ENRC’s revenues edge lower as it readies itself for delisting November 7, 2013 ENRC, the troubled Kazakh miner which is soon to go private after six turbulent years on the London Stock Exchange, yesterday said that revenue in the first nine months of the year was “marginally below” the same period last year, due to lower commodity prices. The firm – which officially delists on 25 November after [...]
Investors call for protection from risky firms June 2, 2014 AN INFLUENTIAL investor group has called for a change to the law to give the City regulator beefed up powers against overseas firms with a small percentage of independently owned shares listing in London. The comments from the trade body, which represents the UK’s top institutional investors and pension funds, follow controversy around firms such [...]
ENRC steps up legal battle with former director September 17, 2013 ENRC’S legal battle with city veteran Sir Paul Judge took a new turn this week, when the troubled miner produced transcripts it claims prove the former director leaked price-sensitive and confidential information to a journalist. ENRC, which is due to delist after more than five years on the FTSE 100, sued Judge back in July, [...]
Linklaters partner joins Fresnillo board as Lord Cairns steps down April 14, 2014 A SENIOR partner at magic circle law firm Linklaters will join the board of Mexico-focused miner Fresnillo, replacing Lord Cairns. Cairns plans to step down at the FTSE 100-quoted miner’s annual meeting in May. “I should like to take this opportunity to thank Lord Cairns for his significant contribution to the board over the past [...]
ENRC production levels increase August 7, 2013 Troubled miner ENRC yesterday said that its iron ore division had its best quarter in three years, reporting a 9.9 per cent year-on-year increase in production to 10,874kt. Ferroalloys production increased by 2.4 per cent and aluminium production rose by 1.6 per cent year-on-year. Copper output rose 81 per cent due to increased capacity at [...]
ENRC earnings hit by slump in commodities August 14, 2013 PROFITS at under-fire mining group ENRC have slumped in the first half of the year as costs rose and the value of commodities fell. The firm, which is caught up in a takeover offer from its founders as well as a Serious Fraud Office investigation, said revenues fell one per cent to $3.2bn (£2.06m) while [...]
ENRC endgame in sight as 95pc accept takeover August 29, 2013 THE CONSORTIUM bidding to take over troubled FTSE 100 miner ENRC yesterday said that the majority of shareholders had agreed to their offer, bringing the number of acceptances up to 94.5 per cent and effectively signalling that the deal will go through. The bidders – led by ENRC’s three billionaire founders – already have the support [...]
Kazakhmys hit by ENRC stake sale in first half August 22, 2013 COPPER miner Kazakhmys yesterday said it had taken a $823m (£528m) hit from the sale of its 26 per cent stake in peer ENRC, as it posted a first-half loss of $962m. The FTSE 250-listed firm plunged into the red from a $122m profit in the same period last year and announced that it had [...]
ENRC independent directors tell shareholders to consider offer August 8, 2013 ENRC’S independent board yesterday recommended that shareholders should “seriously consider” the £3bn offer from the company’s founders, despite the price “materially undervaluing” the Kazakh miner. The board said that there was a lack of alternatives for investors and that an imminent de-listing could adversely affect the liquidity, marketability and value of the ENRC shares. The [...]
Former ENRC director set to fight lawsuit July 21, 2013 FORMER ENRC director Sir Paul Judge has pledged to fight a lawsuit brought by the mining company over claims he leaked information to the media. Judge said in a statement over the weekend that he “den[ies] entirely” the company’s claims that he leaked an email to the press in October. Judge, who stepped down from [...]