Key Developments: Kazakhmys PLC (KAZ.L)
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Latest Key Developments (Source: Significant Developments)
Kazakhmys PLC Update On Indicative Proposal For ENRC
Kazakhmys PLC announced that with reference to the announcement made on May 20, 2013, by the Independent Committee of the Board of ENRC setting out the terms of the indicative proposal made by the Consortium with regard to a potential public offer for the shares in ENRC that the Consortium does not already hold (the Announcement). The Board of Kazakhmys announced that the Kazakhmys shares that the Announcement indicates will be used as part of the consideration for such an offer represent the entire existing 26% shareholding of the Government of Kazakhstan, one of the Consortium members (the Consideration Shares), in Kazakhmys, and does not involve Kazakhmys issuing any new shares. Kazakhmys itself is not part of the Consortium. For Panel purposes only, Kazakhmys is being treated as a party to the Offer for the purposes of the Code and Kazakhmys relevant securities are subject to the requirements of Rule 8 of the Code. The Board of Kazakhmys has made clear that the shares that it holds in ENRC are not considered a strategic investment and the Board will give due consideration to any proposal made by the Consortium to shareholders at the appropriate time. Full Article
Kazakhmys PLC Recommends Final Dividend
Kazakhmys PLC announced that the Directors recommend a final dividend for 2012 of 8.0 US cents per share, which together with the interim ordinary dividend of 3.0 US cents per share, gives a total full year dividend of 11.0 US cents per share (2011: 28.0 US cents per share), based on the earnings for 2012. Subject to the approval of the shareholders at the Annual General Meeting to be held on May 17, 2013, the final dividend shall be paid on May 21, 2013. Full Article
Kazakhmys PLC Announces Appointment Of New Chief Financial Officer
Kazakhmys PLC announced that Matthew Hird has decided to step down as Chief Financial Officer (CFO) in May 2013, to coincide with the forthcoming Annual General Meeting, having spent six years in the role. Andrew Southam, the current Deputy CFO, will become CFO. To ensure a smooth transition, Matthew will remain with the Group until the end of the year. Full Article
Kazakhmys plc Announces Interim Dividend
Kazakhmys plc announced that the Directors have declared an interim ordinary dividend in respect of the period ended June 30, 2012 of $0.03 per share ($16 million). The interim dividend in US dollars and Hong Kong dollars will be paid on October 3, 2012 to shareholders who hold their shares on the Hong Kong Stock Exchange (Hong Kong register of members) at the opening of business on September 7, 2012 (the Hong Kong record date). Full Article
Kazakhmys PLC Announces Change of Auditor
Kazakhmys PLC announced that it has appointed KPMG Audit Plc (KPMG) as auditors to Kazakhmys PLC. Ernst & Young LLP had been Kazakhmys PLC's auditor since 2005 and on the recommendation of the Group Audit Committee, the Board conducted a formal, competitive tender process for the provision of audit services. Ernst & Young LLP has therefore resigned as auditors and KPMG has been appointed. Full Article
Kazakhmys plc Recommends Final Dividend
Kazakhmys plc announced that the Directors recommend a final dividend for 2011 of 20.0 US cents per share, which together with the interim ordinary dividend of 8.0 US cents per share, gives a total full year ordinary dividend of 28.0 US cents per share (2010: 22.0 US cents per share), based on the earnings for 2011. The total dividend reflects an approximate 12% payout ratio of the Group's full year Underlying Profits as adjusted for the removal of ENRC's and Ekibastuz GRES-1's equity accounted earnings but including dividends received from ENRC during the year, plus an additional 5.0 US cents per share or $26.5 million. The additional 5.0 US cents per share to the 12% payout ratio has been recommended by the Directors taking into account that the announced buy-back programme is unlikely to be completed in full and the Group retains its financial strength with available cash and long dated debt facilities in place. Subject to the approval of the shareholders at the Annual General Meeting to be held on 11 May 2012, the final dividend shall be paid on 15 May 2012. Full Article
Kazakhmys plc Buys Back Its Shares From Citigroup Global Markets And J.P Morgan Securities Ltd-KASE
KASE reported that in relation to the announcement from August 25, 2011, Kazakhmys plc has acquired its own shares from Citigroup Global Markets U.K. Equity Limited and from J.P Morgan Securities Ltd. Further details were not disclosed. Full Article
Kazakhmys plc Announces $1.5 Billion Loan Facility To Fund Aktogay Project
Kazakhmys plc announced that it had signed a memorandum of understanding with the China Development Bank Corporation (CDB) for a $1.5 billion loan facility (the Facility), to be used for the development of the major copper project at Aktogay. The Facility was signed in Urumqi, China.The Facility consists of two separate agreements. The first agreement is for up to $1.34 billion and the second agreement for up to RMB1.0 billion (approximately $158 million). Both agreements are on similar terms and conditions. The funds will be available to draw down over a three year period, following the satisfactory completion of the feasibility study. The feasibility study for Aktogay, using Ausenco as external consultants, has already commenced and is expected to complete by the end of 2012. The Facility has a final maturity of 15 years from the date of first drawing and is in addition to the existing CDB loan facilities of $2.7 billion, secured in December 2009, which are being used for the development of Bozshakol and a series of mid-sized projects. Full Article
Kazakhmys plc Announces Interim Dividend
Kazakhmys plc announced that the Directors have declared an interim ordinary dividend in respect of the period ended 30 June 2011 of 8.0 US cents per share ($43 million). The interim dividend shall be paid on 4 October 2011 to shareholders on the register as at 9 September 2011. Full Article
Top shareholder backs ENRC's $4.7 billion buyout by founders
LONDON - A $4.7 billion bid by the founders of ENRC to buy out the Kazakh miner has gained support from the board of top shareholder Kazakhmys , paving the way for the trio to take the company private after almost six turbulent years.
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