Member Info for Ant1986

"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.

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."

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?

"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?

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?!

The reasons given to accept are criminal and I seriously hope someone with more clout than me takes them to task. Reject.

I'm pretty certain they cannot do that legally, even more so with more than 3% crossed. Looking at the breakdown of Kaz owners, if this were to go through, they could well do exactly the same thing and buy it out on the cheap. Huge majority of shares would sit with them and Cuprum Holding B.V. which guess what, is strongly linked to the owners of KAZ and the KAZ government. Steer clear!

I would expect a mortal like me to get done over but not a billionaire investor who has leverage here already. I know I'm a sitting duck as a private investor with a relatively tiny holding but he's not as stupid/in the dark like me.

This will knock Kaz quite hard and interestingly, none of the press have mentioned Kerimov and Reuters have put forward a weaker sounding piece. Kerimov could have won at the banking end if the finance is pretty enough but I have no idea why kaz would agree from a shareholder's value point if view. I would suspect unpleasant motives.

Just a thought, would this not give the kaz board more power and a weaker sp (as another write down takes place)? Could they not take kaz private too at a low price?

I've just read this and the times version and it's all smoke as far as I am concerned. If the statement is true that none of us have seen, it sounds very wishy washy and somewhat forceful. Kaz government running off with British money after defrauding its investors, what a fantastic lasting memory that would be. At least Enron didn't have the u.s government working in collusion with it. Interestingly, Barclays and Citi were big casualties from that fraud too.

Enjoy your hill climbing, off out for brunch, might give the usual paper reading a swerve ;)

My thoughts exactly. I don't stand to lose that much and I'm pretty incensed at the idea of an even lower bid, and remember, we weren't even given the chance to vote on the previous media given bid, besides which could have been 5p for all we know. If I had invested at 400p plus, I would be through the ceiling, and I guess there are many in that boat who will be using those reports to wipe their you know what. RNS...then rage/relief :)

Yes, it's a more believable article and I laughed too, I also remembered the PR agency they employed so I think they are being played. I've done some reading on delisting and it might not be all bad, albeit not great, still pick up dividends and entitled to some recourse if it folds or is sold. Not sure how to sell shares though? Anyone? Have no fear, no one pays billions of pounds for something that cannot be fixed. They are playing a crafty game.

No idea. If this is the case, I cannot see how the committee, the kazak government, the board (not that they care), kaz or the ftse, can keep any shred of integrity. Reject, it's all you can do, gives the SFO a chance to get on with things.

http://www.thisismoney.co.uk/money/markets/article-2346100/ENRC-mulls-legal-action-directors-leaks-information.html

The Times came out with 340p right before the bid was nearly 100p less than that. The press get told a load of lies on a daily basis.

Kerimov will be delighted then? Kaz would then need to take off another huge amount whose owner is racking up debt by the day. Not doing their trade relations much good either, I think they need to walk away.

We're in it for revenge?! :) Like I keep saying, I hope Kerimov has them on the ropes and this was an opportunistic approach that hasn't gone quite according to plan. That said, I would have just fired in a bid of 250p and ignored the courting of the media, which makes your earlier point very valid Queen and other posters about flying their kite. This has been so messy you could write a book and I'll certainly not forget this in a hurry.