EURASIAN NATURAL RESOURCES CORPORATION PLC (ENRC, United Kingdom) adjourns shareholders general meeting convened for November 7, 2011
09.11.11 11:11
/KASE, November 9, 11/ - EURASIAN NATURAL RESOURCES CORPORATION PLC (London),
common shares of which are officially listed on Kazakhstan Stock Exchange
(KASE), provided to KASE the following press release of November 4, 2011:
quotation
Eurasian Natural Resources Corporation PLC ('ENRC' or, together with
its subsidiaries, the 'Group'), today announces its intention to seek
an adjournment of the General Meeting which has been convened for 11.00am
on 7 November 2011 to approve the acquisition of the outstanding shares
in Shubarkol Komir JSC ('Shubarkol') and related matters, as more
particularly set out in the Circular sent to shareholders on 11 October
2011 (the 'General Meeting').
In the light of the current macro-economic uncertainty, the Company has been
approached to reconsider the timing of the transaction and is proposing to
postpone the vote for the exercise of the Call Option. Therefore, the Chairman
will seek the approval of shareholders attending the General Meeting to adjourn
the meeting until further notice (the 'Adjourned Meeting'). ENRC will give no
less than seven days' notice of the date fixed for the Adjourned Meeting.
The General Meeting convened for Monday 7 November 2011 will still take place
but the Board expects that the only resolution to be proposed will be the
procedural resolution to adjourn the meeting.
Felix J Vulis, Chief Executive Officer, said: "There remains a strong strategic
rationale for acquiring the outstanding shares in Shubarkol. The acquisition of
this asset will secure our access to a supply of relatively high-quality and
low- cost thermal coal, favourably positioning us to meet the growing energy
needs of our businesses in Kazakhstan. However, at the request of shareholders
and given the current volatile market conditions, we deem it appropriate to
reconsider the timing of this acquisition."
ends
[2011-11-09]