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CFC Management LLC: Kaz Minerals Shareholders with 3.6% stake to vote against buyout offer

·2-min read

EquityStory.RS, LLC-News: CFC Management LLC / Key word(s): Miscellaneous
11.11.2020 / 15:30 MSK
The issuer is solely responsible for the content of this announcement.

 Kaz Minerals Shareholders with 3.6% stake to vote against buyout offer

London, 11 November 2020 - CFC Management, a Russia-based investment advisor that represents Maxim Vorobyev and other minority shareholders that jointly control approximately 3.6 per cent of the share capital of Kaz Minerals PLC (the "Company") confirms that its clients  intend to vote against the take-private cash offer of 640 pence per share ("the Offer"). The offer for a 61% stake of the Company was put forward by Nova Resources, a consortium that is indirectly controlled by Kaz Minerals insiders: Chairman Oleg Novachuk and President and non-executive director Vladimir Kim.

CFC Management's clients object to the current offer price and believe that it does not reflect the company's fair value and growth potential.

Ekaterina Chernova, CFC Management CEO: "Nova has put into action a plan that takes advantage of the fact that Kaz Minerals' share price has been under significant pressure in 2020 due to a number of factors, including the covid-19 pandemic and uncertainty around the US elections. If successful at the current value and without an increase in price, the offer will prevent the current minority shareholders of Kaz Minerals from realising the full value of their investment and will not allow them to benefit from growing copper prices, launch of Aktogay-2 and development of Baimskaya. We will advise our clients to vote against the Offer"

About СFC Management

CFC Management provides a full range of investment and corporate finance services to individuals and legal entities, including effective strategy development, portfolio selection, fund-raising, tax planning and legal support for M&A deals.

Contacts for inquires: kaz@cfcm.ru

EM  

Daria Khilenkova  
Mobile (Rus): +7 (916) 805-4926  

khilenkova@em-comms.com

 

 

 


11.11.2020 MSK Dissemination of a Corporate News, transmitted by EquityStory.RS, LLC - a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The EquityStory.RS, LLC Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language:

English

Company:

CFC Management LLC

4, Belovezhskaya Street, sector V

121353 Moscow

Russia

EQS News ID:

1147240


 

End of News

EquityStory.RS, LLC News Service

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