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if them results are true or what Robin Hood and the merry oligarchs wanted people to see so they could cancel the divi again be careful people nothing stopping this happening to POG or KAZ next. The watchdogs are useless against these gangsters, dont sell though they will allow KAZ or POG to rise first get extra money in there before they rip the next load of punters, take the KAZ shares but sell at the first smell of the rip. GLA IMHO
There's nothing wrong in being vocal at crucial times - good for you. Of the dissenting voices on this bb, I think we have heard from everybody now except Ant so it would be good to hear his up-to-date viewpoint. In reality, that deadline is even closer in that brokers are asking folk to vote before much earlier dates a whole week or so ahead of 28th. It's not clear precisely when folk would get their money or their kaz shares and there is, of course, the opportunity cost of being able to invest elsewhere whilst you are waiting for your money and kaz shares to arrive. I am the opposite to you in that I have done okay out of enrc but I bought shares in kaz in January or February at over £7 which I had one opportunity to sell at a profit on 13 February but I was away for a break during half term. The only reason I have maintained an interest here is because of the kaz connection. I suppose that right from the outset it has really been down to where folk think kaz might head in the future. I for one don't see rio having any interest in them but I wouldn't put it past Kerimov. If you have holidays coming up then enjoy them in the knowledge that you did your best in not settling for the path of least resistance and, no matter what anybody says, unexpected twists and turns can always happen in takeover situations. The most ironic thing of all in all of this which gives me a wry smile is that folk will say this and that about the founding members of this company but we don't need to look any further than our own shores for evidence of corrupt practices in investment circles and, do you know what, the regulatory authorities turn a blind eye to that as well. Take care.
I am not a long term ENRC investor, just one of the many who stand to lose out from this joke takeover bid but more vocal than others. Unfortunately I got the timing wrong for this time and I didn't expect the bid to be so poor. I usually get out of sticky situations but in this instance decided to ride it out - bad luck. My loss is not big in absolute terms but still painful in relative terms, however holding out for a while longer has helped reduce it. I too was unaware of the latest developments and the August 28 deadline is inconvenient, since another month or two would have allowed this share, in my opinion, to rise to more acceptable levels for me. It also allows less time to think of alternative strategies, the point now is whether to sell to the market at a discount or directly to the oligarchs for the whole price.
Would have thought it behoves the Takeover Panel to attempt to get clarity from this consortium on all the terms of their takeover offer but time is running out? Not often I manage to buy shares cheaper than the likes of Kerimov but will I still come out of this better off than he does I wonder. I quite like the suggestion on the kaz bb on iii that if folk feel inclined they could keep back a couple of residual shares just to be able to keep an eye on how things go in the future and to act as an irritant if nothing else.
Agree -your say this once very lively board soon went dead. Suppose mainly discouragement by the scarcely believable events. Company law, take over panel LSE all just connived with a dishonest bunch of crooks from "a far away place of which we know little". I used to know about company/take over law but not the sort of thing you look at for fun, which is all I do now BUT I do remember actually seeing the position of what are called dissenting shareholders and it is NOT a place to be. I also remember clearly thatwhen they get over 90% of the shares they can force the rest to sell AND the 10% can force them to buy their shares at the same price BUT what is this ? the crooks say this will not apply to this takeover !!!! Once more I would not have believed they could do this but they do seem to be above any normal law or rules. The LSE have connived ever since wrongly allowing them to list here and the SFO enquiry seems highly convenient timing and I am sure it will soon be history once the evil masterplan is completed. So the small shareholder is simply being blackmailed to vote yes and heroics should not be on the agenda. Max Keiser says often that everything fraudulent goes through the city of london-who can doubt it. I e-mailed him today out this scandal. Wish I had thought of it before. Too late yes I know.
At the time we exchanged posts yesterday, I was unaware of this http://www.lse.co.uk/share-regulatory-news.asp?shareprice=ENRC&ArticleCode=3sytss3a&ArticleHeadline=Response_to_Offer and this http://www.telegraph.co.uk/finance/newsbysector/industry/mining/10231645/Warning-to-ENRC-minority-shareholders-over-takeover-offer.html A few months ago on interactive investor, I posted that I thought people should be seeking advice off these bbs and my view hasn't altered on that front one iota. If anything the disappearance of previously garrulous folk off these bbs like snow off a dyke at times of a hostile or friendly takeover or when companies go bust only reinforces my view. I wish you the very best of luck in the future but I think you may be out on a limb now. I've read comments on this bb and the sxx bb this week about the size of one's holding making a difference. Makes no difference to me I'm afraid as it's all relative.
bunker, I am truly sorry for any very long-term holders out there who bought this at the ipo price etc. etc. I am not aware of any such individuals on this bb. If there are any such posters around then they have not been too conspicuous to me in the relatively short time I have been reading this bb. As for the Takeover Panel, it's lengthy rule book is not stopping this company being taken over at a price which you clearly feel undervalues the company. Questions do need to be asked why the regulatory authorities allowed this company to be listed with such a meagre free float and even granted them an extension to carry on in this fashion. As you imply, you are not an amateur investor and my concern is for those who do fall into that category. You talk of dividends but the company is currently not paying any ....
I was actually going to add, since it is not clear from my previous post, that especially if you have a large holding you should absolutely seek advice from your broker, financial advisor or the like, as to the options open to you and their implications, especially if you decide to hold on. For the others, and that includes me, I think it is a question of either selling on the market prior to the takeover or directly to the oligarchs when it comes through. As I said contacting the Takeover Panel will give an initial good idea of the takeover process and relevant options for shareholders. As for ENRC decent trading opportunities, well I think I'll gloss over that....
who are unsure of what to do should get independent advice rather than take any advice from the bbs. The enrc and kaz bbs have been full of rumours rather than fact over the past few months. We've had posts about an offer for £4.00 for enrc in the pipeline and now one that rio are interested in kaz. I am going to make this my last post on either the kaz or enrc bbs but take care and good luck to all in the future. Can't deny that enrc has offered decent trading opportunities.
Given the (recent) history of this share it is acceptable that people sell out and move on at this point. However there is another 1 to 3 months before the takeover is completed, and in this time frame I believe there is a fair likelihood that the price will move up following KAZ recovery. As I said previously, KAZ could be in the 350-400p range by the time the deal is executed, which means 250-275p either from the market or directly from the oligarchs. It depends on how much one has got in this share, how much of their capital it represents, and of course their book value. As for staying with the share, I don't know if you will be given the option to accept or not. Contacting the Takeover Panel is where one could get some clues as to possible developments. I would say there is nothing fundamentally wrong with keeping the shares beyond the takeover (i.e. refusing the offer), except you won't be able to get rid of it instantly on the market as you would now. There may be issues for those who have an ISA/SIPP account, as I don't think you can keep unlisted shares in that case, but if you have a regular trading account, and have a considerable investment, you should still be able to get dividends and dispose of the share if necessary, albeit in a more lengthy and complicated way. I actually think it is possible that the oligarchs will mop up any stubborn remaining investors, so you may even get a better deal further down the road, but who knows? I will still hold for a while, then decide nearer the time.
Agree with Motor19. I Have decided to bailout now as the current SP is not far off the offer price given fx rates and expectations for the KAZ element. Re-invest and move on with lessons learnt. Would the last one out please turn off the lights, GLTA
In terms of the options you have for the offer, you have 'accept' or the option to do nothing. Does anyone know what happens if you opt to do nothing?
http://www.mining.com/enrc-a-step-closer-to-go-private-74746/
this is starting to get close to the level that you'd think about bailing out if you had no interest in Kaz shares - maybe another 5-10p in it in Kaz holds up.........
Yup. Legal action being taken against former non executive, I'm sure he made it all up... Not sure why they are bringing forward the half year results, there must be something in it, another way to weaken the SP? I think they should be forced to show on 1st so that KAZ shareholders have a fresh view before they vote. Bitter. Me? :)
This is irrelevant for us now - salt in the wound stuff that enrc is a global player and it has been taken out on the cheap
http://www.dailymail.co.uk/money/markets/article-2363475/Fresh-controversy-engulfs-scandal-hit-ENRC-Brazil-port-plans.html If somebody is planning to buy ENRC´s project in Brazil , he must think twice before that. It will be a waste of money. This is a born dead project. The only way to make this project come true is giving up the idea of building an offshore port and use the railroads and ports that are already in operation. Brazilian people will not allow the environmental disaster over atlantic forest. I know what I am saying , just as when I told you that ENRC´s share price support level woul be at 200 when it was 300.
dont forget, any bank that shorted this will be able to realise their profit when this deal goes through. as usual the pension funds and the pis will be the loosers.
Hope u did tell your MP etc? even though yours probably knows more about cows than finance. I still find it quite astonishing that these crooks can make a t/o offer of £2. As for Kaz ! both companies are obviously doing the bidding of whoever runs Kazakstan. Have to admit I was appear to have been naive in thinking we would get protection from being mugged like looks likely. Even the FT was saying it`s the best offer going! are they being bribed too? I certainly would never vote for any of this whatever the consequences.
Very poor, in my view.
Hi there, good analysis and nice to see there is consensus on a bit of an upside,.. GLA
I got a reply from my MP who stated he has forwarded my concern to David Lidington, Minister of State at the Foreign & Commonwealth Office. I also spotted a major investment group are lobbying the same thing with their trillion pound buying power, probably a bit more leverage than me :) KAZ is a dog at the moment, I could see it going the other way, right down to 150-200, trust is the major variable weighing it down. I still have to laugh at the reasons KAZ gave for accepting this offer.
as enrc at the moment. Smart money this week has been on other metal companies with much calmer bbs and posters lol than the kaz one.
Edster, as I said weeks ago when the news of the final deal was emerging, I believe it pays to hold and that's what I am doing. As you rightly said the market is pricing the share below the actual value of the offer, for a number of reasons that I have explained before. So unless they wise up a bit, I'll just settle directly from the oligarchs. As for KAZ value, you will get that in shares obviously not in cash - how they'll do it is beyond me but so it is. KAZ was worth almost £8 only five months ago...The market has a very short memory when it comes to share prices. However I really do not see KAZ rising to those values before the deal will take place. I think it is more realistic to expect something like £4-5 by November - if it does get there. Their balance sheet will NOT be improved by the deal, I have been saying that on the KAZ board (and they ignored me): they are writing down a further loss on their ENRC holding, the cash injection is just that, a bit of cash in place of a paper loss on their accounts. They will also have less income in the future (ENRC was still paying them a nice dividend until this year, and was expected to do so in the coming years). It's not all rosy for KAZ in this deal and that's why the market is keeping some downward pressure on their share price - for now. There is always the chance of some unexpected turn of events....
In 2012 it was averaging £8 and my understanding is that a combination of copper price falls and ENRC caused the nose dive. So with an improved balance sheet and potentially increasing copper prices there is no reason why the deal shouldn't be worth at least £3 ish. still not brilliant but better than 234 for those willing to stick it out for a few months.