(Alliance News) - Kaz Minerals PLC on Thursday said the court hearing for its GBP3.0 billion acquisition by Nova Resources BV has been adjourned as work continues on a plan for Kazakhstan.
Then acquisition will take place via a scheme of arrangement. On October 29, Kaz gave notice to shareholders of a court hearing seeking permission to convene the court meeting in connection with the scheme. This was scheduled to be heard before a UK High Court judge on Monday next week
However, Nova and Kaz are still working on a "plan for settlement of consideration in Kazakhstan in accordance with the settlement rules of the Kazakhstan Stock Exchange" and this must be finalised before publication of the scheme document.
Consequently, Kaz asked the court to adjourn the Monday hearing with an announcement of the rescheduled date to be made when appropriate. The acquisition is still expected to become effective in the first half of 2021, subject to conditions.
Shares in Kaz, which operates in Central Asia, were down 0.3% at 638.00 pence in London on Thursday morning.
By Anna Farley; annafarley@alliancenews.com
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