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Why are some investors selling below the offer price of 869.00p (inclusive of dividend)? Also if one sells on open market, will the shares go to Bidco to go towards their 75% target ?
No, if the offer is accepted by 75% of shareholders (big if now), you would have 14 days during which you could either sell, accept the offer, or decide to hold.
I see a good day for some miners, but alas not for us, it sounds like to me that we are being conned as small S/H again and feel that we have to hold tight, as copper and other mining will play a big part of the world coming out of the covid 19 mess it is in and to drive infrastructure forward, although the last post worries me a bit, if they delist we loose the lot, but surely that would be against trading rules!!!!!?
Thanks for that , I did read on another chat that if you do not accept the offer and the company delist you lose the lot . As you can imagine I would not like that to happen
*Shakhtar
This has been covered. Suggest you take a look back at some of Shahktar's posts. Essentially yes you will be able to sell. The final offer price is acting like a magnet because of simple arbitrage, as the risk averse sell at anything higher.
1pm friday is the offer deadline. No news until then is surely good news for those holding and expecting a big uplift in short order if the offer fails.
Daman, too much talk out of a furry hat?
Maybe you are confused 2Daman. KazMinerals operates today in the Republic of Kazakhstan, where its major shareholders also come from. This is an independent country, and has been so for 30 years. Russia is another country.
Where has all the informed comment gone?
Was wondering , I intend to hold but am unsure what will happen after the closing date , my broker has given me till 6/4 to decided . Will I still be able to sell after the 9/4 for the offer price .I’m a bit of a novice so I would value any options
I dont think shafted is the right word I think what we have here is eastern economies taking control of their assets.. We have had Highland Gold and Trans Siberian Gold being taken out of western hands and who can blame them. With east west relations as they are who would blame them.
EUA is touted as a takeover by Norilsk but EUA's main asset is not producing whereas HGM TSG and KAZ are.
And the price we are being offered?? I dont know but I am not selling hyst going to sit n wait.
Thank you
Thanks Shakhtar for confirming Rastuss and OofyProsser are one and the same person.
I appreciate that this may have been discussed over and over, but I was wondering what is the view on the takeover and should we agree of hold.
What is the view of the wise, as in 2018 it was up to over£10 for a whiled between 2006 and 2008 fluctuated between £10 and £15 and same between late 2009 and 2012, is it a case the small investor getting shafted again?
Yes you do
If I don`t accept the offer and it goes through regardless do I still get the divi ? Anyone please ?
Shakhtar: yes, largely irrelevant, though true and interesting, I think.
Yes, I was banned from an AIM company site and wondered if a change of name would allow me back in. Sadly, all it did was to erase my whole posting history! So many insights lost without a trace..
Still irrelevant now. And you didn't need to bother changing your name, Rastuss ;)
It’s owned and managed pretty well the same as it ever was. Mr. Kim’s big windfall was a reward for loyalty, though how much he kept is not known. His % holding is similar now to what it was before he sold those shares. He got the job in the first place because Mr. Ni (President Nazarbayev’s right hand man) took him under his wing.
What's the point of your post, OofyProsser? It's all ancient history, all well publicized, and whether it was true or not, the company has undergone massive transformation over the 15 years since these publications (which period, by the way, included a sale of 11% stake by Mr. Kim - ever wondered why?). If this was even true, it doesn't matter anymore.
''We have over 100 staff, and offices in London, Washington DC and Brussels...'''
The usual suspects!
''Income
The majority of Global Witness funding comes from grants made by foundations, governments, and charities.[48] One of their main benefactors is the Open Society Institute (Soros), which also funds Human Rights Watch.[49] Global Witness also receives money from the Norwegian and British governments (Eeeeek),...''
be afraid very afraid...
...”For eighteen months, Global Witness has been trying to ascertain what exactly the due diligence process entailed and whether documentary proof of these companies’ ownership was provided. A Freedom of Information of Act request on the due diligence performed on Kazakhmys plc was refused by the Financial Services Authority, the body that regulates the Stock Exchange. JP Morgan Cazenove, Kazakhmys plc’s financial sponsor for the listing and the entity responsible for the due diligence, did not reply to questions on this matter sent to it by Global Witness in February 2010.
The Kazakh government currently owns 26% of the company. Kazakhstan’s leader, Nursultan Nazarbayev, has been in power since 1991 and recently won a presidential election with a reported 95.5% of the vote. Kazakhstan has a dreadful record in fighting corruption and one scandal in particular, dubbed Kazakhgate, suggested that high-ranking Kazakh officials, including President Nazarbayev, may have been secretly profiting from the country’s oil deals in the late Nineties.
In light of this, it is imperative that companies with operations in Kazakhstan, such as Kazakhmys plc, go the extra mile in being transparent. “There is no reason why the company should refuse to release such documentation given the risks of working in Kazakhstan. Doing so would take little time, improve investor confidence in the company and finally put an end to such questions,” commented Mayne.”
This was was written ten years ago. The % shareholdings have changed as a result of the ENRC fiasco but the conclusions still apply:
“??????? ??????
FTSE 100 mining firm Kazakhmys plc is still refusing to provide full information as to the identity of its beneficial owners, nearly one year after Global Witness raised concerns over alleged links between the company’s management and Nursultan Nazarbayev, the autocratic president of Kazakhstan.
In a July 2010 report entitled Risky Business, Global Witness documented testimony from various Kazakh sources that alleged that President Nazarbayev has the ability to wield significant undisclosed influence over Kazakhmys plc. With the price of copper and other metals on the rise, and other resource companies such as Glencore about to list on the London Stock Exchange, it is imperative that investors have full information on who controls them and how they operate. Global Witness requested proof of ownership of the company’s major shareholders at the company’s AGM which took place in London on Friday. The request was denied.
“Increasingly we are seeing companies that have originated in potentially corrupt jurisdictions list their shares in London. The information on these companies has to be full, comprehensive and properly verified,” said Tom Mayne, a campaigner at Global Witness. “Without this information, shareholders – UK pension-holders among them – are exposed to unknown levels of risk. London is seen as a ‘soft touch’ as a listing location; while it may bring more companies here, we should question whether this is viable in the long-term."
According to Kazakhmys plc, its Chairman Vladimir Kim owns 25.4% of the company’s shares through Cuprum Holding BV, which is ultimately controlled by a trust registered in Liechtenstein called the Folin Universal Trust. Kim owns a further 2.5% through other vehicles. Kazakhmys plc CEO Oleg Novachuk owns 5.5% of Kazakhmys plc shares through Harper Finance Limited which is registered in the British Virgin Islands. However, this information cannot be verified because these entities are located in jurisdictions which do not release information on trust beneficiaries or company shareholders.
In denying the proof of ownership request, members of the Kazakhmys plc board commented that the company had undergone comprehensive due diligence procedures before the company listed in 2005 that proved “beyond reasonable doubt” that these men are the sole beneficial owners of these shares.
“This response is inadequate: in the interests of transparency, shareholders and the wider general public should be able to see for themselves proof of ownership,” commented Tom Mayne. “It is important because huge sums of money are at stake: in 2010, Kazakhmys plc paid out 22 cents to the share in dividends. This means that Vladimir Kim earned over US$32 million in dividends, nearly US$30 million of which would have gone through the trust in Liechtenstein.”
For eighteen
With Biden to announce a multi trillion dollar infrastructure plan tomorrow, this should give copper prices a nudge back up and the SP a push above the latest offer price of 869p. Hold on tight to your shares don't be intimated by MM shenanigans.
DYOR
Good luck all
Don't feel this is something that only happens in Kazakhstan at all. There are plenty of ruthless company directors and senior management throughout the world who have pursued an agenda of greed and service to self. It's not imv a behaviour that's peculiar to any nationality or culture.