Information  X 
Enter a valid email address

Ashanti Goldfields (ASN)

  Print      Mail a friend

Tuesday 23 September, 2003

Ashanti Goldfields

Merger Update

Ashanti Goldfields Company Ld
23 September 2003

                            PRESS  RELEASE

FOR IMMEDIATE RELEASE                                       23 September 2003


The board of Ashanti Goldfields Company Limited ('Ashanti') notes the
announcement earlier today by Randgold Resources Limited ('Randgold'). Ashanti
confirms that it has today received a formal merger proposal from Randgold to
acquire the issued share capital of Ashanti at an exchange ratio of one new
Randgold ordinary share for every two Ashanti ordinary shares ('the Proposal').
The Proposal is subject to a number of pre-conditions including the
recommendation of the board of Ashanti, entering into a satisfactory transaction
agreement with Ashanti and the receipt of an undertaking to accept the offer
from the Government of Ghana.

Ashanti is, together with its advisers, currently evaluating the terms of the
Proposal. A further announcement will be made as and when appropriate.

The board of Ashanti continues to recommend the proposed merger with AngloGold
Limited ('AngloGold') and has agreed with AngloGold to extend the transaction
agreement entered into on 4 August 2003. The transaction agreement originally
provided that it would terminate if certain approvals and undertakings were not
received from the Government before 30 September 2003, or such later date as may
be agreed by Ashanti and AngloGold. This date has now been extended to 31
October 2003, or such later date as may be agreed by Ashanti and AngloGold.

There can be no assurance that an agreement with Randgold will be reached or
that a transaction with either Randgold or AngloGold will be implemented.
Consequently, shareholders of Ashanti are advised to exercise caution when
dealing in the relevant securities.


For further information contact:

Ashanti Goldfields Company Limited
Kweku Awotwi            Tel:             +233 21 772 331
Ernest Abankroh         Tel:            +233 21 774 977
Corinne Gaisie          Tel:             +44 20 7256 9938

UK Investors and Media
Charles Cook            Tel:            +44 20 7417 4170
Matthew Jervois

The Global Consulting Group
North American Contact
Allan Jordan            Tel:            +1 646 284 9452

CIBC World Markets
Andy Quinn            Tel:             +44 20 7234 6000

Certain statements in this announcement are forward-looking within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Although Ashanti believes that the
expectations reflected in such forward-looking statements are reasonable, no
assurance can be given that such expectations will prove to have been correct.

For a discussion of the important factors and risks involved in Ashanti's
business refer to Ashanti's filings with the U.S. Securities and Exchange
Commission (the 'Commission'), including Ashanti's amended annual report on Form
20-F/A for the year ended 31 December 2002, filed with the Commission on 17 June

Ashanti does not undertake any obligation to update publicly any forward-looking
statements discussed in this announcement, whether as a result of new
information, future events or otherwise.

                      This information is provided by RNS
            The company news service from the London Stock Exchange