Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
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Q1 - How much? Q2 - When? That is all you need to know. The committee, the board, the regulators, etc, are just a bunch of monkeys. End!
sorry meant 225p
The Independent Committee notes that Kazakhmys and Kazakhmys Eurasia B.V. have given undertakings to accept the Offer subject to shareholder consent. In the event that Kazakhmys shareholders give their consent and the Offer becomes unconditional, the Independent Committee would advise the ENRC Shareholders on the consequences including the fact that the Offeror proposes to seek a de-listing of the ENRC Shares on the London Stock Exchange. The Independent Committee, which has been so advised by Credit Suisse and Lazard, considers that the Offer materially undervalues the Company. In providing their advice, Credit Suisse and Lazard have taken into account the commercial assessments of the Board of ENRC. The Independent Committee cannot recommend the Offer to Relevant ENRC Shareholders at the current level. The Chairman of the Independent Committee, Dr Mohsen Khalil, said: "The Independent Committee is very disappointed by the value of the Offer, which it believes materially undervalues ENRC, its fundamentals, the intrinsic value of its underlying assets and its growth prospects. In agreeing to request extensions to previous PUSU deadlines, the Independent Committee took into consideration ENRC shareholder requests for the opportunity to consider the merits of an Offer, but expressed its views to the Consortium in no uncertain terms that the Initial Proposal undervalued ENRC and its expectations of an improved value for shareholders in the final Offer." From the RNS from the 'Independant' Committee this morning. Highway robbery, if Kaz shareholders vote for it.
Madness The whole deal is now worth about 223p by my estimations at current prices
It's easy to speak like that with hindsight. You wouldn't have said the same a few months ago when the share went from 260p to 410p, would you? Don't forget that the majority of ENRC shareholders have been such since well before the takeover bid was announced, so tone down your comments.
You'll get pretty "FAIR" price, anyway somehow, promise ))) Succers!!! Didn't you know that buying a stocks of companies doing most of their business in such a corrupt & kleptocraric countries implies additional very significant risks?
The below can be found in the most recent RNS
The Independent Committee, which has been so advised by Credit Suisse and Lazard, considers that the Offer materially undervalues the Company. In providing their advice, Credit Suisse and Lazard have taken into account the commercial assessments of the Board of ENRC. The Independent Committee cannot recommend the Offer to Relevant ENRC Shareholders at the current level. The Chairman of the Independent Committee, Dr Mohsen Khalil, said: "The Independent Committee is very disappointed by the value of the Offer, which it believes materially undervalues ENRC, its fundamentals, the intrinsic value of its underlying assets and its growth prospects. In agreeing to request extensions to previous PUSU deadlines, the Independent Committee took into consideration ENRC shareholder requests for the opportunity to consider the merits of an Offer, but expressed its views to the Consortium in no uncertain terms that the Initial Proposal undervalued ENRC and its expectations of an improved value for shareholders in the final Offer."
When you do get your advice can you please share what you can on the bb as we are all in the same boat anyway. I'd say the vast majority of current ENRC holders are at a considerable loss, so I think many will hold. Incidentally, the independent committee has just 'rejected' the offer, but that unfortunately bears little consequence right now.
Keep an eye on KAZ share as ENRC will now track that value (as it has done recently). IF KAZ shares climb, so will the price of ENRC. Additionally, even if KAZ shareholders vote in favour of the offer (which isn't certain), the trio will still have to see how many ENRC free-floaters will actually accept. I suppose if the likes of JP Morgan and Barclays do not accept (not to mention Kerimov) they may have a slight problem on their hands.
it was actually a quote from the offer RNS. Yes, I'm thinking I might need to seek advice on what to do here and what happens If I decline their offer. I won't be doing anything just yet, KAZ can only get better, I think? Any Kerimov quotes yet?
Motor, as I said in previous posts during the week-end and just recently, either you sell now or you hold to see developments. I would not be hurried into selling today, forget about the independent committee, this is all down to KAZ shareholders, but their vote will take a little time to be organised and there are other formal steps to take which will all add a few weeks before it all goes official. On the other hand, there is always the option (should it come to that) to keep shares in a private company, but only a financial advisor can tell us the exact implications of that. There is no hurry right now, so I am watching how it develops in the short term. Something tells me it's not over yet.
Can anyone tell what the offer price could be and could that happen later today? Thanks
What a load of pants, but what to do now? Independent (Ha!) Board certain to accept I presume as they are all in this together. Just thinking whether it's worth selling now or worth waiting in the hope of an extra 10-15p when the deal goes through? Small cheese maybe but every bit counts! (obviously SP fluctuations in Kaz and significant changes in the $£ exchange rate could see this swing up or down to make some additional short term £ but is it worth holding on?? - finding it hard to consider this matter objectively given this whole farce)
Can you please quote the source of that statement? In a nutshell, we have to wait for KAZ shareholders to vote on the offer. If they say yes, it's a done deal and you can either accept the offer or keep the shares in what becomes a private company. Of course you will still receive dividends but I think only a financial advisor can tell us how we can handle it - assuming it stays headquartered in the UK. Maybe the trio might seek to buy the last remaining stubborn ones, in which case they COULD extract a better deal - or a horse's head on their pillow, you never know with this lot. If KAZ shareholders vote no, then no takeover for now and we carry on as before, however there is a chance the trio will try again, perhaps in more appropriate ways, but not before six months. I think the situation is still in flux and will not be sorted for several weeks yet. I would wait and see how further developments pan out.
"The compulsory acquisition procedure under the 2006 Act is not available to Eurasian Resources on the basis of the terms of the Offer. Accordingly, any ENRC Shareholders who wish to accept the Offer must do so before the Offer closes for acceptance in order to receive the consideration under the Offer." So we could just sit locked in and await dividends?
I have to say that recently nothing seems to be worth investing into, I can't find a share I can comfortably bet on for the short to mid term. I thought miners were due a bounce after months and years of losses but it seems the time isn't ripe yet. In the meantime my small pot has got even smaller, and it ain't much fun.... I may be idealistic but I still have some faith in UK authorities.
Nothing has changed.The 'markets' (which means the crooks running the show), have not changed, and cannot be reformed. This is corrupted capitalism eating itself. Perhaps Marx was right, dysfunction precedes immolation. Well, if markets do vanished, they will not be missed by the real economy and the general population at large. - PS: relying on the UK authorities to do anything, well, you would be demonstrating more acumen professing confidence in monkeys than that lot!
There is currently a vacuum by UK authorities but I have a feeling they will have a word on all this. There's a lot of **** going on at the moment, not helped by the fact that the market is in correction mode and good news are hard to come by. It is peculiar tough to see ENRC in the positive yet KAZ in the red by more than 10%. Copper is however taking a big blow today, according to the market the human race is going back 500 years!
stocks investing is horrible at the moment. Im in Apple and even they look rotten. Ive decided to sell here - the gamble of a higher offer didint materialise and i should have known better with guys who eat caviar using a cereal spoon (they do, honestly, my missus has seen them). not a huge loss but it was still enough to ruin my month. hope you can get out with some dignity..
What angers me most is that it is all driven by fear. Please accept or we will do one or all of these damaging things. Kaz then reaffirms it: "We are concerned (scared) that..." Takes the total **** out investing and rules, I'm now looking at all my stocks thinking, will these delist tomorrow and force me to sell at 1p? What's stopping them?!
Hello all, well now KAZ had added to my disgust, but also some of its shareholders over on their bb, they are all pleased when they are blind to the fact that accepting the offer on this terms means a massive loss of reputation on the market as well as a further half a billion pounds of write-down losses on their investment at ENRC, and the market has obviously immediately priced all that in. We are still however waiting to see what the committee will say/do and ultimately it is down to a vote, especially ours.
Unsurprising and disappointing. Looks like we'll get boogger all. Time to sell.
Natural knee jerk reaction as the supply from the M&A arb guys hit the market, now in KAZ we must trust!
indeed falling faster than the careers of 1970s tv presenters. Kaz have accepted the terms acc to their rns so we await for the kingmakers to vote. Their could still be a delisting btw in Jan 2014 if the SFO find major irregularities, and re Barclays and JPM as ii's here, they wont mind the deal actually given all the capital finance ENRC will need to get themselves out of the mess. They'll get their investment back.