https://www.miningweekly.com

Alacer declares special dividend from the sale of its Australian asset

10th April 2013

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

Font size: - +

TORONTO (miningweekly.com) – Sydney- and Toronto-listed Alacer Gold has declared a special dividend to distribute the proceeds from the sale of its 49% interest in the Frog’s Leg mine, in Western Australia, back to shareholders.

The company on Wednesday said its board had declared a special cash dividend of 24c a share, for about $70-million, which would be payable on April 30 (Toronto time), to shareholders of record at the close of business on April 19.

The company in February decided to sell off the Frog’s Leg project and an 18-month toll treatment agreement for a total transaction value of A$171-million, following a strategic review of its operations.

CEO David Quinlivan at the time said 2013 would be a “back-to-basics” year for Alacer from an operational perspective, as it focused on gold production to increase its free cash flow.

Quinlivan noted that the sale of the Frog’s Leg mine crystalised full value for Alacer’s noncontrolling, minority interest, and the cash realised would be used to repay debt and return capital to shareholders. The mine was sold to La Mancha Resources Australia.

Alacer’s Toronto-listed stock declined by 5.75% on Wednesday to trade at C$3.77 apiece in afternoon trade.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

ASTPM
ASTPM

Established in 1983, the ASTPM is an industry association and representative body of the welded carbon steel tube and pipe manufacturers of South...

VISIT SHOWROOM 
CSIR International Convention Centre (CSIR ICC)
CSIR International Convention Centre (CSIR ICC)

CSIR International Convention Centre (CSIR ICC) - the leading conference and events venue in Pretoria/Tshwane.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.044 1.125s - 111pq - 2rq
Subscribe Now