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AUY

Yamana Gold

$3.69

0.04 (1.10%)

16:45
10/17/16
10/17
16:45
10/17/16
16:45

Yamana Gold's Brio Gold files preliminary prospectus relating to purchase rights

Yamana Gold announces that its wholly owned subsidiary, Brio Gold, has filed a preliminary prospectus with the securities regulatory authorities in each of the provinces and territories of Canada in connection with qualifying a secondary offering of Brio Gold common shares held by Yamana, which will be transferred to purchasers through and subject to the exercise of purchase rights. Yamana intends to distribute the Purchase Rights to its shareholders as a dividend in-kind. The Purchase Rights shall provide Yamana Shareholders with an opportunity to purchase from Yamana a portion of its Brio Shares. The exercise price will be determined in the context of the market prior to the filing of a final prospectus. The effect of the Offering will be to spin-off Brio Gold as a standalone public company on the closing of the Offering. The Spin-Off is being undertaken for the benefit of Yamana Shareholders and is the final stage of a plan that the Company implemented beginning in 2014 to surface value from certain non-core properties in Brazil. Completion of the Spin-Off will also enable Yamana to better focus on its portfolio of six, soon to be seven, producing mines in top mining jurisdictions and on its organic growth pipeline. In particular, Yamana will be better positioned to focus on recent exploration success, optimization initiatives, and on advancing Canadian exploration and near-term development opportunities. Yamana will maintain exposure to Brio Gold through a retained equity interest following completion of the Spin-Off. The Purchase Rights allow Yamana Shareholders who choose to exercise their Purchase Rights to have more direct exposure to Brio Gold, while allowing those Yamana Shareholders that do not exercise their Purchase Rights to benefit through the sale of the Purchase Rights and through exposure to Brio Gold via Yamana's retained interest.

  • 28

    Oct

AUY Yamana Gold
$3.69

0.04 (1.10%)

10/14/16
DUND
10/14/16
UPGRADE
DUND
Neutral
Yamana Gold upgraded to Neutral from Sell at Dundee
07/25/16
HSBC
07/25/16
UPGRADE
HSBC
Buy
Yamana Gold upgraded to Buy from Hold at HSBC
HSBC analyst Botir Sharipov upgraded Yamana Gold to Buy and raised its price target to $7.20 from $5.
06/30/16
06/30/16
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on the today's top five analyst upgrades with this list compiled by The Fly: 1. Priceline (PCLN) upgraded to Overweight from Equal Weight at Morgan Stanley by analysts led by Brian Nowak, who raised his price target to $1,525 from $1,330. The analyst sees improving ad efficiency driving increased profitability and material market share gains in alt. accommodations. Nowak sees a more rational ad environment resulting in margin improvement and raised 2017 room nights by 2%, with alt. accommodations set to grow 34% 2015-2018 CAGR, driving bookings growth to 28.5%. 2. Motorola Solutions (MSI) upgraded to Buy from Neutral at Goldman by analyst Matthew Cabral after assuming primary coverage of the shares. The company's renewed focus on revenue growth and spending management is a positive shift in strategy, Cabral tells investors in a research note. He believes the shares at current levels offer a compelling entry point. Cabral raised his price target for Motorola Solutions to $81 from $74. The firm also upgraded Nokia (NOK) to Buy from Neutral. 3. Parker-Hannifin (PH) upgraded to Outperform from Market Perform at Wells Fargo by analyst Andrew Casey, citing the recent pullback in shares, low investor expectations and positive fluid power distributor channel checks. The analyst keeps a $117-$120 price target range for the shares. 4. Marriott (MAR) upgraded to Buy from Hold at Evercore ISI by analyst Rich Hightower, who trimmed his price target to $75 from $76. The analyst has now fully incorporated Starwood's (HOT) numbers into the model and said weakness following Brexit has created a buying opportunity. 5. Yamana Gold (AUY) upgraded to Outperform from Neutral at Credit Suisse by analyst Anita Soni, who raised her price target to $6.50 from $4.50 in conjunction with an increased gold price forecast. The firm has increased its gold price forecast to a peak of $1,500 in Q1 2017. The analyst also upgraded Silver Wheaton (SLW) to Outperform from Neutral and IAMGOLD (IAG) to Neutral from Sell. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
06/30/16
FBCO
06/30/16
UPGRADE
Target $6.5
FBCO
Outperform
Yamana Gold upgraded to Outperform from Neutral at Credit Suisse
Credit Suisse analyst Anita Soni upgraded Yamana Gold to Outperform and raised its price target to $6.50 from $4.50 in conjunction with an increased gold price forecast. The firm has increased its gold price forecast to a peak of $1,500 in Q1 2017.

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