Hedge funds slash bullish wagers on gold before war jitters
Speculators have reduced net-long positions by 3.6%.
TORONTO — Barrick Gold Corporation (NYSE:ABX) (TSX:ABX) (“Barrick” or the “Company”) today announced that Executive Chairman John L. Thornton has purchased 2,271,029 additional common shares in the Company at an average price of $11.11 per share, nearly doubling his total shareholding in Barrick to 5,000,000 shares.1
Based on the exchange ratio of 6.128 Barrick shares for each share of Randgold Resources Limited (“Randgold”) under the recommended all-share merger between the two companies, the Randgold ordinary shares held by Mark Bristow are expected to convert into 5,141,600 Barrick shares following the completion of the merger, after which Mr. Bristow will become Barrick’s President and Chief Executive Officer.
Ownership is a core element of Barrick’s partnership culture. Under the Global Barrick Share Plan launched in 2016, all Barrick people receive common shares on an annual basis, tied to Company performance. These shares must be held until an individual retires or leaves the Company. Barrick also matches share purchases by those who work at the Company, up to $4,000 per year.
