Latest News

Directors opt to take Kaz Minerals private after 15-year run on London Stock Exchange

0

Shares in Kaz Minerals (LON:KAZ) rose to an 18-month high of 625p, after it was revealed that the company is to be taken private by a consortium led by two directors.

The offer is priced at 640p per share and is being recommended by the company’s independent directors.

The rationale offered by the company is that dedicating the company to a capital-intensive and long-term growth strategy may not be well-aligned to the more short-term outlook and expectations of the market.

It’s perhaps no co-incidence though that the price of copper looks set to strengthen as trillions of dollars of stimulus money begin to percolate into the global economy.

The two directors in question, Oleg Novachuk and Vladimir Kim already own 7.8% and 31.6% in Kaz respectively, according to data cited by Reuters.

Kaz Minerals is the largest producer of copper in Kazakhstan.

Its shares first traded at around 550p in London in 2005, in the midst of a global mining boom, and have been on a rollercoaster ride ever since. At times they have posted strong gains, but equally, the shares have spent much of the past decade trading at lower than the original listing price.

FTSE 100 sinks as Wall Street opens in the red

Previous article

Small Cap Wrap –

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *

More in Latest News