Thornton had bought 2.27 million common shares in the company at an average price of US$11.11 per share, nearly doubling his total position in Barrick to five million shares.
Based on the exchange ratio of 6.128 Barrick shares for each share of Randgold Resources under the recommended all-share merger between the two companies, the Randgold ordinary shares held by Bristow are expected to convert into 5.14 million Barrick shares following the closing of the merger.
Barrick had cultivated a strong ownership culture among its work force, issuing all employees with company shares on an annual basis based on performance under a 2016 programme called the Global Barrick Share Plan.
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.
