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ENRC delisted at LSE

25 november 2013, 21:41
Photo courtesy of vesti.kz
Photo courtesy of vesti.kz
Eurasian Natural Resources Corporation (ENRC) with assets in Kazakhstan has completed delisting at LSE, with the company’s securities being removed from the LSE list on Monday morning, Newskaz.ru reports, citing the LSE announcement.

Earlier media reported that major shareholders had been planning delisting at Kazakhstan’s KASE as well to be further able to re-register the company as a privately-held entity.

In summer Mr. Alexander Mashkeviich, Mr. Alidzhan Ibragimov and Mr. Patokh Shodiyev, the three major shareholders of the Company, as well as the Kazakh Government (holding combined 53.88% of the Company’s shares) offered to buy out the rest of the shares from minority shareholders, evaluating one share at $2.65 in cash plus 0.23% in Kazakhmys, another mining company. Thus, the share was valued at 2.343 pound sterling, with the Company being valued at 3.043 billion pound sterling.

As of October 25, they gained support of 96.74% of shareholders (including their own stakes). The bid became unconditional after being supported by 75% of shareholders. The negotiations were being carried out against the backdrop of an investigation into ENRC’s activities initiated in April 2013 by the Serious Fraud Office.

ENRC is an integrated group working in minerals production and enrichment sector. The group’s industrial assets are located mainly in Kazakhstan. Outside Kazakhstan, ENRC owns assets in Brazil, Zambia, Zimbabwe, South Africa, Mali, Mozambique and Congo. ENRC is listed at London, Hong Kong and Kazakhstan Stock Exchange.

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