Posts tagged 'ENRC'

ENRC: wounded and….vengeful?

This is likely to ruffle the feathers of certain City grandees and also a few well-known corporate financier types. Click to read:

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A Judge, a journo and ENRC (updated)

Fresh, intriguing developments in the acrimonious dust-up between Eurasian Natural Resources Corporation and Sir Paul Judge, the City grandee who stepped down from ENRC’s board in June.

Back in July, ENRC issued a claim against Sir Paul related to the alleged “disclosure of confidential information to the media and for the return of all confidential documentation in his possession”. Read more

The ENRC takeunder

We would have thought that minority shareholders in corroded Kazakh miner ENRC might already have been softened to a pulp. But no…

The terms of the offer from the Kazakh oligarchs and the State Property and Privatisation Committee of the Ministry of Finance of the Republic of Kazakhstan were confirmed on Monday: Read more

A Kazakh muddle

London’s Takeover Panel has clearly thrown a murphy…


Re-setting ENRC (updated)

On Markets Live on Friday we offered some speculation on the level ENRC’s controlling shareholders might table to take the business private.

Once we’d zapped a few arbs amongst the ML Rabble, and got over an associated sulk, we offered a price: 340p Read more

“We find ourselves in the unique position of being in both an offer period and in the process of an official SFO inquiry…”

Spare a moment for Felix Vulis, chief executive of embattled miner ENRC. At pixel time, Kleinmanwire was reporting (exclusively, obvs) that both Deutsche Bank and Morgan Stanley have resigned as brokers to ENRC.

In the middle of a possible takeover bid and a very real SFO investigation… Read more

“You and all your relatives. Even in Israel you cannot hide…”

Wanna know what you have to put up with being an internal investigator at a Kazakh miner like ENRC?

Lombard supremo Jonathan Guthrie got hold of this email after writing last week about the threatened resignation of ENRC’s chairman, Mehmet Dalman. Read more

So, the Panel does have a line to Astana…

From the RNS on Friday…

Mr. Alexander Machkevitch notes the recent press speculation with respect to Eurasian Natural Resources Corporation plc (“ENRC”). Read more

Pre-judging Judge at ENRC

If there was a sense that boardroom tensions at Kazakh miner ENRC were easing, that sense appears to be mis-guided.

Reports that a board meeting this Friday will decide on who is to replace Johannes Sittard as chairman have triggered a fresh outbreak of fuming from the rather opaque ENRC Lobby Group. Read more

You have 24 months to comply

Shock, horror.

Just days after the London Stock Exchange paid a jaw dropping price for FTSE, the index provider has decided not take the nuclear option and force a 50 per cent minimum free float requirement on foreign companies listing on London. It’s settled for 25 per cent instead. Read more

Related party poopers

ENRC could have saved itself $600m and some potential blushes, at least for now.

Instead of asking independent shareholders to vote on a plan to buy the remaining 75 per cent of thermal coal producer Shubarkol from its oligarch founders, the company will instead request that the meeting be adjourned. Read more

FTSE anomalies: who’s your grandaddy?

ENRC, Essar Energy, Ferrexpo and Fresnillo. What do these four companies have in common?

Hmm…they are all commodity players. Yes, what else? Read more

FTSE asks the free float question

What is the minimum amount of a company’s shares that should be freely floated if that company is incorporated in the UK and wants to join the FTSE’s UK indices?

A simple question, but a contentious one. Read more

Putin postpones Polyus plans [Updated]

Polyus Gold is locked up in Russia and Vladimir Putin holds the key.

Russia’s biggest gold miner, which plans to redomicile in the UK and join the FTSE 100, has been stopped in its tracks by a Russian government commission on foreign investments. Read more

Russians and the FTSE – what does London get?

Three Russian metals companies each with market caps of at least $7bn (£4.4bn) are making strides towards inclusion in the FTSE 100.

The question: should London welcome them? Read more

Business as usual at ENRC [updated]

Corporate governance is alive and well at ENRC.

Just weeks after the Kazakh miner said it was committed to a strong and independent board, it’s announced plans to buy a thermal coal producer from its founding oligarch trio. Read more

Snap news

Breaking pre-market news on Tuesday,

– ENRC to pay $600m for mine owned by founding shareholders — statementRead more

Regulatory arbitrage with Tony & Nat

Looks like ex-BP boss Tony Hayward is about to get seriously rich.

ReutersRead more

Snap news

Breaking pre-market news on Wednesday,

– Glencore says not actively considering offer for ENRC — statementRead more

ENRC’s Mashkevich denies ‘Soviet-style’ claim

The billionaire behind Eurasian Natural Resources Corp has denied claims that he and his co-founders adopted a “more Soviet than City” approach and exercised improper influence over the ENRC board, the FT reports. Alexander Mashkevich, owner of 15 per cent of the Kazakh miner’s shares, hit back at the accusations of two London-based directors, Sir Richard Sykes and Ken Olisa, whom he helped sack in a board vote last week. Factional infighting on the board got out of control this year, he claims in a statement seen by the FT. Mr Olisa’s use of the phrase “more Soviet than City” struck a chord in London’s investment community, after he used it in a parting letter last Wednesday.


ENRC(ore) International?

Leading the FTSE 100 leaderboard on Monday morning, is Friday’s biggest faller.

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Glencore ‘eyes’ £12bn ENRC bid

Commodities trader Glencore is considering a £12bn takeover bid for ENRC , the Kazakh miner hit by a bitter boardroom battle, reports Reuters, citing the Sunday Times. Quoting a source close to the discussions, the newspaper said Glencore CEO Ivan Glasenberg has held talks in recent weeks with ENRC’s three founders and key shareholders Alexander Mashkevitch, Patokh Chodiev and Alijan Ibragimov. The trio, who control some 45% of ENRC’s shares, decided to defer the talks until the Glencore listing and will meet again in the next few weeks, according to one source.  Glencore, the world’s largest diversified commodities trader, has also held talks about a possible deal with the Kazakh government, which holds 12% of ENRC, the report added, citing a separate unidentified source. ENRC, with a free float of less than 20%, has long been named as a potential target for Glencore.

Snap news

Breaking pre-market news on Friday,

– Nat Rothschild’s Vallar to acquire 75 per cent of Bumi Mineral Resources; issues $2bn of convertible bonds – statementRead more

ENRC to lose third independent director

A third independent director is set to leave the board of FTSE 100 miner Eurasian Natural Resources Corporation, thrusting the London-listed Kazakh company further into turmoil. The FT reports that two people close to the situation say Mehmet Dalman, the former investment banker, is set to resign, leaving only one other independent director on the board. Two prominent City figures, Sir Richard Sykes and Ken Olisa, were ousted from ENRC on Wednesday. The three had been uneasy about corporate governance standards at the company, which has been the subject of speculation over the extent of influence held by three founding shareholders.

ENRC tensions grow as two directors dismissed

Private feuding within Eurasian Natural Resources Corporation, the Kazakh miner, spilled out into the open on Wednesday as investors in the tightly held company overwhelmingly voted against the re-election of Sir Richard Sykes, the senior independent director, and fellow board member Ken Olisa, the FT reports. The public dismissal of the two directors highlights the deepening tensions within the FTSE 100 miner. It has been dogged by corporate governance concerns since it floated in 2007. Speculation about boardroom battles has intensified since the group announced controversial acquisitions in central Africa last year, most notably the purchase of mining assets in the Democratic Republic of Congo that the Congo government had recently expropriated from a Canadian mining company.

ENRC – ‘More Soviet than City’ [updated]

Wednesday’s AGM statement from ENRC, the Kazakh mining group and FTSE 100 constituent:

The Chairman, Dr Johannes Sittard, announced that the Group has initiated a comprehensive review of its corporate governance. This review will be conducted over the next three months, with the intention of establishing a Board structure that can best support the Group whilst complying with UK corporate governance best practice. At the conclusion of the corporate governance review any changes to the composition of the Board will be announced to the Market.

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Snap news

Breaking pre-market news on Wednesday;

– Anglogold to raise $1.2bn via equity issue and convertible bond offering to eliminate hedging position — statementRead more

Snap news

Breaking pre-market news on Thursday,

– KNOC makes full and final 1800p offer for Dana Petroleum — statementRead more

Monday morning fat finger

Fun and games in Kazakh mining group ENRC on Monday morning.

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Renminbi reverberations

No doubt about the winner on the London stock market from China’s decision to let the renminbi to appreciate ever so modestly – miners, miners, miners and for good measure miners.

At pixel time the FTSE 100 leaderboard was dominated by resources stocks: Read more