Endeavour Mining price target raised to C$56 from C$51 at Berenberg » 11:2511/2511/25/20
Berenberg analyst Richard…
Berenberg analyst Richard Hatch raised the firm's price target on Endeavour Mining to C$56 from C$51 and keeps a Buy rating on the shares.
|Over a week ago|
Endeavour Mining price target raised to C$51 from C$50 at RBC Capital » 10:5711/1911/19/20
RBC Capital analyst Wayne…
RBC Capital analyst Wayne Lam raised the firm's price target on Endeavour Mining to C$51 from C$50 and keeps an Outperform rating on the shares.
Minera Alamos price target raised to C$1.10 from C$0.90 at National Bank » 10:5211/1711/17/20
National Bank analyst…
National Bank analyst John Sclodnick raised the firm's price target on Minera Alamos to C$1.10 from C$0.90 and keeps an Outperform rating on the shares.
Endeavour Mining price target lowered to C$46 from C$48 at BMO Capital » 12:4411/1611/16/20
BMO Capital analyst Raj…
BMO Capital analyst Raj Ray lowered the firm's price target on Endeavour Mining to C$46 from C$48 and keeps an Outperform rating on the shares.
Endeavour Mining, Teranga Gold announce combination » 05:3111/1611/16/20
EDVMF, TGCDF, GOLD
Endeavour Mining (EDVMF)…
Endeavour Mining (EDVMF) and Teranga Gold (TGCDF) are announced that they have entered into a definitive agreement whereby Endeavour will acquire all of the issued and outstanding securities of Teranga by way of a plan of arrangement under the Canada Business Corporations Act. Existing Endeavour and Teranga shareholders will own approximately 66% and 34%, respectively, of the combined company on a fully diluted in-the-money basis. Pursuant to the plan of arrangement, Teranga common shares will be exchanged at a ratio of 0.470 Endeavour ordinary shares for each one Teranga common share. The exchange ratio represents a premium of 5.1% based on the closing price of Endeavour and Teranga's shares on the TSX on November 13 and 9.4% based on the 20-day volume weighted average price of both companies for the period ended November 13. Teranga is expected to produce 533,000 ounces of gold per year at average all-in-sustaining costs of $785 per ounce over the next five years. Endeavour is a West African gold producer with six mines across Burkina Faso and Cote d'Ivoire with a production profile of over 1M ounces at below $900 per ounce. The companies said the combination creates a new top ten senior gold producer with average annual production of more than1.5Moz per year with industry-low production costs. It will also have a pipeline of six greenfield projects and the largest exploration portfolio across the West African Birimian Greenstone Belt. As part of the combination, a refinancing has been negotiated which will materially lower financing costs and offer a clean and simple debt structure. The refinancing of existing Endeavour debt as well as higher cost Teranga debt is expected to save the combined entity approximately $40M per year over the next several years. Capital markets profile to be further enhanced with a future second listing on the London Stock Exchange as a premium issuer to target FTSE inclusion in 2021. The combined entity is expected to be positioned as the largest Premium LSE-listed pure gold producer. The major shareholders of both Endeavour and Teranga support the transaction. Voting support agreements have been received from Teranga's largest shareholders, Tablo Corporation and Barrick Gold (GOLD) and from Endeavour's largest shareholder, La Mancha. Tablo and Barrick, who together control approximately 33% of the outstanding shares of Teranga, have entered into voting support agreements pursuant to which they have agreed to vote their common shares in favor of the combination. All of the directors and senior officers of Teranga have also entered into voting support agreements. La Mancha, along with officers and directors of Endeavour, who together represent approximately 24% of the outstanding shares of Endeavour, have entered into voting support agreements pursuant to which they have agreed to vote their ordinary shares in favor of the combination. La Mancha has committed to invest $200M in support of the combination to strengthen the balance sheet, and help preserve the combined entities planned capital returns strategy. Following completion of the combination and its investment, La Mancha's shareholding will decrease from approximately 24% in Endeavour to approximately 19% in the combined entity. The placement is subject to TSX approval. The closing of the investment is expected to occur after the closing of the combination and will be priced at the U.S. dollar equivalent of a 5% discount to the 5-day volume weighed average price of Endeavour's ordinary shares on the TSX as of November 23. La Mancha will no longer have an anti-dilution right. In addition, La Mancha will continue to be entitled to nominate two directors to the Endeavour board provided that its shareholding remains above 15% and will be entitled to nominate one director if their holding is between 10% and 15%. For Endeavour, pursuant to the rules of the TSX, the combination will require approval by a simple majority of the votes cast by its shareholders. In addition, shareholders of Endeavour will be asked to approve the issuance of Endeavour ordinary shares to La Mancha pursuant to the terms of a subscription agreement entered into between Endeavour and La Mancha dated November 16. Such resolution will require the approval of a simple majority of votes cast by Endeavour shareholders. For Teranga, the combination will require the approval of 66 2/3% of votes cast by shareholders of Teranga and the approval of a simple majority of the votes cast by shareholders of Teranga, other than the shareholders required to be excluded under applicable laws, including Barrick Gold who is a syndicate member in Teranga's facility with Taurus Funds which is intended to be refinanced on closing. Teranga appointed a special committee of independent directors to consider and make a recommendation with respect to the combination. Based in part on the unanimous recommendation of the special committee of Teranga, the arrangement agreement has been unanimously approved by the board of Teranga. The arrangement agreement has also been unanimously approved by the board of Endeavour. Both boards recommend that their respective shareholders vote in favor of the combination. In addition to shareholder and court approvals, the combination is subject to applicable regulatory approvals including TSX and Investment Canada Act and Competition Act approvals and the satisfaction of certain other closing conditions customary in combinations of this nature. The arrangement agreement contains customary provisions including mutual non-solicitation provisions, a mutual right to match any superior proposal of the other party, a $40M termination fee payable to Teranga under certain circumstances, and a $40M termination fee payable to Endeavour under certain circumstances. In addition to other customary closing conditions under the arrangement agreement, there is a closing condition in favor of Endeavour that it shall be provided by Franco-Nevada a waiver and consent in respect of certain change of control and other requirements under the amended and restated gold purchase and sale agreement, dated May 1, 2019, among, amongst others, Franco-Nevada, Teranga and Teranga Gold Corporation, in form and substance satisfactory to Endeavour, acting reasonably.
Endeavour Mining price target raised to C$50 from C$47 at RBC Capital » 11:0811/1111/11/20
RBC Capital analyst Wayne…
RBC Capital analyst Wayne Lam raised the firm's price target on Endeavour Mining to C$50 from C$47 and keeps an Outperform rating on the shares.
Teranga Gold acknowledges discussions with Endeavour Mining over possible merger » 09:0711/1011/10/20
Teranga Gold Corporation…
Teranga Gold Corporation (TGCDF) acknowledges that it is in discussions with Endeavour Mining Corporation (EDVMF) regarding a potential merger of equals structured transaction. There can be no assurance that the Proposal will ultimately result in a completed transaction. Teranga intends to provide updates if and when necessary in accordance with applicable securities laws. Teranga remains focused on the development of its strong growth pipeline of assets, as the company strengthens its position as a low-cost, mid-tier gold producer in West Africa. Teranga's strategy is to maximize shareholder value by increasing sustainable long-term free cash flow through diversification and growth while remaining fiscally conservative.
Endeavour Mining confirms discussions with Teranga regarding potential merger » 08:3311/1011/10/20
Endeavour Mining Corporation notes the recent press coverage regarding a potential combination between Endeavour and Teranga Mining Corporation. Endeavour confirms that it is in discussions with Teranga regarding a potential merger of equals style combination. These discussions may or may not result in an agreement in respect of a potential transaction and any transaction would only be pursued if the Board of Endeavour believed that it represented a compelling value creation opportunity for its shareholders. Endeavour does not intend to comment further unless required by applicable securities laws.
|Over a month ago|
Endeavour Mining price target raised to C$60 from C$56 at National Bank » 11:4810/2210/22/20
National Bank analyst Don…
National Bank analyst Don DeMarco raised the firm's price target on Endeavour Mining to C$60 from C$56 and keeps an Outperform rating on the shares.
OTC Markets Group to hold a virtual conference » 09:0110/2010/20/20
EDVMF, ITRG, MAIFF, MDRPF, NHVCF, SKREF, SLVTF
Virtual Investor Conference: Global Metals & Mining Investor Conference will be held on October 20-22 with webcasted company presentations to begin on October 20 at 9:15 am. Webcast Link