SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
June 19, 2000
Date of Report (Date of earliest event reported)
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The Pioneer Group, Inc.
THE PIONEER GROUP, INC.
(exact name of registrant as specified in its charter)
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DELAWARE 13-5657669
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
60 STATE STREET, BOSTON, MASSACHUSETTS 02109
(Address of principal executive offices) (Zip Code)
617-742-7825
(Registrant's telephone number, including area code)
NO CHANGES
(Former name, former address and former fiscal year, if changes since last
report)
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Item 2. Acquisition or Disposition of Assets.
On June 19, 2000, The Pioneer Group, Inc. ("Pioneer") closed the sale of
its Ghanaian gold mining operations to Ashanti Goldfields Teberebie Limited
("Ashanti"). Under the Purchase Agreement, dated May 11, 2000, among Pioneer,
Ashanti, Pioneer Goldfields II Limited ("Pioneer II") and Ashanti Goldfields
Company Limited (the "Agreement"), Pioneer II sold to Ashanti the stock of its
wholly owned subsidiary Pioneer Goldfields Limited, which owns a 90% equity
interest in Teberebie Goldfields Limited, a Ghanaian gold mining company.
Ashanti paid a total of $18.8 million, consisting of $5 million in cash at
closing and a five year non-interest bearing promissory note for $13.8 million.
The Agreement provides for Ashanti to make supplemental cash payments of up to
$5 million over the next five years depending upon certain minimum gold prices
and production levels. The parties determined the purchase price through
arms-length negotiations.
The Agreement is attached as Exhibit 2.1. hereto.
Item 7(c). Exhibits.
See Exhibit Index.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: June 19, 2000
THE PIONEER GROUP, INC.
/s/ ERIC W. RECKARD
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Eric W. Reckard,
Executive Vice President
Chief Financial Officer and
Treasurer
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EXHIBIT INDEX
2.1 Purchase Agreement between Ashanti Goldfields Teberebie Limited,
Pioneer Goldfields II Limited, the Company and Ashanti Goldfields Company
Limited
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