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I assume your question this morning at 7.14 related to this morning's rns about the further extension to time for acceptances of offers? If it did then the offer is not yet unconditional. Would you mind me asking who told you the money and kaz shares would be available for those accepting the offer by mid October? I think it is to your credit and mine that we have hung around this bb but we need to be careful what we say on these bbs. In May you said "Here's my call and why I went in. I'd be surprised if a takeover doesn't happen and based on FTSE rules the sp should be minimum 3.78. " Not blaming you for saying that but what FTSE rules did you mean. London Standard says this "Long-suffering shareholders in scandal-ridden miner Eurasian Natural Resources Corporation have been given two final weeks to brave their failed investment. After almost six turbulent years on the London Stock Exchange, the limestone-to-aluminium group is on the verge of being taken back private by its trio of founders and the Kazakhstan government in a $4.8 billion (£3 billion) bid. However, they did not have enough acceptances by yesterday’s deadline and have secured a two-week extension. They are awaiting regulatory clearance, so have not yet written to Kazakhmys to formalise the purchase of its 26% stake in ENRC. Kazakhmys has agreed to the sale, which would confirm the takeover. http://www.standard.co.uk/business/business-news/enrc-deal-deadline-extended-8811712.html
Goodbye - to all the honest workers, good luck. To the 'new' owners, good riddance. I will now be haunting INSP, a green company, wholly owned and run from the UK. :)
Is it unconditional now or not?
Hi Yorker, I've been told it could be mid October as they have to await approval in other countries.
Hold my ENRC shares in an Halifax ISA and have accepted the offer. Shares have now vanished from my account and I can find nothing which tells me when the cash and KAZ shares will materialise. Can anyone help?
1.00pm today is the latest deadline here for acceptance of the offer. LOL never been the last poster on any bb not even the bb were I thought I might have enjoyed that "accolade " but more glory to be had in being the first poster on a bb surely which I have been. Assuming you support a certain football team, would you say a stadium tour is worth a trip down from Scotland this autumn. If your name has nothing to do with footie then I can ask my old buddy bonz1957 as he has loads of shares in arsenal but might make him a bit biased. Think he had loads of shares in Millwall too. Wonder how that works then.
bugle at the ready. Big lesson learned about former Russian state co. more corrupt than the original USSR. GLA.
Hi, thanks for that info, however, i thought the deal was at 225 (or close to that).
Could be de-listed very very soon now the Oligarch deal is done. Final vote tomorrow.
any reason? Cheers
Tucson So I was right then - no interim divi from kaz. I reckon you should have got out of kaz when you hit breakeven and looked for a better mining share or something totally different even. Nonetheless I hope your return to that bb will come in the not too distant future at the price you said. Bunkermad, as I have said before, I sympathise with any long-termers who bought enrc at prices considerably higher than today's. However, notwithstanding the kaz situation, anybody who carpetbagged into enrc in recent months since the takeover was announced really cannot expect too much sympathy and I am scratching my head wondering how such people could have racked up massive losses here unless they bought it that one day here in recent months when it went very briefly just above £3. There is an Aim's punter who is in and out of shares like a butterfly who is in a share which has had prices ranging from 1.18p to the mid teens in less than twenty-four months and he was telling me too about his losses here recently! If you listened to the posters on here who said there was an offer about to come in for £4 or it would go for £3.70 or £3.40 then yes lesson learned about great expectations.
That's it guys, I have sold my stock today, I decided not to wait for the whole procedure and cash in at a discount from the market. Loss for loss, it wouldn't have changed so much and frankly, I am not sure if I wanted KAZ shares round my neck. Not that I don't think they may rise in the near future, but I'd rather make my own choices if and when the time is right for me. As many others, I had until Friday to accept the deal. I had no idea how long the process would take, and between the FED tonight and KAZ interim results tomorrow, I preferred not to run the risk of making a bad situation even worse. It's been an ugly experience, and still today I feel much rage for how this takeover bid has turned out. The only consolation is having shared the pain with other shareholders, like some of you, and of course learnt another lesson: beware of takeovers, companies or people from that part of the world. I wish good luck to all those, if there are still any, who will ride it out until they get direct settlement from those gangsters. No doubt we will meet again elsewhere under the umbrella of some other LSE share forum. As someone else said previously, would the last one out please remember to switch off the lights.
I don't really feel much like going on the kaz bb to ramp it up but if needs must. russell I seldom switch on a mobile phone let alone tweet folk. When do we get our money and our kaz shares? I'll be needing a thicker duvet this winter.
Penalised!!! queen ? Drawn hung and quartered do you think.? I accepted the offer and sold. Don`t like it but gun to our heads. just today threat to delist as soon as they get 75% acceptance. I did e-mail Max K but unfortunately at the end of his show he no longer says -if you want to send me an e-mail please do but instead Send me a TWEET !! unfortunately that is against my religion. Can you do it ? That nouveau clown steven fry has 6 million followers -the most-no wonder things are so bad.
I think the roller coasters at Alton Towers or even £30 face creams or even the supermarket baby bottom butter at £1.50 might be a cheaper way of staying young. Anyhow I guess you'll not have an enrc bb on lse for too much longer to talk about your kaz shares so you might have to return to that bb whether you want to or not lol.
well not worthless but not easily traded read my post above for what i would recommend
Your right !! take the offer and hope you can make your shortfall with KAZ in the long term GLA.
Hello there - would expect the number of transactions going through here to tail off next week as many brokers have set a deadline for clients to accept the offer and warned them that if they accept the offer their shares will be held frozen in their accounts until the offer becomes unconditional. Other brokers are saying if you accept the offer, you might be penalised in some way if you attempt to sell your shares before the deal gets finalised. One hedge fund has a short position open here to the tune of .71% and it will be interesting watching them trying to close that. Kaz well with 6 funds still with declarable short positions there - and some still increasing their short positions, it's become a scary albeit volatile share. You have to bear in mind that kaz bought a 26% plus stake in enrc which you think of as a rotten share but that doesn't say much for kaz's investment skills does it. LOL Both Kerimov and Kaz paid more for their enrc shares than humble old me. Let's hope the kaz interim results are good and we don't get the dreaded, we have decided not to pay an interim divi this time round news. Good luck.
would anybody buy these? Possibly seen as a cheap route into kaz which has motored up recently past your breakeven point there?
Thanks for the up-date and good luck with your other investments and trades. Okay our politicians have a lot on their plates lol but what about investigative journalists doing any campaigning or hard hitting exposes these days. If Gus Macdonald and the World in Action crew could be dusted down and reincarnated after over a decade, I have enough material for a whole first series about everything from corrupt Employment Judges and malpractices, tax fraud through to our cankered investment regulations. What I get served up to me on the tv these days are countless anaesthetising home improvement, gardening, cooking, antiques, property and even heir hunting programmes and moronic quiz shows. We're too engrossed in money saving experts' tips to spot anything going on of more Watergate type significance these days I'm afraid. LOL maybe catch you on some of the other bbs
Re. Accept?? If they cannot be traded on the open market, what options are then open? I don't want to accept this offer, but it seems there is no other choice at the moment.
Hi Queen, I had an unsatisfactory response from a minister (I can dig the name out when home if anyone is interested) explaining that they too are working to increase transparency with "excavators" and that the Company Act enforces a comply or explain approach to governance. It also went on to suggest attending AGM's to have a voice on things, which I laughed out loud at. I sold up fearing that this could go even worse and thinking Kerimov will win through his bank. I did everything I thought I could and relied on regulations put in place to protect and was mowed down. Serious questions need to be asked and actions taken. Kaz are still the share I wouldn't touch and wouldn't care less if it went to £15, they have been utterly compliant in my mind. Luckily, I had been tracking CPP at 2.53p and made a lot of money recently, and expect to make more in the coming months.
So next to worthless then?
you will still have the holding but you cannot trade them on the open market
I'm a bit new to this guys but correct me if I'm wrong, if I don't accept the offer and it goes ahead then I lose my shares?