11th Apr 2008 09:05
Kazakhmys PLC11 April 2008 11 April 2008 KAZAKHMYS RESPONSE TO TAKEOVER PANEL RULING ON ENRC OFFER Kazakhmys notes today's announcement by The Takeover Panel, which sets adeadline of 16 May by when Eurasian Natural Resources Corporation Plc ("ENRC")should announce a firm intention to make an offer for Kazakhmys in accordancewith Rule 2.5 of the Takeover Code or announce that it does not intend to makean offer for Kazakhmys. Kazakhmys welcomes this ruling by the Takeover Panel and the deadline that itnow gives ENRC to clarify its intentions to Kazakhmys' shareholders. Further statements will be made as appropriate. For further information please contact: Kazakhmys PLC---------------------------- -------------------John Smelt, Head of Corporate Communications Tel: +44 20 7901 7882 Tel: +44 787 964 2675Olga Nekrassova, Financial Analyst Tel: +44 20 7901 7814---------------------------- -------------------Merlin ---------------------------- -------------------David Simonson Tel: +44 20 7653 6620Tom Randell Tel: +44 20 7653 6620Leonid Fink Tel: +44 20 7653 6620---------------------------- ------------------- - ends - Notes to Editors Kazakhmys PLC is the largest copper producer in Kazakhstan and one of theleading copper producers in the world. Kazakhmys is a fully integrated copperproducer from mining ore through to the production of finished copper cathodeand rod. The Group produces significant volumes of other metals as by-products,including zinc, silver and gold. Existing operations include 20 open pit andunderground mines, 10 concentrators, two copper smelting and refining complexes,a copper rod plant, a zinc plant and a precious metals refinery. Production isbacked by a captive power supply and significant rail infrastructure. Kazakhmysalso owns MKM, a copper products fabrication company in Germany, and has Goldand Petroleum Divisions with assets in Kazakhstan and other parts of CentralAsia. The Group's strategic aim is to diversify and participate in thedevelopment of the significant natural resource opportunities in Central Asia. DEALING DISCLOSURE REQUIREMENTS Under the provisions of Rule 8.3 of the Takeover Code (the "Code"), if anyperson is, or becomes,"interested" (directly or indirectly) in 1% or more of any class of "relevant securities" of ENRC or of Kazakhmys, all "dealings" in any "relevant securities" of that company (including by means of an option in respect of, or a derivative referenced to, any such "relevant securities") must be publiclydisclosed by no later than 3.30 pm (London time) on the London business dayfollowing the date of the relevant transaction. This requirement will continue until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the "offer period" otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an "interest" in "relevant securities" of ENRC or of Kazakhmys, they will be deemed to be a single person for the purpose of Rule 8.3. Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevantsecurities" of ENRC or of Kazakhmys by ENRC or Kazakhmys, or by any of their respective "associates", must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction. A disclosure table, giving details of the companies in whose "relevantsecurities" "dealings" should be disclosed, and the number of such securities inissue, can be found on the Takeover Panel's website at www.thetakeoverpanel.org.uk. "Interests in securities" arise, in summary, when a person has long economicexposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an "interest" by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities. Terms in quotation marks are defined in the Code, which can also be found on thePanel's website. If you are in any doubt as to whether or not you are required to disclose a "dealing" under Rule 8, you should consult the Panel. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
KAZ.LENRC.L