KAZ Minerals looks to postpone court hearing on acquisition
BAKU, Azerbaijan, Nov. 19
By Nargiz Sadikhova - Trend:
KAZ Minerals gave notice to Scheme Shareholders of a Court hearing on the recommended cash offer to be made by Bidco for the entire issued and to be issued share capital of KAZ Minerals, Trend reports citing the company.
On October 28, 2020, the board of Nova Resources B.V. and the Independent Committee of KAZ Minerals PLC announced the terms of a recommended cash offer to be made by Bidco for the entire issued and to be issued share capital of KAZ Minerals (other than the KAZ Minerals Shares already owned or controlled by the Consortium), to be implemented by way of a scheme of arrangement.
Bidco and KAZ Minerals are continuing to work on the plan for the settlement of consideration in Kazakhstan in accordance with the settlement rules of the Kazakhstan Stock Exchange. This plan needs to be finalized before the Scheme Document can be published.
As a result, KAZ Minerals has asked the Court to adjourn the hearing previously scheduled for November 23, 2020. A further announcement regarding the rescheduled date for this Court hearing will be made when appropriate.
Bidco and KAZ Minerals continue to expect that the Acquisition will become effective in the first half of 2021, subject to the conditions set out in the announcement dated October 28, 2020.