ENRC begins legal proceedings against former director July 19, 2013 Miner ENRC has filed a legal claim in the High Court against a former non-executive director, Paul Judge (release). For breach of fiduciary duty to ENRC, relating to the disclosure of confidential information to the media and for the return of all confidential documentation in his possession. Gerhard Ammann, chairman of ENRC said: We have [...]
Kazakhmys on track to meet high end of copper guidance October 24, 2013 FTSE 250-listed Kazakhmys’ share price rose over five per cent yesterday, after the miner said it was on track to meet full-year production targets for all metals. Copper output over the first nine months of 2013 increased by five per cent on the same period last year and the firm said it is on track [...]
Kazakhmys sells £790m stake in power station as mine costs rise December 9, 2013 FTSE 250-listed copper miner Kazakhmys yesterday said it has agreed to sell its 50 per cent stake in Kazakhstan’s largest power station for $1.3bn (£790m), as it warned that development of its Bozshakol mine would cost more than expected. The firm also said yesterday that it has hired Shenzhen-listed Non Ferrous China as a second [...]
Olisa set to run for alderman October 2, 2013 KEN Olisa, the business veteran who chairs Restoration Partners, has thrown his bow-tie in the ring for the forthcoming City of London alderman elections. Olisa, known for describing ENRC as “more Soviet than City” shortly after his ejection from the mining group’s board in 2011, will stand in the Ward of Farringdon Within in next [...]
Zhaikmunai’s £1.5bn London float imminent November 11, 2013 KAZAKH oil and gas explorer Zhaikmunai’s long-awaited £1.5bn London flotation may launch as soon as this month, City A.M. understands. A final decision on the timeframe has not yet been made, but it is thought that the company could feasibly list on the main segment of the London Stock Exchange in the next few weeks. [...]
Fears for London as listing regulations are tightened November 5, 2013 THE Financial Conduct Authority (FCA) yesterday strengthened its listing rules to protect minority shareholders in the wake of the scandals surrounding ENRC and Bumi, two companies that floated in London and became mired in controversies over corporate governance. The new rules, which will eventually affect already listed companies with large shareholders such as Sports Direct, [...]
Most Brits hail foreign firms moving to UK October 28, 2013 MOST Britons would welcome a foreign company that decided to move its base to the UK, according to a poll out today. Seventy-eight per cent think an overseas firm moving to their region would be positive, while 69 per cent believe such a relocation would benefit the country as a whole, a survey of 2,000 [...]
What the other papers say this morning – 04 September 2013 September 3, 2013 FINANCIAL TIMES City grandee countersues ENRC Sir Paul Judge, the City grandee and former board member of ENRC, is counter-suing the miner for alleged libel in the latest twist in the legal battle between the parties. Judge alleges that a press release published by ENRC in July stating that it was suing him for alleged [...]
Analyst Views | What did you make of Kazakhmys’ results? August 22, 2013 LOUISE COLLINGE INVESTEC“The ENRC impairment looks unflattering but should have been expected. The lack of interim dividend is the right decision by the company for cash conservation but may disappoint the market. While costs came in below expectations for the first half, they look set to rise in the second half. PETER MALLIN-JONES CANACCORD GENUITY“The [...]
Infinis to lure investors with £55m payout October 21, 2013 INFINIS Energy, the UK’s biggest independent wind power generator, yesterday unveiled plans to pay a healthy £55m maiden dividend to investors as part of its stock market flotation plans. The business, which is owned by Guy Hands’ private equity firm Terra Firma, is floating a third of the business on the London market next month [...]