar.com, for further discussion of the extent to which the
estimate of mineral resources/reserves may be materially affected
by any known environmental, permitting, legal, title, taxation,
sociopolitical, or other relevant issues as well as details of the
qualified persons and quality control.
Information of a scientific or technical nature in this
Announcement pertaining to the Doropo Project mineral resource
estimates is based on information of a scientific and technical
nature that was included in the Company's quarterly report for the
three months ended 30 September 2019 which is available under
Centamin's profile on SEDAR at www.sedar.com. The underlying
information was compiled by the Company's geologists, Pierrick
Couderc and Fidele Kakou, under the supervision of the Company's
Qualified Person, Norman Baillie, Group Exploration Manager, and
independent Qualified Person, Rupert Osborn of H&S Consultants
Pty Ltd.
A Qualified Person is as defined by the National Instrument
43-101 - Standards of Disclosure For Mineral Projects of the
Canadian Securities Administrators ("NI 43-101"). Named Qualified
Persons have verified the data disclosed, including sampling,
analytical, and test data underlying the information or opinions
contained in this announcement in accordance with standards
appropriate to their qualifications.
All Mineral Reserves and Mineral Resources for Centamin have
been estimated in accordance with the standards of the Canadian
Institute of Mining, Metallurgy and Petroleum and NI 43-101. All
Mineral Resources are reported exclusive of Mineral Reserves.
Mineral Resources that are not Mineral Reserves do not have
demonstrated economic viability.
Dealing Disclosure Requirements 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 securities exchange 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
securities exchange 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
securities exchange 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 securities exchange offeror is first
identified. Relevant persons who deal in the relevant securities of
the offeree company or of a securities exchange 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 securities exchange offeror must make a
Dealing Disclosure if the person deals in any relevant securities
of the offeree company or of any securities exchange 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 securities exchange offeror(s), 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
securities exchange 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.
The defined terms used in this section "Dealing Disclosure
Requirements of the Code" are defined in the Code which can be
found on the Takeover Panel's website.
Publication on Website
A copy of this announcement will be made available (subject to
certain restrictions relating to persons resident in restricted
jurisdictions) at www.centamin.com no later than 12:00 noon (UK
time) on 5 December 2019 (being the business day following the date
of this announcement) in accordance with Rule 26.1(a) of the Code.
The content of the website referred to in this announcement is not
incorporated into and does not form part of this announcement.
Forward-looking Statements
This Announcement (including information incorporated by
reference) contains "forward-looking statements" and
"forward-looking information" under applicable securities laws
(collectively, "forward-looking statements"), including statements
relating to the Proposal, statements with respect to future
financial or operating performance, estimates of mineral reserves
and resources and the timing and amount of future production,
revenues, margins, costs and expenditures. Generally, these
forward-looking statements can be identified by the use of
forward-looking terminology such as "believes", "expects",
"expected", "budgeted", "forecasts" and "anticipates". Although
Centamin believes that the expectations reflected in such
forward-looking statements are reasonable, Centamin can give no
assurance that such expectations will prove to be correct.
Forward-looking statements are prospective in nature and are not
based on historical facts, but rather on current expectations and
projections of the management of Centamin about future events, and
are therefore subject to known and unknown risks and uncertainties
which could cause actual results to differ materially from the
future results expressed or implied by the forward-looking
statements. In addition, there are a number of factors that could
cause actual results, performance, achievements or developments to
differ materially from those expressed or implied by such
forward-looking statements, including the results of Proposal;
general business, economic, competitive, political and social
uncertainties; the results of exploration activities and
feasibility studies; assumptions in economic evaluations which
prove to be inaccurate; currency fluctuations; changes in project
parameters; future prices of gold and other metals; possible
variations of ore grade or recovery rates; accidents, labour
disputes and other risks of the mining industry; climatic
conditions; political instability; decisions and regulatory changes
enacted by governmental authorities; delays in obtaining approvals
or financing or completing development or construction activities;
and discovery of archaeological ruins. There can be no assurance
that forward-looking statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such information or statements. Forward-looking
statements contained herein are made as of the date of this
Announcement and the Company disclaims any obligation to update any
forward-looking statement, whether as a result of new information,
future events or results or otherwise. Accordingly, readers should
not place undue reliance on forward-looking statements.
Endnotes
1. The information pertaining to Endeavour is based on
Endeavour's published information. The contribution analysis
presented reflects the percentage Endeavour or Centamin would
contribute to the combined entity:
Combination Analysis Contribution
(%)
(Units) Endeavour Centamin MergeCo Endeavour Centamin
------------------------ ---------
Financials
------------------------ --------- ---------- --------- -------- ---------- ---------
H1 2019 Free Cash (US$
Flow(1) mm) ($85) $33 ($52) -- 100%
------------------------ --------- ---------- --------- -------- ---------- ---------
FY 2018 Free Cash (US$
Flow(1) mm) ($151) $59 ($93) -- 100%
(US$
H1 2019 Dividends(2) mm) -- $35 $35 -- 100%
(US$
FY 2018 Dividends(2) mm) -- $145 $145 -- 100%
(US$
Debt(3) mm) $729 -- $729 100% --
Reserves & Resources (Attributable
Basis)
----------------------------------------------- --------- -------- ---------- ---------
Proven & Probable (mmoz
Reserves(4) Au) 7 7 15 51% 49%
------------------------ --------- ---------- --------- -------- ---------- ---------
Measured & Indicated (mmoz
Resources(4) Au) 13 16 29 46% 54%
------------------------ --------- ---------- --------- -------- ---------- ---------
(mmoz
Inferred Resources(4) Au) 2 4 6 36% 64%
Source: Company filings
1. Refer to Endnote 2.
2. FY 2018 dividends for Centamin as per Centamin's FY2018 Annual
Report,. H1 2019 dividends for Centamin as per Centamin's H1 2019
Interim Financial Report.
3. Endeavour debt represents the sum of Endeavour's outstanding
RCF (US$310 million), face value of its convertible senior bond
(US$330 million) and equipment finance obligations (US$89 million)
as per Endeavour's Q3 2019 financial statements.
4. Refer to Endnote 3 for details on mineral reserves & resources
for Endeavour and Centamin.
2. The table below illustrates the free cash flow calculation
for both Endeavour and Centamin based on GAAP compliant financial
metrics:
Endeavour Centamin
--------------------- ---------------------
Units H1 2019(1) 2018(2) H1 2019(1) 2018(2)
----------------------- ---------- ----------- -------- ----------- --------
Operating Cash Flow (US$ mm) $85 $251 $116 $223
----------------------- ---------- ----------- -------- ----------- --------
Capex (US$ mm) ($170) ($402) ($45) ($88)
Profit Share Payments
to EMRA (US$ mm) ($39) ($76)
Free Cash Flow (US$ mm) ($85) ($151) $33 $59
----------------------- ---------- ----------- -------- ----------- --------
Source: Company filings
1. Based on Endeavour's and Centamin's H1 2019 Interim results
and represents financials over the last 6 months.
2. Based on Endeavour's and Centamin's FY 2018 Annual filings and
represents financials for the full year.
3. Mineral reserves & resources estimates for Centamin are set out in the table below:[7]
100% Basis Attributable Basis
----------------------- ------------------------------- -------------------------------
Tonnage Grade Contained Tonnage Grade Contained
(mmt) (g/t Au) (koz Au) (mmt) (g/t Au) (koz Au)
----------------------- -------- --------- ---------- -------- --------- ----------
Sukari (100%)
Proven Reserves 148.4 1.09 5,200 148.4 1.09 5,200
Probable Reserves 46.2 1.38 2,050 46.2 1.38 2,050
Mineral Reserves 194.6 1.16 7,250 194.6 1.16 7,250
Measured Resources 254.0 0.99 8,024 254.0 0.99 8,024
Indicated Resources 104.0 0.89 2,976 104.0 0.89 2,976
Measured & Indicated
Resources 358.0 0.96 11,000 358.0 0.96 11,000
Inferred Resources 34.0 0.80 880 34.0 0.80 880
Doropo (100%)
Proven Reserves -- -- -- -- -- --
Probable Reserves -- -- -- -- -- --
Mineral Reserves -- -- -- -- -- --
Measured Resources 5.2 1.52 260 5.2 1.52 260
Indicated Resources 56.1 1.21 2,180 56.1 1.21 2,180
Measured & Indicated
Resources 61.3 1.24 2,440 61.3 1.24 2,440
Inferred Resources 30.1 1.07 1,040 30.1 1.07 1,040
ABC Prospect (100%)
Proven Reserves -- -- -- -- -- --
Probable Reserves -- -- -- -- -- --
Mineral Reserves -- -- -- -- -- --
Measured Resources -- -- -- -- -- --
Indicated Resources 20.0 1.03 650 20.0 1.03 650
Measured & Indicated
Resources 20.0 1.03 650 20.0 1.03 650
Inferred Resources 16.0 0.87 450 16.0 0.87 450
Batie West (100%)
Proven Reserves -- -- -- -- -- --
Probable Reserves -- -- -- -- -- --
Mineral Reserves -- -- -- -- -- --
Measured Resources -- -- -- -- -- --
Indicated Resources 34.0 1.70 1,920 34.0 1.70 1,920
Measured & Indicated
Resources 34.0 1.70 1,920 34.0 1.70 1,920
Inferred Resources 25.0 1.70 1,330 25.0 1.70 1,330
Centamin Mineral Reserves
& Resources
Proven Reserves 148.4 1.09 5,200 148.4 1.09 5,200
Probable Reserves 46.2 1.38 2,050 46.2 1.38 2,050
Mineral Reserves 194.6 1.16 7,250 194.6 1.16 7,250
Measured Resources 259.2 0.99 8,284 259.2 0.99 8,284
Indicated Resources 214.1 1.12 7,726 214.1 1.12 7,726
Measured & Indicated
Resources 473.3 1.05 16,010 473.3 1.05 16,010
Inferred Resources 105.1 1.09 3,700 105.1 1.09 3,700
----------------------- -------- --------- ---------- -------- --------- ----------
Mineral reserves & resources estimates for Endeavour are set
out in the table below:[8]
100% Basis Attributable Basis
----------------------- ------------------------------- -------------------------------
Tonnage Grade Contained Tonnage Grade Contained
(mmt) (g/t Au) (koz Au) (mmt) (g/t Au) (koz Au)
----------------------- -------- --------- ---------- -------- --------- ----------
Agbaou (85%)
Proven Reserves 0.3 1.63 16 0.3 1.63 14
Probable Reserves 8.3 1.67 445 7.1 1.67 378
Mineral Reserves 8.6 1.66 461 7.3 1.66 392
Measured Resources 1.9 0.87 54 1.6 0.87 46
Indicated Resources 7.6 2.51 610 6.5 2.51 519
Measured & Indicated
Resources 9.5 2.18 664 8.1 2.18 564
Inferred Resources 0.8 1.72 46 0.7 1.72 39
Houndé (90%)
Proven Reserves 3.5 1.53 174 3.2 1.53 157
Probable Reserves 31.3 2.26 2,276 28.2 2.26 2,048
Mineral Reserves 34.8 2.19 2,450 31.3 2.19 2,205
Measured Resources 3.6 1.56 180 3.2 1.56 162
Indicated Resources 60.5 2.03 3,955 54.5 2.03 3,560
Measured & Indicated
Resources 64.1 2.01 4,135 57.7 2.01 3,722
Inferred Resources 6.9 2.08 463 6.2 2.08 417
Ity (85%)
Proven Reserves 0.0 1.45 2 0.0 1.45 2
Probable Reserves 60.7 1.55 3,036 51.6 1.55 2,581
Mineral Reserves 60.8 1.56 3,039 51.7 1.56 2,583
Measured Resources 1.4 0.97 44 1.2 0.97 37
Indicated Resources 75.9 1.64 3,993 64.5 1.64 3,394
Measured & Indicated
Resources 77.3 1.63 4,037 65.7 1.63 3,431
Inferred Resources 19.1 1.35 830 16.2 1.35 706
Karma (90%)
Proven Reserves 1.3 0.56 24 1.2 0.56 22
Probable Reserves 26.2 0.88 740 23.6 0.88 666
Mineral Reserves 27.5 0.86 764 24.8 0.86 688
Measured Resources 1.3 0.66 28 1.2 0.66 25
Indicated Resources 74.0 1.10 2,627 66.6 1.10 2,364
Measured & Indicated
Resources 75.3 1.10 2,655 67.8 1.10 2,390
Inferred Resources 17.9 1.34 772 16.1 1.34 695
Kalana Project (80%)
Proven Reserves 5.1 3.00 492 4.1 3.00 394
Probable Reserves 16.6 2.76 1,472 13.3 2.76 1,178
Mineral Reserves 21.7 2.81 1,964 17.4 2.81 1,571
Measured Resources 9.5 4.19 1,280 7.6 4.19 1,024
Indicated Resources 16.3 3.74 1,964 13.0 3.74 1,571
Measured & Indicated
Resources 25.8 3.92 3,254 20.6 3.92 2,603
Inferred Resources 1.9 4.41 265 1.5 4.41 212
Fetekro (65%)
Proven Reserves -- -- -- -- -- --
Probable Reserves -- -- -- -- -- --
Mineral Reserves -- -- -- -- -- --
Measured Resources -- -- -- -- -- --
Indicated Resources 14.6 2.54 1,190 9.5 2.54 774
Measured & Indicated
Resources 14.6 2.54 1,190 9.5 2.54 774
Inferred Resources 0.9 2.17 60 0.6 2.17 39
Endeavour Mineral Reserve
& Resource
Proven Reserves 10.2 2.15 708 8.7 2.15 587
Probable Reserves 143.1 1.73 7,969 123.7 1.73 6,851
Mineral Reserves 153.4 1.76 8,678 132.4 1.76 7,439
Measured Resources 17.7 2.79 1,586 14.8 2.79 1,295
Indicated Resources 248.9 3.74 14,339 214.6 3.74 12,181
Measured & Indicated
Resources 266.6 1.86 15,935 229.4 1.86 13,484
Inferred Resources 47.5 4.41 2,436 41.3 4.41 2,107
----------------------- -------- --------- ---------- -------- --------- ----------
4. This Announcement presents certain measures, including "free
cash flow" that are not recognized measures under IFRS. The
calculations of these measures and the corresponding data may not
be comparable to those utilised and presented by other gold
producers. The Company believes that these generally accepted
industry measures are realistic indicators of operating performance
and are useful in performing year over year comparisons. However,
these non-GAAP measures should be considered together with other
data prepared in accordance with IFRS, and these measures, taken by
themselves, are not necessarily indicative of operating costs or
cash flow measures prepared in accordance with IFRS. Please refer
to the section entitled "Non-GAAP financial measures" included in
the Company's full year results for the 12 months ended 31 December
2018 and the interim results for the six months ended 30 June 2019
filed under its profile on SEDAR at www.sedar.com for further
information respecting the non-GAAP measures used in this
Announcement and a reconciliation of such measures to the closest
GAAP defined measures.
[1] Refer to Endnote 1 for more details.
[2] As per Centamin's Q3 2019 Interim Results.
[3] Represents the sum of Endeavour's outstanding RCF (US$310
million), the face value of its convertible senior bond (US$330
million) and equipment finance obligations (US$89 million) as per
Endeavour's Q3 2019 financial statements.
[4] Represents the sum of Endeavour's debt, less cash and
bullion on hand of US$129.3 million as at 30 September 2019, as per
Endeavour's Q3 2019 financial statements.
[5] As per Endeavour's Q3 2019 financial statements, Endeavour's
US$310 million RCF is due to mature in September 2021.
[6] Represents the ratio of Centamin's six month average daily
value traded versus Endeavour's six month average daily traded
value up to 2 December 2019 as per Factset.
[7]As per Centamin's FY2018 Annual Report with the exception of
Doropo which is based on a resource update published in Centamin's
Q3 2019 Interim Results.
[8]As per Endeavour's 2018 MD&A with the exception of Houndé
and Fetekro which are based on resource updates published by
Endeavour on 11 November 2019 and 2 September 2019
respectively.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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