Member Info for Edster

IMO Personally I think the LSE is as much to blame for this fiasco - they have been toothless in this situation and their rules have served the interest of the institution and not the investor. On ENRC though there is a pretty certain 230+ on the table. That is unless Kaz bombs but this looks to be at the bottom already based on the dramatic bounce back from 220 ish last week. Motor 19 is right, taking the emotion out of it, This is a recovery play now with at least 10-15% on today's SP IMO.If you think you can get 10-15% in 1-2 months by selling and going elsewhere very best of luck to you all!!!

Anybody know when the Kaz vote is? The current deal is worth 2.38. If Kaz keeps rising then the final package will increase. I see Kaz making a gradual recovery back to pre April levels in the next couple of months IMO.

So I imagine he will still hold his shares until delisting and then participate in a "negotiated trade". They won't screw him over. GLA

Looks like the only hope now is for the Kaz SP to rise over the next few weeks while the deal gets put to shareholders. The London stock exchange are as bad as ENRC for this fiasco!!!!

Taking a battering today. ENRC holding up well but why did this and Kaz both bounce at 9.40ish?

Nice to see this is holding steady while the rest of the market bombs!

Anyone going to this today?

Has taken a hammering today.. Encouraging to see ENRC with string resistance.

Good luck to you... The next 3 weeks I imagine will be quite stressful. I view today as a small win for the minority shareholders. I feel pretty sure the offer will be improved now but alas if the extension was not granted needles to say the SP would rise with rest of the sector over the next year. A lot of horse trading today for sure. I'd like to see what the independent valuations were this week though. Anybody going to the AGM this week? That's going to be fun :-)

EXTENSION TO OFFER PERIOD FOR ENRC PLC The Board of Kazakhmys (the 'Board') notes the 21 day extension to the 'PUSU' announced today by ENRC. The Board welcomes the extension, made in response to a request from the bidding Consortium, which should provide time for discussions to continue and allow the Consortium to put a formal proposal for the Independent Committee and shareholders of ENRC, including Kazakhmys, to consider. In the event that a formal proposal is made, the Board will make its decision in the best interests of all Kazakhmys shareholders and any acceptance of a proposal will be subject to the approval of Kazakhmys' shareholders. Simon Heale, Chairman of Kazakhmys PLC said: 'I note the Independent Committee of ENRC has granted additional time to the Consortium. This is a complicated situation, given the current difficulties ENRC is experiencing. Should a proposal be tabled, the Board of Kazakhmys will remain focused on the best interests of all its shareholders having regard to all relevant factors.'

There is every indication that the independent board are putting up a good fight... 1. They could have called the consortium to show their hand today but I feel they have come to a gentleman's agreement that a revised bid will be increased. 2. One of the sources at the weekend suggested that the independent board were unhappy with 10% or even 20% on the last offer - putting it easily towards 3.00 3. It seams there has been a lot going on behind the scenes today - one of my theories is the consortium are reaching to the KAZ government to get a bit more cash. There have been conflicting views about the technical difficulties, like moving shares into the vehicle or getting approval from the right departments. It's simple KAZ is the kingmaker and has said they are happy with the structure but want more cash. Although, minority shareholders are only like to get between 2.80 and 3.20, it's still better than 2.60. If it was going to be 2.60 there is no reason why they couldn't have made the offer today. They have proven funds are in place, my theory is the review committee feel its not enough therefore have come to a gentleman's agreement. All my personal view of course.

Give us more money!!!!

The Chairman of the Independent Committee, Dr Mohsen Khalil, said: "The Independent Committee asked the Panel to grant the extension after receiving written assurances from the Consortium that it has made considerable progress towards making a Rule 2.7 offer for ENRC. This request to the Panel was made by the Independent Committee with the expectation that any revised proposal will have regard to the Independent Committee's strong view that the initial proposal materially undervalued ENRC."

The independent board are leaning towards not extending..... Woohoo!!!!! Next hour will be nail biting!

The independent board are playing hard on this too...don't give up hope for £3 just yet. .....also the Kaz rolling over on the cash element has been press misconstruing. Kaz are happy with the structure not the SP. ..the guardian reports......Meanwhile, those close to FTSE 250 miner Kazakhmys, which owns 26% of ENRC, insist that reports it has already fallen in behind its compatriots are premature This isn't a done deal just yet. The best outcome for long term shareholders is to deny the extension. IMO there will be a small bump to the cash element but only 25p. GL all

This press speculation is probably leaked from the Consortium camp. Lets wait for the RNS and see what the independent board say. Perhaps they shared the valuations with the bidders showing the company was worth £6 per share and sent them with a flea in there ear again. Remember the deadline hasn't passed yet. Monday will be a very very interesting day. GL all.

I'm with you on this.. The pressure is on the trio now. Remember in 6 months time the free float has to increase, so they could struggle to get the 75% needed to delist. If rejected I think you'd see a slight dip back to 220ish but as you say coming out of summer I believe is generally good for miners so this will be back up to 3ish in a short time frame IMO. Having said all that and if the article is to be believed it just a case of crossing the T's and dotting the I's now on a deal that is slightly improved on 2.60 ish and speculating and reading between the lines it feels like 2.80 ish.

Actually, now I'd rather the extension was not granted .... I'd happily see it drop to 2.20 in the short term only to see it pick with miners to over 3.00 in a year. Unfortunately, Kaz is the "Kingmaker"' and all indications are that they will be bought with a nice little modest bump to the cash part. Kaz also have to be seen to be asking for a bit more on the cash part so as not to tarnish their reputation to much... I also think the article suggests that maybe the consortium floated the idea of 10/20% increase but the independent board still want more value. So another theory is the RNS might be similar to last time.. Offer made but not good enough, extension granted, decisions now needs to be made about pushing this through now with or without the independent board. So it sounds like the independent board are at least putting up a good fight... IMO. However, this pans out will be one for the history books:-)

Reuters: Sources familiar with the matter have indicated Kazakhmys would like an improved cash component, but is happy with the structure of the current proposal.............so a slight bump on the cash element of 1.75 to 2.00 would take the package to around 2.85. Kaz will get a bit of a kick I reckon because they get rid of the government and ENRC so by the time it goes through could be a lot healthier. Good luck all but this seams to be a done deal at 2.80 ish IMO. Still a little time to make a profit for those who can get in but perhaps not worth the risk for those with shares HOLD IMO and don't be panicked by short sellers. That is honestly an objective view with no motive.

Of course shareholders will get a penny, they just have to take the offer or have to face having illiquid stock. Basically the article suggests that minority shareholder are likely to get around 2.80 and no more... Ok for those who bought in the last couple of weeks but for long term holder a sh** deal. And in terms of Kaz looks like the will come out of this quite strong in the end. There appears to be some bitter shorters on here if I am not mistaken lol