RNS Number:4162J
Eurasian Natural Resources Corp Plc
07 December 2007
THIS ANNOUNCEMENT OR ANY COPY OF IT IS NOT FOR DIRECT OR INDIRECT RELEASE,
PUBLICATION, CIRCULATION OR DISTRIBUTION IN OR INTO THE UNITED STATES,
AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA
London, 7 December 2007
Eurasian Natural Resources Corporation PLC
Announces successful £1,364 million IPO at a price of 540 pence per Share
Eurasian Natural Resources Corporation PLC (together with its subsidiaries,
"ENRC" or "the Group"), a leading diversified natural resources group, today
announces an offer price of 540 pence per share in respect of its Initial Public
Offering ("IPO" or the "Global Offer") of Ordinary Shares of US$0.20 (the
"Shares") to institutional investors, and that conditional trading in the
Ordinary Shares will begin on the London Stock Exchange's main market today.
Details of the Global Offer:
• The Offer Price for the IPO is 540 pence per Share
• The Global Offer comprised a primary offer to institutional investors
of 252,500,000 new Shares representing c.20% of the issued share capital
• The total offer size is £1,364 million
• Based on the Offer Price, the expected market capitalisation of the
Group on Admission will be approximately £6.8 billion
• In addition, the Group has granted the Sole Global Coordinator an
over-allotment option over a further 25.3 million Over-allotment Shares with a
value of up to £136.4 million which is exercisable until 10 January 2008
Conditional dealings commence at 8.00am today, with unconditional dealings
expected to commence at 8.00am on 12 December 2007. The Company's ticker will be
ENRC.
• Deutsche Bank is acting as Sole Global Coordinator, Sole Sponsor and
Joint Bookrunner. ABN AMRO Rothschild, Credit Suisse, and Morgan Stanley are
acting as Joint Bookrunners
Dr. Johannes Sittard, ENRC's Chief Executive Officer, said:
"Today is a very important milestone for ENRC with the successful pricing of our
IPO and the listing of our Shares on the London Stock Exchange. We are delighted
at the response of investors to our IPO, and are highly encouraged as to
our future as a listed company. We will now direct our focus to the important
next stages of our development and look forward to communicating our progress
with all of our shareholders, customers and employees".
For further information, please contact:
ENRC
Mounissa Chodieva +44 (0) 20 7389 1879
James S Johnson +44 (0) 20 7389 1862
M: Communications
Hugh Morrison +44 (0) 20 7153 1534
Edward Orlebar +44 (0) 20 7153 1523
Deutsche Bank +44 (0) 20 7545 8000
Brett Olsher
Nicholas Taylor
Charles Wilkinson
ABN AMRO Rothschild +44 (0) 20 7678 1700
Charles Lucas
Credit Suisse +44 (0) 20 7888 8888
Jeremy Fletcher
Nick Koemtzopoulos
Jeff Couch
Morgan Stanley +44 (0) 20 7425 8000
Gergely Voros
Peter Bacchus
Alastair Cochran
Notes to Editors
Eurasian Natural Resources Corporation PLC is a leading diversified natural
resources group with integrated mining, processing, energy, logistical, and
marketing operations. It is the world's largest producer of ferrochrome, based
on chrome content, the world's sixth largest iron ore exporter by volume and
world's fifth largest supplier of traded alumina by volume. The Group's revenues
were US$3,256 million for the year ended 31 December 2006 and US$1,856 million
for the six months ended 30 June 2007. EBITDA (pre exceptional items) was
US$1,256 million for the year ended 31 December 2006 and US$797 million for the
six months ended 30 June 2007.
This announcement is an advertisement and does not constitute or form part of,
and should not be construed as, an offer to sell or issue, or a solicitation of
any offer to buy or subscribe for, any securities, nor should it or any part of
it form the basis of, or be relied on in connection with, any contract or
commitment whatsoever. This announcement is not a prospectus. Investors should
not subscribe for or purchase any securities referred to in this announcement
except on the basis of information in the prospectus to be issued in due course
by ENRC in connection with the admission of the Ordinary Shares to the Official
List of the Financial Services Authority and to trading on the London Stock
Exchange plc's main market for listed securities. In the event of any
discrepancy between this announcement and the prospectus in its final form, the
prospectus will prevail. It is not the purpose of this announcement to provide,
and you may not rely on this announcement as providing, a complete and
comprehensive analysis of ENRC's financial or commercial position or prospects.
Deutsche Bank AG, London Branch is authorised under German Banking Law
(Competent authority: BaFin - Federal Financial Supervising Authority) and with
respect to UK commodity derivatives business by the Financial Services Authority
and is regulated by the Financial Services Authority for the conduct of UK
business. Deutsche Bank AG is acting for ENRC and no one else in connection with
the Global Offer and will not be responsible to anyone other than the ENRC for
providing the protections afforded to clients of Deutsche Bank AG nor for
providing advice in relation to the Global Offer, the contents of this
announcement or any transaction, arrangement or other matter referred to herein.
ABN AMRO Rothschild, Credit Suisse and Morgan Stanley, each of which are
authorised and regulated in the United Kingdom by the FSA, are acting
exclusively for ENRC, and no-one else in connection with the Global Offer. They
will not regard any other person as their clients in relation to the Global
Offer and will not be responsible to anyone other than ENRC for providing the
protections afforded to their respective clients, nor for providing advice in
relation to the Global Offer, the contents of this announcement or any
transaction, arrangement or other matter referred to herein.
The Global Offer and the distribution of this announcement and other information
in connection with the Global Offer in certain jurisdictions may be restricted
by law and persons into whose possession any document or other information
referred to herein comes should inform themselves about and observe any such
restriction. Any failure to comply with these restrictions may constitute a
violation of the securities laws of any such jurisdiction. The price and value
of securities may go up as well as down. Persons needing advice should contact a
professional adviser.
The information contained herein is not for publication or distribution in the
United States of America. These materials do not contain or constitute an offer
of securities for sale in the United States. The Ordinary Shares have not been
and will not be registered under the US Securities Act of 1933, as amended, and
may not be offered or sold in the United States absent registration under that
Act or an available exemption from it. The Company and the selling security
holders do not intend to register the securities or conduct a public offering in
the United States.
This communication is directed only at (i) persons who are outside the United
Kingdom; (ii) persons who have professional experience in matters relating to
investments falling within Article 19(5) of the Financial Services and Markets
Act 2000 (Financial Promotion) Order 2005 (the "Order") or (iii) high net worth
entities, and other persons to whom it may lawfully be communicated, falling
within Article 49(2) of the Order (all such persons together being referred to
as "relevant persons"). Any investment or investment activity to which this
communication relates will only be available to relevant persons and will only
be engaged with, relevant persons. Any person who is not a relevant person
should not act or rely on this document or any of its contents.
The Ordinary Shares have not been and will not be registered under the
applicable securities laws of Australia, Canada, Japan or South Africa, and,
subject to certain exceptions, may not be offered or sold in Australia, Canada
or Japan or to, or for the account or benefit of, any national, resident or
citizen of Australia, Canada, Japan or South Africa.
In connection with the Global Offer, Deutsche Bank (or any agent or other person
acting for Deutsche Bank), as stabilising manager, may (but is under no
obligation to) over-allot Ordinary Shares in ENRC up to a maximum of 10% of the
total number of shares comprised in the Global Offer or effect transactions with
a view to stabilising, maintaining or supporting the market price of the
Ordinary Shares at a level higher than that which might otherwise prevail in the
open market. Any such transactions may commence on or after the announcement of
the offer price for the Ordinary Shares and may be discontinued at any time
without prior notice, but in any event will end no later than 30 days
thereafter. The over-allotment arrangements are exercisable in whole or in part,
upon notice by Deutsche Bank, at any time on or before the 30th calendar day
after the announcement of the offer price for the Ordinary Shares. In no event
will measures be taken to stabilise the market price of the Ordinary Shares
above the offer price. Such transactions may be effected on the London Stock
Exchange plc and any other securities market, over the counter market, stock
exchange or otherwise. There is no assurance that such transactions will be
undertaken and, except as required by law, Deutsche Bank does not intend to
disclose the extent of allotments and/or stabilisation transactions under the
Global Offer.
The prospectus to be prepared by ENRC in connection with the Global Offer will,
following publication, be available at 16 St James's Street, London, SW1A 1ER
and at Jones Day, Issuer's counsel, 21 Tudor Street, London, EC4Y 0DJ.
Forward looking statements
This document includes forward-looking statements that reflect the current views
of the management of the Group with respect to future events. These
forward-looking statements include matters that are not historical facts or are
statements regarding the Group's intentions, beliefs or current expectations
concerning, among other things, the Group's results of operations, financial
condition, liquidity, prospects, growth, strategies, and the industries in which
the Group operates. Forward-looking statements are based on current plans,
estimates and projections, and therefore too much reliance should not be placed
upon them. Such statements are subject to risks and uncertainties, most of which
are difficult to predict and generally beyond the Group's control. The Group
cautions you that forward-looking statements are not guarantees of future
performance and that if these or other risks and uncertainties materialise, or
if the assumptions underlying any of these statements prove incorrect, the
Group's actual results of operations, financial condition and liquidity and the
development of the industry in which the Group operates may materially differ
from those made in, or suggested by, the forward-looking statements contained in
this document. In addition, even if the Group's results of operations, financial
condition and liquidity and the development of the industry in which the Group
operates are consistent with the forward-looking statements contained in this
document, those results or developments may not be indicative of results or
developments in future periods. The Group does not undertake any obligation to
review or confirm analysts, expectations or estimates or to release publicly any
revisions to any forward-looking statements to reflect events that occur or
circumstances that arise after the date of this document.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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