We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for real-time alerts, custom portfolio, and market movers
| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Eurasian | ENRC | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 217.50 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 217.50 | 217.50 |
| Top Posts |
|---|
Posted at 25/11/2013 14:51 by firefox6 @ZaksTradingCafe Complimentary Investor Passes for Mines and Money London 1-5 December - |
Posted at 22/6/2013 22:38 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 01/6/2013 23:20 by tanzz786 ENRC bid gets more timeThe independent committee of the board of troubled miner ENRC is expected to allow a consortium led by its founders more time to produce a firm takeover bid. http://www.telegraph The Sunday Telegraph understands that the committee, chaired by Mohsen Khalil, the former World Bank director, will confirm to the Takeover Panel that it is willing to give the bidders, led by Alexander Machkevich, as much as three weeks to finalise their plans. A statement from the panel could come as early as Sunday , ahead of Monday's existing 5pm deadline. It is understood that the consortium, which controls 56pc of ENRC's shares and is being advised by Société Genérale, has done enough to prove to the independent committee that it is serious about making an offer. Detailed legal work required to place the holdings of the four separate investors who make up the consortium - Machkevich, his fellow founders Alijan Ibragimov and Pathokh Chodiev, and the Kazakh government - into one vehicle has been completed. The consortium is believed to be ready to begin due diligence. Mr Khalil's committee instructed bankers Lazard and Credit Suisse to develop valuations for the company, which were believed to have been completed last week. Meanwhile Pirc, the shareholder advisory group, urged independent shareholders to vote against the re-election of every director but one at ENRC's annual general meeting on Wednesday. |
Posted at 01/6/2013 09:58 by karmastuartra Well done to the city and press for having no spineAnd appearing to support the bid,god help the Stock market if footsie 100 company's can be stolen from Investors in this less than fair manner. At least the board have some backbone and ordering a Proper true valuation of this mining giant. |
Posted at 30/4/2013 22:20 by smurfy2001 Wonder about the buy price then??"The actual minority investor base is very small ... they do not need to come up with that much cash to pay a reasonable premium," one of ENRC's top 20 investors said. "If this went out at 250 pence (per share), then everyone would say that they would never ever look at anything from Kazakhstan again. The government will not want that to happen." |
Posted at 25/4/2013 14:40 by ch1ck FT REPORT TODAY RECOMMENDS SELLING WHILE U CAN Broker Macquarie advised investors to jump ship while you can rather than wait for an offer.I am not sure of the whole bid and board thing so sold 10000 shares today. |
Posted at 24/4/2013 22:17 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 23:27 by nolens volens cfb2Enrc are advising shareholders to do nothing. And as another poster pointed out earlier JN Financial trader, Rick Jones, says that investors should hold onto ENRC and only think of selling out for a profit if it goes up to the 350-400 pence level. Everybody of course has to make up their own mind. |
Posted at 21/4/2013 12:12 by dmore2 telegraph is talking rubbish"I certainly wouldn't be shorting it here," says JN Financial trader Rick Jones. "Because of how cheap they are, it is more than likely that there will be a takeover. It was trading at 1,000 pence only about a year ago." Jones adds that investors should hold onto ENRC and only think of selling out for a profit if it goes up to the 350-400 pence level. |
Posted at 06/2/2013 11:10 by dr biotech From the telegraph. I've had worse days.Traders chased shares in Eurasian Natural Resources Corporation to the top of the FTSE 100 this morning after the miner pleased investors with its latest output numbers. An 8.9pc increase in production of saleable ferroalloys in the fourth quarter saw Kazakhstan-focused ENRC, the subject of rehashed bid speculation yesterday, climb 6.6pc. The company also buoyed investors with its confident message on its prospects for the coming year. "In 2012, we achieved the highest annual production volumes since the IPO for saleable ferroalloys, electricity and coal," said chief executive Felix Vulis. "We anticipate delivering a strong operational performance across the group in 2013." Nevertheless, despite the enthusiasm that greeted ENRC's figures this morning, some in the Square Mile remained wary the company may be forced to sell shares soon. "We see scope for a compelling 'buy' opportunity later this year, however near term balance sheet risk plus a possible rights issue to conform to FTSE free float rules means we anticipate near-term underperformance," said Liberum Capital analyst Ben Davis. |
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
