ENRC close to full capacity November 10, 2011 KAZAKH miner ENRC said it would continue to produce at or close to full capacity for the rest of the year and confirmed it would keep cost growth within its expectations, with the unit cost of sales expected to rise 20 per cent for the full year. Ferroalloys account for roughly half the group’s earnings, [...]
It’s time for UK institutions to take more risk November 7, 2011 WOULD-BE investors in UK stocks are in a bad place right now. The long-only funds have too few successes to boast about and the hedge funds are scared of ever-increasing redemptions. As far as the majority of the UK investor base is concerned, IPOs of untested UK companies are distinctly off the menu. Those same [...]
ENRC plan is silly, says ex director Olisa November 7, 2011 FORMER ENRC director Ken Olisa yesterday slammed as “silly” a plan by the mining company to pay $650m (£405.6m) to buy the outstanding 75 per cent of Kazakh coal producer Shubarkol Komir from its founders. “The ENRC directors were ill advised to try to do this transaction. Not because it’s a bad deal – it’s not. [...]
Russian IPOs in spotlight as FTSE probes free float November 1, 2011 COMPANIES that float only a small proportion of their shares in London could be barred from FTSE stock indices in future under new proposals from the index group yesterday. FTSE is to consult on whether to make UK-based firms list at least 25 per cent of shares, rather than the current 15 per cent, to [...]
The Russians are coming: Roll out the red carpets October 24, 2011 BACK in the mid-1960s, I wasted a wet afternoon watching a truly silly film. The plot was a melange of bluster, misunderstanding, clashing cultures and xenophobia. The title was The Russians Are Coming, the Russians Are Coming. Readers with an interest in the City’s health will recognise a plot that is in danger of repeating [...]
Polyus ups size of free float October 20, 2011 POLYUS, the Russian miner planning a share issue in London, is understood to be increasing the size of its free float from 13 per cent to around 20 per cent to help press its case for a premium listing that would allow it to join the FTSE 100. Normally companies need a 25 per cent [...]
FTSE rises as miners gain and euro hope pushes bank stock October 12, 2011 STRONG miners and banks boosted Britain’s top shares yesterday, keeping the index on an upward tilt, underpinned by progress in tackling the Eurozone sovereign debt crisis and recent upbeat US data. The mood, already elevated by hopes European leaders will unveil new measures to solve the crisis by the month’s end, was further lifted when [...]
ENRC to buy miner from its founders October 11, 2011 EURASIAN Natural Resources Corporation plans to buy the 75 per cent stake it doesn’t already own in the thermal coal producer Shubarkol from ENRC’s founding shareholders for $600m (£384m). The news comes less than two weeks after ENRC completed its three month corporate governance review of the board’s directors and management following calls from investors [...]
Corporate governance concerns persist October 11, 2011 THERE were more than a few raised eyebrows in the City yesterday, after ENRC said it would snap up a thermal coal producer for $600m. Analysts liked the deal, but investors did not, sending the miner’s shares falling 2.3 per cent to 625p. Perhaps they felt uneasy that the coal producer is owned by ENRC’s founding [...]
FTSE breaks winning streak on worries over Euro bailout October 11, 2011 THE FTSE 100 share index snapped a four-day winning streak yesterday, as worries over Europe’s debt problems and the impact on the global economic recovery prompted investors to bank some of the recent gains made in commodity and financial stocks. The index closed down 3.3 points, or 0.1 per cent at 5,395.70, but recovered from [...]