Member Info for goldy7

What u suggest sell or hold

this will go & anyone bought this one for more £1 which of course i paid and what chances I have to recover my money

This is going to be below 0.50 the way it's going down

I had a great faith in this company but now seems like this company will go bust soon.

May be will find out very soon

THE CONSORTIUM bidding for mining group ENRC will find out today how much longer they have to put together a formal takeover offer. The group, which includes ENRC’s three founding billionaires and the Kazakh government, on Friday asked the Takeover Panel for a further three weeks beyond today’s 5pm deadline. The complex task of bringing the various investors into a single bidding vehicle is understood to be behind the extension request. The bidders are believed to have asked for three weeks when they were granted an extension in mid-May, but were only given 14 days. The Takeover Panel did not respond to a request for comment yesterday, while spokespeople for ENRC and the consortium declined to comment. FTSE 100-listed ENRC will face its minority shareholders at its annual meeting in London on Wednesday. Some investors remain worried they will be forced to accept a low-ball offer, despite ENRC’s independent directors rejecting an indicative $5bn offer from the consortium, which controls 56 per cent of ENRC’s equity. The meeting will also give small shareholders the chance to voice concerns about an ongoing Serious Fraud Office investigation, as well as the string of boardroom departures since last year’s AGM.

THE founders of ENRC, the troubled FTSE 100 miner, have made an offer to buy the company for less than its current share price. Details of the offer, which was rejected by a committee of independent directors emerged yesterday. A consortium of three central Asian oligarchs — Alexander Mashkevitch, Alijan Ibragimov and Patokh Chodiev — and the Kazakh government has offered 260p a share. ENRC closed on Friday at 271½p, valuing the company at £3.5bn. Shareholders would receive 175p a share in cash, plus 0.23 of a share in Kazakhmys, another mining group that has a 20% stake in ENRC. It is not clear that Kazakhmys backs the offer, however. The shares offered would not be new shares from Kazakhmys, but would come from the Kazakh government’s large holding in the company, senior sources at ENRC said.

Please explain if someone own enrc today how much shares going to be worth after bid. Are shareholders maximum will get £2.47

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Today is the day we all wish/hope -- find out at 7

High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. http://www.ft.com/cms/s/0/6507a24e-b97d-11e2-bc57-00144feabdc0.html#ixzz2TIBJKyOf Analysts at Macquarie echoed concerns about the risk that ENRC shareholders who are not part of the potential bidding consortium would be offered no significant bid premium. They have a 12-month price target of £2.55 on ENRC shares, which closed Friday at £2.93. “Investors are potentially exposed to a share price collapse in the event that a bid fails to materialise,” said the analysts in a research report published on Friday. “Should a formal offer be forthcoming ... the bid premium offered will be limited by prevailing deal dynamics and the leverage the consortium has over minority shareholders.” However the bid is structured, minority shareholders are likely to receive a price for their shares well below the listing price and much less than ENRC’s share price high of £15.35 in May 2008. An offer of more than £5 would be a “stunning” result, said one person close to the situation, who added he would be “surprised” if the offer was anywhere near the listing price. The bidders have various options on how they structure their bid. Some of those close to the situation believe that a bid structured as a takeover offer is the most likely. The choice of a simple offer would mean that, with the support of Kazakhmys, which owns 26 per cent of ENRC, the bidders would have enough votes to delist the company. In that case, however, those who did not take up the offer would remain shareholders in the de-listed company. If the consortium believes the independent board would be likely to recommend their bid, they can use a scheme of arrangement to secure ownership of 100 per cent of ENRC shares. This, however, would require the consent of 75 per cent of shareholders outside of the consortium. If such an approach is taken, the consortium is likely to reserve the right to change the bid back to an offer structure, which would allow them to vote their shares in the decision of whether ENRC gets taken private or not. In either case, the bidding group is also likely to seek some kind of undertaking from Kazakhmys before announcing a formal bid, one of the people said. Those close to the process believe Kazakhmys is keen to sell its shares in ENRC and is highly unlikely to join the consortium. For Kazakhmys, which declined to comment, a majority of its own shareholders will be required to vote on how it responds to the ENRC takeover offer because of the size of Kazakhmys’s stake in ENRC. Russian politician and businessman Suleiman Kerimov raised his stake in the crisis-hit miner to 3.09 per cent in recent weeks. People familiar with the s

High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. http://www.ft.com/cms/s/0/6507a24e-b97d-11e2-bc57-00144feabdc0.html#ixzz2TI9KY0l6 In the next week, the seven men who form the independent board of Eurasian Natural Resources will need to make their first significant decision on the mooted takeover of the embattled FTSE 100 miner. May 17 is the deadline by which a bidding consortium – composed of the ‘trio’ of oligarchs who founded ENRC and the government of Kazakhstan – must table a firm offer for the about 45 per cent of the shares that they do not already own. More ON THIS STORY ENRC’s Zambian assets deal in spotlight Editorial Heart of darkness inside the Congo Comment City grandee warned over governance Annan report blasts ENRC for Congo deals Congo deals in Progress Panel’s sights ON THIS TOPIC ENRC revenues hit by fall in commodities Two banks resign as ENRC’s brokers Interactive ENRC profiles ENRC looks to dig itself out of a hole IN MINING BSGR confirms link to indicted businessman SA mines prepare for wage negotiations BHP ponders cash return to shareholders Lonmin hit by fresh strike This potential takeover offer was announced after the Serious Fraud Office last month announced a criminal investigation into ENRC, which is expected to scrutinise its African minerals deals. Felix Vulis, chief executive of ENRC, said last week that that ENRC was “co-operating fully” with a Serious Fraud Office criminal investigation, in a statement to investors. The consortium may need more time to table a firm offer, but should it emerge, the structure employed is likely to be of vital importance for the minority shareholders. Since the potential bidding consortium already holds 55 per cent of ENRC’s shares, those close to the process believe any offer is unlikely to come at a signficant premium to ENRC’s share price. “There is nothing to say we are at the bottom” in terms of ENRC’s share price, said one of the people. “You have got to be realistic on price.” Before the bid was announced, ENRC shares were trading at £2.29. Takeover offers typically offer shareholders a 30 per cent premium to that. ENRC was listed in December 2007 at £5.40. Analysts at Macquarie echoed concerns about the risk that ENRC shareholders who are not part of the potential bidding consortium would be offered no significant bid premium. They have a 12-month price target of £2.55 on ENRC shares, which closed Friday at £2.93. “Investors are potentially exposed to a share price collapse in the event that a bid fails to materialise,” said the analysts in a research report published on Friday. “Should a formal offer be fo

It is understand that Societe Generale, which is advising the founders’ consortium led by Alexander Machkevitch, will lobby the Takeover Panel as early as Tuesday for a delay to the deadline. Without it, the consortium, whose members include the Kazakh government which owns a 12pc stake in the company, would have to make an offer by 5pm on Friday or walk away for six months. Sources said that despite the call for the extension, which it is thought will not be opposed by ENRC, the consortium is not far away from raising the funds required to table a firm offer, which is expected to be structured as a scheme of arrangement rather than a formal takeover offer.

Extra time for ENRC trio’s bid Dominic O’Connell Published: 12 May 2013 THREE oligarchs pursuing a scandal-hit FTSE 100 miner are this week expected to be given more time to put together a takeover bid. The trio, who own 44% of ENRC, said last month they were working on a bid in conjunction with the Kazakh government, also a big shareholder. City rules give them until Friday to put up or shut up, but they are expected to be granted an extension by the Takeover Panel. The three — Alexander Mashkevich, Patokh Chodiev and Alijan Ibragimov — founded ENRC, and floated it in London six years ago. The shares soared but then crashed after a series of boardroom bust-ups, allegations of corruption and finally a criminal investigation by the Serious Fraud Office. ENRC shares closed on Friday at 293.9p, valuing the company at £3.8bn. The shares touched 1,500p in 2008.

High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. http://www.ft.com/cms/s/0/e62c73e6-b89b-11e2-869f-00144feabdc0.html#ixzz2SoN1WV7p ShareClipReprintsPrintEmail May 9, 2013 1:05 pm Deutsche Bank and Morgan Stanley resign as brokers to ENRC By Anousha Sakoui ©Bloomberg A copper mine, operated by ENRC, in Katanga province, Democratic Republic of Congo Deutsche Bank and Morgan Stanley have resigned as brokers to Eurasian Natural Resources Corp, adding to the woes of the embattled FTSE 100 miner. The two banks resigned the roles in recent weeks, two people familiar with the move said. The banks were unlikely to act as advisers on the potential bid for ENRC that was confirmed by a trio of large shareholders last month, one of the people said. More ON THIS STORY PwC received £50m in fees from ENRC SFO launches criminal probe into ENRC ENRC looks to dig itself out of a hole Comment Control over ENRC at heart of intrigue Interactive ENRC profiles ON THIS TOPIC ENRC founders made good in Kazakhstan Cooksey quit ENRC after spat with oligarchs ENRC faced 11th-hour hitch over listing UK regulator probes ENRC takeover IN MINING Rio Tinto chief defends Pilbara expansion AngloGold finance director becomes chief Rio to proceed with $5bn iron ore expansion Davis hires Goldman to raise mining fund Parties connected to a potential takeover are required under UK rules to make daily public disclosures of their position. Deutsche Bank’s last such rule 8.5 disclosure was made on April 26, the point at which the firm resigned. Three days later on April 29, Morgan Stanley made its last filing when it resigned. The banks declined to comment on the reasons for their resignations. ENRC said in an emailed statement that “after many years with the company Morgan Stanley and Deutsche have stepped down in recent weeks as brokers, and we are currently reviewing a final short list of potential replacements”. People familiar with the moves cited growing concerns about the situation at ENRC as the reason for the banks’ departure. Troubles at the company escalated late last month with the resignation of its chairman Mehmet Dalman, which was followed one day later with the decision by the UK’s Serious Fraud Office to launch a criminal probe into the miner. The decision to step down would not affect Deutsche Bank and Morgan Stanley’s current positions as lenders to ENRC, the people said. Credit Suisse has recently joined Lazard as an adviser to the independent committee of directors at ENRC. The two banks are ENRC’s traditional M&A advisers. That committee was formed in response to the announcement of a potential offer for the company. Deutsche Bank and Morgan Stanley won their roles as br

Happened suddenly dropping

are buying at the moment from market and don't forget they only need to buy 18% shares from private shareholders may be less & I'm sure bid will be announced this week

Going to be around £4 so still time to buy

TWO huge Kremlin-controlled banks are putting together a plan to bankroll the takeover of ENRC, the £3.8bn miner under criminal investigation for fraud. VTB and Sberbank, both majority-owned by the Russian state, have been hired by the three central Asia tycoons who founded the troubled company. Alexander Mashkevich, who with his co-founders owns 44% of the shares, announced last month that they were working on a potential takeover with the Kazakhstan government, also a big shareholder. They have set up a special-purpose vehicle to acquire the outstanding shares but have just 12 days to table a bid to meet a deadline imposed by the Takeover Panel. The company, meanwhile, has been building bid barricades. It has hired Credit Suisse, the investment bank, to advise it on its defence, while Lazard is advising the independent committee set up to assess any offer.