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Kazakhmys PLC Update On Indicative Proposal For ENRC


Monday, 20 May 2013 02:53am EDT 

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.