In addition, it is planned to change the company name.
The company said that KAZ Minerals shares are scheduled to be delisted on the London Stock Exchange (LSE) and Kazakhstan Stock Exchange (KASE) on May 11, 2021. Kazakhstan Interfax News Agency.
“The company appealed to the London Stock Exchange and the British financial regulator FCA to stop trading KAZ Minerals shares on the LSE-listed securities market and delist its shares. The company also filed with the Kazakhstan Stock Exchange (KASE) The application was requested to cancel its common stock trading and include such stocks in the official list of the exchange. The news stated that it is expected to start on May 11, 2021, that is, from the date of announcement on April 9, 2021. Exclude them within business days.
It is reported that KAZ Minerals plans to hold a general meeting of shareholders on May 12, 2021 to approve the company’s re-registration.
“In connection with the re-registration, the company is expected to change its name to KAZ Minerals Limited and adopt a new charter to replace any existing and previous charter. The revised terms are drafted in a standard format suitable for this type of company. Make it suitable for private companies,”-said in the message.
After the takeover offer, the major shareholder will merge 93.07% of KAZ Minerals
The conditions of the stock repurchase offer have been accepted by 56.43% of the owners of the company’s shares
According to reports, the terms of the offer to buy back KAZ Minerals shares have been accepted by the owner who owns 56.43% of the shares. Taking into account the 39.37% of the shares previously held by KAZ Minerals, the majority shareholders of KAZ Minerals, Vladimir Kim and Oleg Novachuk, will merge a total of 95.8% of KAZ Minerals. The offer was approved by the owner of 93.07% of KAZ Minerals, including the offer from the major shareholder.
Vladimir Kim and Oleg Novachuk announced on October 28, 2020 that their intention to acquire a mining company through their Nova Resources BV is to propose to minority shareholders Offer. In order to pay for the buyout funds, Nova attracted a loan from VTB. The repurchase price was initially set at 6.4 pounds per share, but later due to dissatisfaction with some minority shareholders, the repurchase price was increased to 7.8 pounds. However, the new price is not suitable for some shareholders, who think the price is too low. As a result, KAZ Minerals increased the offer price to 8.5 pounds, and taking into account the special dividend, the final offer price for major shareholders was 8.69 pounds per share. Vladimir Kim and Oleg Novachuk link the proposal to KAZ Minerals’ decision to adopt a capital-intensive strategy focused on long-term growth, which may cause some Disagreement among investors. One of the company’s main priorities is the implementation of the giant Baimsky copper project in Russia, which recently raised its capital expenditure estimate to approximately US$8 billion.