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EVRAZ plc Completes Acquisition Of Corber Enterprises Limited From Adroliv Investments Limited

Wednesday, 16 Jan 2013 02:00am EST 

EVRAZ plc announced that further to the announcement made on October 04, 2012 by the Company, that it had agreed the terms of an acquisition of a further 50% interest in Corber Enterprises Limited (Corber), which holds an 82% interest in OJSC Raspadskaya and its subsidiaries (Raspadskaya), from Adroliv Investments Limited (the Seller), a company jointly owned in equal share by two shareholders (the Shareholders of the Seller) (the Acquisition), EVRAZ announced that it has completed the Acquisition. Pursuant to the terms of the Acquisition, EVRAZ has issued 132,653,006 new ordinary shares (the New EVRAZ Shares) (representing 9.9% of the existing issued share capital) to the Shareholders of the Seller, with each receiving 50% of the New Evraz Shares issued. The New EVRAZ Shares will be admitted to the Official List of the UKLA and to trading on the Main Market of the London Stock Exchange with effect from January 16. 2013. As consideration for the Acquisition, EVRAZ will further issue 33,944,928 new warrants to subscribe for 33,944,928 new ordinary shares in EVRAZ representing 2.53% of the existing issued share capital of EVRAZ (the Warrants), and pay an amount, in cash, of USD201,999,280, payable in four equal instalments in Q1, Q2, Q3 2013 and Q1 2014, with each Shareholder of the Seller receiving 50% of the Warrants and 50% of the cash consideration. 

Company Quote

-7.0 -4.30%
8:46am EST