Eurasian Share Discussion Threads

[careful] 31/5/2013 09:12

can these bidding guys raise the cash?

[careful] 31/5/2013 09:08

do we expect any news today.
or will it be monday.

[hvs] 30/5/2013 19:43

Ask the CITY Grandees, when its through they will all enjoy a FREE YATCH ride.

[shugsy] 30/5/2013 18:20

How can a low ball offer be forced through?

How low?

[hvs] 30/5/2013 17:36

lol !!!!!

Theft has already taken place ask the so called CITY GRANDEES and the LSE

FTSE 100 and all.

[careful] 30/5/2013 16:31

there is a possibility that the share price will rise if the bid collapses.
what a rare situation.
..a theft averted.

[comet5d] 30/5/2013 09:55

Bet of the daySpread-betters who had backed Eurasian Natural Resources Corporation for a bid continued to close their long positions. Not only does a lowball takeover look increasingly likely to be forced through, but the controversial Kazakh miner also faces relegation from the Footsie. GFT Markets offered 248½p to 249¾p on ENRC.

[comet5d] 29/5/2013 22:14

Limited downside?

[smurfy2001] 29/5/2013 19:06

Told yer chaps this is a dog.

[tanzz786] 29/5/2013 13:15

Don't be surprised if the Banks get involved in this - ENRC owes them US$4Billion - that is an awful lot of leverage on the Oligarchs...they may be given a choice - Borrow more and pay out the Minor Shareholders at fair market value or else!

This waiting game is beginningto take its toll but dividend awaits...

[p bear] 29/5/2013 12:37

I find it curious that the market is pricing this UNDER the low ball offer. Clearly money was going into this yesterday as part of the wider market increase, but it was being sold into leading to the decrease.

I still think the Suleiman Kerimov story has legs, especially his stakes and influence with Russian banks.

[shugsy] 28/5/2013 11:23

Doesn't look like the rumour is being taken seriously.

Kaz falling which in turn lowers the offer price here.

[tanzz786] 27/5/2013 18:29

Hail Suleiman Kerimov - the man who understands the BIG PICTURE...........

[nolens volens] 27/5/2013 14:05

Sulley to the rescue? Concerned about the reputation of the Russian banks in which he has major stakes http://www.ft.com/cms/s/0/516b44ba-c48c-11e2-bc94-00144feab7de.html#ixzz2UV71dDXE

In fact, Mr Kerimov appears to have positioned himself as a shareholder activist in the deal, and is understood to have communicated in writing to UK regulators that his interests are aligned with minorities in seeking a higher buyout offer from ENRC. People familiar with the situation say he is pushing for an offer of 400p in cash, much higher than a lowball offer equivalent to 260p which was rejected by minority shareholders on May 17.

[n3tleylucas] 26/5/2013 23:52

Just going out back fer a slash ...

[nolens volens] 26/5/2013 22:38

And this is from an earlier Spread Betting Mag piece

\"For those of you who do not know what a scheme of arrangement is, it is described as following -

This feature has important repercussions for the utility of the scheme as a method of takeover. In particular, a scheme must be approved by those holding 75 per cent of the voting rights in the company, and thus its success depends largely on the cooperation of the target company's board and its shareholders, making it an unrealistic vehicle for a hostile bid.

A majority in number, representing 75 per cent in value of the members or class of members (as the case may be), present and voting either in person or by proxy at the shareholders' meeting, must approve the scheme. Unlike an offer, those shares already owned by the bidder are not part of the class which is eligible to approve the scheme.

If this is the case then it seems that the oligarchs must have sounded out Kazakhmys as to the acceptable level for a bid and, as has been relayed here on numerous occasions, given that KAZ paid upto 1000p per share (that's right, 1000p) as shown in the chart below, and that the last major tranches of purchases were made at a little north of 400p, then together with the fact that they believed only 3 months ago that the shares should not be written down below 375p, we would be surprised to see them accept less than this figure. Taking this into account together with the scheme of arrangement issue in which the bidders will need KAZ's stake to be successful, and the fact that the consortia are asking for an extension and you will begin to see why we expect a bid to be consummated towards the 375p level.\"

http://www.-.com/blog/enrc-scheme-of-arrangement-structure-sets-up-a-knockout-bid.html

[nolens volens] 26/5/2013 22:35

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.com/article/SB10001424127887323648304578495032888238310.html


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/blog/enrc-kaz-initial-thoughts-update.html

[hvs] 26/5/2013 13:01

the independent directors

lol !!!!!!!

lol !!!!!!!

They is all CITY made Grandees. With Queen stepping in once in a while.

Arise Sir Fred

[careful] 26/5/2013 09:01

THE sunday Telegraph tells a different story to the one in the sunday times above.
far more professional and detailed.
the independent directors have sought to get an outside assessment of the true value of the company.
this may not be the final offer but the STelegraph concedes that the share register is such as to make only a slight increase in the offer probable.

there may still be some tweaking yet.
these are market sensitive issues and one wonders what hidden agenda the sunday times has.
the telegraph report was far more informative, naming names etc.

\'a major investor has signalled privately...that it would accept the unimproved offer\'..what pathetic waffle from the sunday times, give us some detail.

[cfb2] 24/5/2013 11:05

The current SFO \"inquiry\" will put off any bidders that want a listing in a properly regulated stock market exchange. In my opinion that substantially reduces any bid price. Couple this with countries (African ones in particular) wising up to their resources being mined but the tax being paid elsewhere.

[dr biotech] 24/5/2013 10:30

I don't think the SFO would put many off, assuming that any buyer would be foreign. There are almost no operations in the UK and the SFO would be toothless.

However having c80% of the shares in the hands of the oligarchs or KAZ probably would.

[careful] 24/5/2013 10:28

rival offer against a bidding group who own most of the shares.
(and they want the remainder on the cheap)
how does that work?