LONDON (dpa-AFX) - KAZ Minerals plc (KAZ.L) announced its Independent Committee and the board of Nova Resources B.V. have reached agreement on the terms of a recommended cash offer to be made by Nova for the entire issued and to be issued share capital of KAZ Minerals. KAZ Minerals shareholders will be entitled to receive: for each KAZ Minerals share: 640 pence in cash. The deal values the entire issued and to be issued share capital of KAZ Minerals at approximately 3.0 billion pounds.
Nova Resources is a Dutch private limited liability company indirectly owned by a consortium comprising of Oleg Novachuk (the current chairman of KAZ Minerals) and Vladimir Kim (a non-executive director of KAZ Minerals).
Oleg Novachuk, Chairman, said: 'We are pleased to announce this recommended cash offer for KAZ Minerals. Kim and I believe that KAZ Minerals has made notable progress as a public company since listing on the London Stock Exchange in 2005. However, driven by the current market uncertainty and the corporate circumstances of sequential development projects, we believe that KAZ Minerals' long term interests would be best served as a private company.'
As at 27 October 2020, the Consortium owned or controlled 186,079,209 KAZ Minerals shares, representing approximately 39.39 percent of KAZ Minerals' issued share capital.
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