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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Eurasian | LSE:ENRC | London | Ordinary Share | GB00B29BCK10 | ORD USD0.20 |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
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|---|---|---|---|---|---|
| 0.00 | 0.00% | 217.50 | 0.00 | 00:00:00 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| - |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| - | O | 0 | 217.50 | GBX |
Eurasian (ENRC) Share Charts1 Year Eurasian Chart |
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1 Month Eurasian Chart |
Intraday Eurasian Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 16/12/2013 | 10:37 | Eurasian Natural Resources Corporation | 1,491 |
| 13/10/2010 | 12:12 | ENRC | 67 |
| 29/3/2010 | 22:57 | 50p value | 2 |
| 06/4/2009 | 09:14 | Eurasion Natural Resources Corp : Kazakhstan Energy Play | 512 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
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| Top Posts |
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Posted at 26/6/2013 08:46 by careful the share price based upon the offer should be around 230p.that is based upon todays kaz share price. ENRC seems to be trading at a large discount. any theories? if the deal goes ahead an obvious 8%+ gain is there for the taking. |
Posted at 23/6/2013 21:54 by tanzz786 Nolens - Kerimov will lose many millions if this deal goes through - a loss of 30pence per share- my view is that he may make a counter bid in cash only that will improve Kazakhmys' position so that Kazakhmys votes against the offer and supports his bid - If he for instance makes an offer of £3.65, KAZ will be able to buy the 12% stake that the government holds in KAZ and still have more cash left over to execute its business development plan KAZ's share price is likely to rocket even on the current deal as it will be cash rich at a time when most mining companies are heavily in debt with their share prices heading south.. Lets see what transpires this week...remember KAZ still has to get this deal ratified by its shareholders and unlike ENRC, KAZ has a significant proportion of its stock in free-float on the FTSE |
Posted at 23/6/2013 21:10 by dflowers68 Fwiw I think the deal will probably go ahead. I've no doubt kaz will probably want to draw a line here and move on and pay down some of their debt. Then in the coming weeks/months once the dust has settled and the price of copper increases, so in turn will the share price in kaz. IMO if the offer is put forward and rejected the short term share price in both kaz & enrc will continue to decline. Then there's the outcome of the corruption allegations to contend with. |
Posted at 23/6/2013 20:21 by nolens volens dflowers - "Also I've read a report that kerimov may have increased his stake to over 3% in order to aid the enrc founder members with their bid " I haven't read any article saying that can you post the link please. As I understand it, reports are suggesting that any formal offer from the consortium for enrc would be along the same lines as the tentative offer i.e. the number of kaz shares you would receive would be based on the number of enrc shares you hold. In that sense, I don't see that it matters what the kaz share price is at any time except the day you intend to sell which might be the day you would receive any kaz shares if this buyout went ahead. LOL might be loads of folk selling kaz that day. |
Posted at 22/6/2013 21:38 by tanzz786 New £3bn offer to take ENRC privateThe founders of the mining giant ENRC are poised to table an unchanged £3bn offer in order to take the troubled company off the London market. It is understood that the founders, led by Alexander Machkevich, will tomorrow table a firm version of an indicative offer which in May was rejected by independent directors. The offer will actually value ENRC at less than the earlier indication. Despite that, the move is likely to be accepted by a committee of independent directors because of the lack of other options and the wider sell-off in mining stocks. The move, if accepted by minority investors, will trigger the departure of ENRC from the London Stock Exchange after a turbulent six years in which directors have been ousted and the Serious Fraud Office (SFO) has been carrying out an investigation. Sir Richard Sykes, the non-executive director, said at the height of its problems in June 2011 that the company should never have been listed in the first place. He also accused the company's chairman and chief executive at the time of being "in the pocket" of its founding shareholders. The fully financed offer is expected to be announced by the consortium which accounts for 56pc of ENRC's investors including the Kazakh government's 12pc stake, ahead of a Takeover Panel deadline of 5pm tomorrow . The offer is expected to be the same as that originally tabled on May 16, offering 175p-a-share in cash and 0.231 shares in Kazakhmys for each ENRC share. At the time, it valued each ENRC share at 260p. However, due to exchange-rate differences since then - the consortium's financing was arranged in dollars by bankers led by Société Générale - and the fall in Kazakhmys's share price, the offer is actually worth less. At the time the approach was made, Kazakhmys's share price stood at 370p. However, at Friday night's market close, the share price of the Kazakh miner stood at 272.13p. As a result, the offer values ENRC shares at 238p each, before taking into account the currency fluctuations. On Friday, Macquarie analyst Alon Osha set a target price of 236p for the offer, some 10pc below the original, but above Friday night's closing price of 216.9p. One source said that the terms of the initial offer "were never going to change," suggesting that the founders feel there is nothing to be gained in reputational terms from upping the offer. It is understood that, despite the decreased value, the independent committee set up to consider the approaches will reluctantly recommend it to shareholders. Sources this weekend indicated that the seven-strong committee, chaired by former World Bank director, Mohsen Khalil, is likely to set out the difficult nature of the task in an attempt to absolve themselves from blame from minority investors. In late May, Mr Khalil instructed bankers Lazard and Credit Suisse to work separately to establish the value of the miner, asking them to develop valuations based on a number of variables, including competitors, its economic value were it to be sold and a sum-of-the-parts model. In deciding whether to accept the approach, the committee will know that were they to reject the offer, and the consortium walk away, the company's share price would slide significantly, making it cheaper to table a lower offer in the future. As a result of the complex deal, the Kazakh government's stake in Kazakhmys - which has a 26pc stake in ENRC - will reduce to zero, and its free float will increase to 58pc. It is listed in London. ENRC was listed on the London Stock Exchange in December 2007 after raising £1.36bn, the second-biggest stock market float of the year. The company, which mines coal, iron ore and ferrochrome among other minerals, floated at a share price of 540p, valuing it at £6.8bn. ENRC was founded by three Kazakh businessmen - Mr Machkevich plus Patokh Chodiev and Alihan Ibragimov - in 1994. In March 2008, four months after floating, it became a member of the FTSE 100 index, hitting highs of £12.50 in 2010. But by December that year , the company's problems began, when Sir Richard and other independent directors, including Ken Olisa, began to question the way the board operated. By March 2011, solicitors Herbert Smith were hired by the independent directors to ask about the ramifications of resigning en masse. In June that year, Mr Olisa coined the term "more Soviet than City" to describe the company after he and Sir Richard were voted off the board by its Kazakh shareholders. Mehmet Dalman, a former Commerzbank banker, was drafted in as chairman shortly afterwards, pledging to clean up the business. But Mr Dalman resigned in April this year saying he had "achieved all that I can". The SFO continues to work on its criminal investigation into the miner, looking at allegations of fraud, bribery and corruption related to its business in Kazakhstan and Africa. Adding to the pressure for the company to go private, the UK Listing Authority has asked that the group increase its free float to 25pc from 18pc by January 2014 or leave the market. |
Posted at 19/6/2013 11:54 by harmeet1981 copied this from the KAZ board, which way do you guys the deal will be heading?:This is SBM's take on were we are at. hxxp://www.-.com/blo As we race down to the 2nd deadline of next Monday at 5PM for the 3 oligarchs to table a firm bid for ENRC (and there is unlikely to be a 3rd extension), we find ourselves in an intriguing game theory situation. Given that the independent Board of Directors rejected the last offer as "materially undervaluing" (their words not ours) ENRC (and this was at an equivalent price of 260p), with the price of KAZ continuing to plumb stupid depths, it is indeed an interesting conundrum that the oligarchs and the Board find themselves in... The market was wrong footed previously bidding ENRC stock up to nearly 320p in the days ahead of the deadline, and with metal prices under pressure again in recent days taking the shares lower, question is has the market now got it wrong in reverse this time? We are in fact now in the somewhat peculiar situation of ENRC's shares trading just less than where they were before the bid announcement and the bid already being rejected by the BoD as inadequate. Go figure that one... We highly doubt, for all the reasons opined on this blog in recent weeks, that the 3 oligarchs want the company to remain in the public eye and the legal maneouvring in recent weeks to enable them to see the bid through points to some type of final offer being made. And so we come to one of 3 possible conclusions to this unique situation - 1. The oligarchs do not bid and, at face value, call the markets bluff. They only hurt themselves here however as the stock will likely fall back towards 200p AND, instead of getting the company on the cheap, they actually have to dilute themselves to meet the UK listing rules requirements. This dilution is the polar opposite of what they were/are trying to achieve. The other point is they would be restricted from bidding for a further 6 months at which point the commodities spectrum, in particular iron ore, may bounce back and so lift the ENRC valuation. Of course the SFO investigation is all aired in public too. I just don't see this as a likely outcome but between this Kaz and AVM the market has thrown egg on my face this last 4 months so don't discount it. 2. A final bid tabled on the same terms. Given that they cannot increase the KAZ shares component as this is a fixed sum (ie the Kazakhstan Govt hold a fixed number of KAZ shares), then the new bid is presently worth just 244p at the current KAZ price. Highly doubtful the independent BoD will sanction this and so we would be in the somewhat unusual situation of a Company's Board actively pushing minorities to vote against the main shareholders. Net effect - more mess, likely further weakness on KAZ's price, and so an even less value end bid. 3. A decent increase in the cash component (likely to 220-25p) that has the independent BoD acquiesce and, in all probability, keeps Suleiman Kerimov's peace (he has supposedly written to the Company's Board pushing for 400p or thereabouts). Again, per (2), the KAZ component is fixed and so through raising the cash element from a real steal to just a steal, the net effect on KAZ's stock price as the company would receive more cash for their stake in ENRC, will be to finally break the downtrend from over 800p and probably take the stock price back towards 400p (which as you can see from below is what the wedge break pressages). At a 400p KAZ stock price and with 225p in cash the bid for ENRC would be worth approx 317p. The bit that I am trying to get my head around is why Vladimir Kim would be happy to allow a low ball offer to be pushed through. He has pledged 91m of his shares for personal loans unrelated to KAZ. Probably when KAZ was substantially higher than it is today. Any further fall in the price of KAZ could mean he may be forced to sell his shares to raise the funds to repay those debts. |
Posted at 04/6/2013 10:19 by pro_better from share price ANGEL today:ENRC (ENRC LN) 246p, mkt cap £3.16 billion ENRC founders given three week extension on offer · The founders of ENRC have been given a three week extension to resolve technical issues relating to their bid to take the company private. · The founders now have till 24 June to make a firm offer to buy the company. · The bidders have made a written assurance that they will be in a position to bid by this data. · While we see the Kazak founders as good horse traders, we also believe they will be good to their word, particularly with market conditions looking potentially better for ferrochrome in our view. · ENRC directors have also indicated that they expect to see an improvement on the terms offered by the founders.. Conclusion: Corporate governance issues have caused the shares to come down but no one can force the founders to raise their offer. It is disappointing that the poor governance of a company can effectively cause the withdrawal of such a solid underlying business from the listed market. The issue highlights the issue of having good and strong non-executive director guidance |
Posted at 26/5/2013 22:35 by nolens volens bigbigdave - Not sure how much store I would set by that \"Sunday Times\" piece today. \"Kazakhmys, a rival resources group with operations in Kazakhstan, has signalled privately that it will vote its 26% stake in favour of the controversial offer tabled by ENRC's three oligarch founders and the Kazakh government.\" That all sounds a bit too Secret Seven meeting in the garden shed for my liking. Signalled to whom? DF of the Sunday Times lol.Apart from anything else, there is no clarity that kaz will even get a vote here. If they do then their stake in enrc is so large that they would have to put any proposed bid for enrc to their own shareholders and it is extremely unlikely that the kaz govt. which holds 26% of the kaz plc stock would be able to vote as they are a member of the bidding consortium. Have a look at the articles in the Wall Street Journal this week saying \"The U.K. Takeover Panel also ruled Monday that Kazakhmys should be treated as part of the offer even though it isn\'t part of the consortium, meaning Kazakhmys won\'t be able to weigh on the deal if it is put to an ENRC shareholder vote. It will, however, still be able to tender its shares if the consortium makes a takeover offer, two people familiar with the matter said.\" http://online.wsj.co And this from the Spread Betting Magazine \"If the Scheme of Arrangement structure is still intended to be used then, re the comment "..for Panel purposes only Kazakhmys is treated as a Party to the Offer...", we are unclear as to whether they will be able to vote their shares in ENRC too. If that is the case, then it seems the bid doesn't have a hope in hell in getting through at the current level as the balance minorities have made their feelings clear on the price\" http://www.-.com/blo |
Posted at 24/4/2013 21:17 by nolens volens UBS analysts eye ENRC bidThe bank's experts said an offer could be "significantly above market value". As dealers picked over the troubling implications of Mehmet Dalman's resignation as chairman of potenial bid target Eurasian Natural Resources Corporation , analysts had better news for traders, speculating a blockbuster offer for the miner could be in the works. The experts at UBS (Berlin: UBRA.BE - news) noted that the consortium of three founding ENRC investors and the Kazakh government considering an offer for the group are likely to bid for both Kazakhmys (LSE: KAZ.L - news) 's 26pc stake in the company as well as ENRC's free float, because the suitors would need 75pc shareholder approval to take the miner private. That, the analysts argued, meant an offer may be "significantly above market value", as Kazakhmys is likely to "leverage" its influential position to "extract optimal value for itself and ENRC minority shareholders". Kazakhmys, they said, was unlikely to agree to an offer of less than 375p a share - the value at which it recently wrote down its ENRC stake - while a bid of 540p - ENRC's 2007 flotation price - was also possible. That would be a significantly premium to yesterday's close of 280.7p, down 1.6p. If the consortium did make a knock-out bid for ENRC it would be "materially positive" for Kazakhmys's own share price, the UBS analysts concluded. The optimistic assessment helped Kazakhmys advance 23.94 to 359p on the FTSE 250, taking into account the shares were trading without right to the latest dividend |
Posted at 21/4/2013 16:44 by nolens volens "Glencore International Plc has expressed interest in ENRC assets in the past, said Jeff Largey, an analyst at Macquarie Group Ltd. in London, and "there are certain components of it they would find very attractive," especially in Kazakhstan, he said. The commodities trader and mining company might also be interested in ENRC's operations in the Democratic Republic of Congo, Largey said. Glencore's Chief Executive Officer Ivan Glasenberg commented on the decline in ENRC's stock at a Moscow conference yesterday. i.e Thursday "Its share price has fallen considerably on the back of commodity prices," Glasenberg said. "Will there be some form of consolidation in Kazakhstan with Kazakhmys with the copper, with ENRC with their assets? I don't know, but people will be looking at them." |
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