ENRC clinches huge backing from investors

Marion Dakers
INVESTORS in ENRC re-elected the mining group’s board with huge majorities yesterday.

ENRC took just one question from a shareholder during the annual meeting and gave few details of an ongoing fraud probe and possible takeover by its founders.

“David Williams QC, the barrister working with ENRC on the Serious Fraud Office investigation, said the firm will continue to co-operate “and we hope that it will come to an appropriate conclusion in the not too distant future”.

Newly appointed chairman Gerhard Ammann told investors the company was committed to “a full and transparent investigation of both procedures and conduct”.

“We are still cleaning up the problems – how long it takes, we cannot (know),” he added.

Investors backed each board member with a majority of at least 97 per cent.

However, they blocked special resolutions that would have allowed the board to buy back and allot shares.

The group bidding for ENRC controls around 55 per cent of the shares, while FTSE peer Kazakhmys owns 26 per cent.