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Kinross Gold wins hedge fund's favor with buyback plan
By Noah Zivitz
BNN Bloomberg
Monday, September 19, 2022
Kinross Gold Corp. announced plans to ramp up its share repurchases subsequent to talks with a renowned activist investor and other shareholders.
The Toronto-based miner said in a news release today that it will aim to buy back US$300 million of its shares before the end of this year. It added that it will allocate 75% of excess cash to buybacks in 2023 and 2024.
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Kinross said the updated strategy stems from talks with Elliott Investment Management and an unspecified number of other investors. It also cautioned that buybacks in 2023 and 2024 are contingent on the company's net leverage ratio remaining below the current level, and stated the repurchases would be paused in the event of a ratings downgrade, a significant drop in the price of gold, or major operational setbacks.
An Elliott portfolio manager saluted the Kinross and said the hedge fund will remain in contact with the company.
"Kinross today possesses a high-quality, Americas-focused portfolio with strong potential for future growth through Great Bear, yet it trades at a significant discount to both its peers and to the value of its assets. We believe that with this new capital-allocation framework, Kinross is taking a major step toward closing that gap and realizing the upside potential in its stock," said Mark Cicirelli, a portfolio manager at Elliott, in the release.
The announcement didn't include any details about Elliott's investment in Kinross and a spokesperson couldn't immediately be reached to confirm the investment manager's stake.
Elliott's most recent 13F quarterly filing with the U.S. Securities and Exchange Commission didn't list Kinross as one of its holdings as of June 30. ...
... For the remainder of the report:
https://www.bnnbloomberg.ca/kinross-gold-wins-hedge-fund-s-favour-with-buyback-plan-1.1820657
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Toast to a free gold market
with great GATA-label wine
Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.
Here's what the bottles look like:
http://www.gata.org/files/GATA-4-wine-bottles.jpg
Buyers can compose their case by choosing as many as four varietals from the list here:
http://www.gata.org/files/FayJWineryVarietals.jpg
GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?
To order a case of GATA-label wine, please e-mail Fay J Winery at bagman1236@aol.com.
* * *
Support GATA by purchasing
Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --
-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net.
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