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Not so much rage as a sense of injustice. I wouldn't contemplate waving my losses in front of my MP, it's the overriding principal here. Could you even imagine how some of the Kazak people employed by ENRC who may have shares feel? I'm in the same "bunker" as you and I actually haven't lost a great deal, enough to upset me but I'll bounce back in 3-4 months.
I have some pressing work to do but wanted to respond to all your recent posts: Ant1986: I sense rage in your posts and I too am rather disgusted, especially at how UK authorities have been watching on the side. But what could they really do? Queen: agree with most of what you say, good on you to vote no when KAZ calls its shareholders. I too think there is the serious danger of KAZ being swallowed up, and I think that's probably why the share precipitated on Monday. However you can never be sure of what goes through investors' and traders' minds. So long as KAZ does not fall further and actually climbs back to 300+, we can just accept to sell our shares when the offer will be finalised at 175p + 0.23 of KAZ share swap, regardless of what the market is pricing ENRC at that moment. Obviously they keep shy of the true deal value: would you buy a share at 234p when it's going to sell at 234p? Of course not, so the market is keeping to about 10% margin, +/- fluctuations in KAZ. Timescale: KAZ vote within two months (I suspect sooner rather than later), plus three weeks to finalise, this will be wrapped up by September at the latest. I really don't think we as ENRC will get to vote, and I really don't think KAZ shareholders will reject, but you never know. Good to lobby our MPs, but can they really do anything about this and should we really bother them with our own dealings on the stock exchange? Doubt it.
I've actually just written to my MP. "Dear Mr Rutley, I am writing to you to raise my concern regarding the impending Prime Minister’s visit to Kazakhstan during what has been a testing time for their large global businesses here in the UK. Specially, as a minority investor with a small interest in Euroasian Natural Resource Corporation (ENRC), I find myself resigned to an unfavourable “takeunder” bid by their current owners and the Kazak government. Much of the information I’m sure a man of your background would already know and as it has been ubiquitous in the press recently, however, I currently feel that ENRC has a) defrauded its investors b) acted in such a way to attract SFO action c) been too greedy to give away its legal requirement of free float shares d) used all of the above as leverage to blackmail its minority investors (and apparently a 26% major, Kazakhmys) into accepting a price far below its value. And on top of all this, the Kazak government are fully compliant and party to the deal, even after disregarding ENRC’s independent board committee. Whilst I understand I’m a relatively insignificant investor, I’m alarmed by the lack of intervention and legislation protecting investors such as myself from the power and greed of a corrupt FTSE100 listed company. Please understand this isn’t sour grapes, this is a matter that if allowed to progress creates serious question marks for many other investors threated with delisting if insubordinate." Yours sincerely,
100% agree and we shouldn't beat ourselves up for believing in business principals and legislation here. I also smell a rat with KAZ and wouldn't entertain them, they are still tied into the government directly and indirectly. This might appear to be cutting my nose off to spite my face but I wouldn't make generalisations about Kazakstan if the government weren't so closely involved.
here and this deal could fall through so this company should be taking steps to address the free float shortfall here right now should it not.
I have no suggestions, however I do feel this is being brushed far too easily away. Essentially, what has happened is that a company has a) defrauded its investors b) acted in such a way to attract SFO action c) been too greedy to give away its legal requirement of shares d) used all of the above as leverage to blackmail its minority investors into accepting a price far below its value. And on top of all this, the Kazak government are happy to jump in on the deal. How can our PM go over there in search of trade relations? We would probably be killed if we made any progress with lobbying and I'm only half joking.
bunkermad - assuming this deal does go through still money to be made here at this price?
There are few kaz investors on the lse bb at the moment - just traders who might not be holding the shares long enough to qualify for a vote. Very few shareholders venture onto any of these bbs No posts on the enrc bb on iii from durby who thought that the Takeover Panel might rule kaz plc was ineligible to vote and no/ few posts from any of the other posters who voted up duby's posts on iii. White Rose is posting reasonably sensible posts on the kaz bb on iii about enrc and the advfn posters appeared to think the deal was off yesterday! Fwiw, I am one of the kaz minority shareholders who will be voting no on the basis that kaz might be next for this treatment. I would imagine the enrc vote will be later? Needless to say, I am planning an exit strategy at kaz and I wouldn't touch shares in any companies based in this country again. kaz to me could sell off any of its assets to its buddies for a song in the near future and is not to be trusted. Kerimov's silence on this to date doesn't reflect well on him either as far as I'm concerned. Far from being a knight here, he looks as though he could have been in this to secure a victory for the oligarchs which will do nothing for his reputation in the future - unless of course we hear otherwise.
Yes what would you suggest. I contacted a few MPs earlier this year in relation to another company and was referred to my own MP in whose constituency the company had no presence. Another MP offered to keep me in the loop with regard to any progress she made/replies received from the fsa/fca but I've heard nothing so perhaps I'll need to contact her again.
It is strange and irritating that the price has gone down, especially since KAZ shares have risen substantially since Tuesday. The only ones who can reject the offer are KAZ shareholders and that is unlikely. Just go over to their bb and see how enthusiastic they all are about getting rid of ENRC. It is unlikely there are going to be any news with much consequence. This is a done deal, the only thing you can hope for is that KAZ shares climb back up to 300+ before the takeover is finalised, which will take several weeks.
Couldn't agree more. Thanks for the link, probably make more money from selling OUR horse milk. Fancy lobbying the government with me? :)
This one's being doing the milk rounds. Hope it cheers you up Kaz horse milk http://www.youtube.com/watch?v=_92NOFg2Aco
UK regulatory bodies granted an extension of time to this and 4 other companies to meet minimum free float requirements. The extension should have been granted subject to no opportunistic or hostile takeover bids being permitted until the free floats were increased to meet the minimum levels. The UK Listing Authority seems to be pretty toothless. Only one high profile penalty imposed so far on a former Morrison's Chairman for a breach of the Disclosure and Transparency regulations which is a complete and utter joke.
And talk of a new ftse rule to stop powerful majority shareholders dominating the board room voting.. Too little, too late springs to mind. Kazakstan is now firmly in my investment black book, along with many connected others. So cross with the way this has been able to happen.
I think that the SP has gone down because market think/expect that the offer will be rejected so pricing that in, other wise you would expect the SP to settle at around 238 ish. If thoughts are that the offer will go ahead then buying at sub 215 would give a quick 10%. Why not go for that short term, along with KAZ rise a nice profit would be had. I expect ENRC to go a little lower before any more real news. KAZ shares could be the best part of this deal if you can hold for a while. Still on hold.
the deal is ****e who wants KAZ shares in the deal nobody. just think when they drag the life out of that co. the oligarchs can buy it back for 1 pound a share shafted again enjoy
I think most will just steer clear of the headache for the sake of a small rise. Good to see Kaz on the rise I suppose.
Anyone any ideas why this is still going down - the deal on the table is for about 228p with kaz current SP??
It is grim experience like yours that make us all afraid to invest. These markets have become the warren of gangsters, and the real culprit if the LSE for ever admitting these crooks into this markets. Risk is a good thing. But rational risk has been woefully undermined by the gangsterism of bankers, shysters, and their peers. - Best wishes to you for a recovery of your losses. We are sit on losses somewhere, including me.
Good luck to you all, it's not for me. My average was over £4, a few extra pence on the SP between now and what seems to be the inevitable just wasn't worth waiting for, I think I can make more than that elsewhere. Very, very painful and expensive lesson for me, 'lost' five figures due to holding and hoping it would turn. Gutted.
Hi All. First post. Have been watching the board for a while now and there are some v interesting posts/opinions regarding these. I am holding both ENRC @ 278p & KAZ @ 318p ATM so have put my money where my mouth is. Not panned out as expected or wished for, yet, but expect to vote against the offer and hold out. Think this is not over yet and believe that both will see upside in the near future. Can understand the disappointment for Pi's especially those in above 300, has definately caught out some overstretched gamblers but taking the recent general market moves into account (-10 to 15%) think it could have been worse. Nice timing by the consortium. Markets having a knee jerk reaction, once the dicisions have been made we'll all see. Deutsche reiterated a hold today. GL All
"The only possible source of a delay to the deal now appears to be Kazakhmys's independent shareholders, who account for about 36% of its shares. They will need to approve a waiver for Kim, Novachuk and a smaller shareholder, Eduard Ogay, whose resultant increased holdings in Kazakhmys after any takeover is completed would normally trigger them launching a mandatory buyout of Kazakhmys". I thought this would be a problem, wouldn't touch KAZ, especially after this joke.
Again, it's too easy to say now with hindsight, and to us. Go and say it also to the major shareholders in the list of those who had bought into ENRC in past years or months. Browse through some of the names of the financial institutions who had interest in this share: not exactly dimwits. Not to mention the tracker funds which bought into ENRC simply because it is listed on the FTSE 100. Many of these are pension funds and there's a chance one of them may be connected with yours (if you have one), so being smug may not be very appropriate.
well, hindsight has nothing to do with my words. i was saying the same (not here though) to all of my friends interested in this stock. even at the beginning of 2013, even a year ago. buying enrc or kazakhmys plc - is the worst speculation can be done. though it may bring profits yet. but I'd rather go playing blackjack or betting for football at bookmaker's than buying Kazakh stocks.
Assuming the deal happens buying ENRC shares now is in effect buying Kaz shares for 190p Current Share price ENRC = 215p Offer = 1.72 cash + .23 Kaz shares