07 October 2005
The information contained herein is restricted and is not for release or
distribution in or into the United States of America, Australia, Canada, the
Republic of Ireland or Japan or to a US person or to residents or citizens of
Australia, Canada, the Republic of Ireland or Japan.
London, 7 October 2005, 7:00am
Kazakhmys PLC announces offer price of 540 pence per share
Kazakhmys PLC ("Kazakhmys" or the "Group") today announces the successful
pricing of its initial public offering of ordinary shares (the "Global Offer").
The offer price has been set at 540 pence per ordinary share (the "Offer
Price"). The price range announced on 27 September 2005 was 460 - 545 pence.
o Based on the Offer Price, the market capitalisation immediately
following the Global Offer of Kazakhmys will be approximately
o The Global Offer comprises approximately 58.4 million new ordinary
shares and approximately 64.0 million existing ordinary shares of
Kazakhmys, representing 26.2% of the 467.5 million Kazakhmys shares in
issue following the completion of the Global Offer.
o The total gross proceeds of the Global Offer are expected to be
approximately £661.4 million. The gross proceeds to be received by
Kazakhmys from the issue of new ordinary shares are expected to be
£315.5 million. The principal use of the proceeds to be received by
Kazakhmys is to grow the Group both organically as well as through
o In addition, an over-allotment option consisting entirely of existing
shares in the Group has been granted in respect of 15% of the Global
Offer, which may result in the disposal of up to a further 18.4 million
existing Kazakhmys shares at the Offer Price.
o Following the Global Offer, holding companies controlled by the Group's
three Executive Directors will remain the largest shareholders of
Kazakhmys, with a combined ownership of 72.8% prior to any exercise of
the over-allotment option, or 68.9% in the event the over-allotment
option is exercised in full.
o It is expected that admission of the Group's ordinary shares to the
Official List of the UK Listing Authority and to trading on the London
Stock Exchange's market for listed securities will become effective and
unconditional dealings will commence at 8:00am (London time) on
12 October 2005.
o Conditional dealings will commence on the London Stock Exchange at
8.00am today under the ticker symbol KAZ.
Commenting on today's announcement, Vladimir Kim, Executive Chairman of
Kazakhmys and Chairman of the Board of Directors said: "We are delighted with
the positive response to the Kazakhmys IPO. We are particularly pleased with the
quality of the shareholder base and welcome our new shareholders. Their
investment will enable us to continue to take advantage of Kazakhstan's
extraordinary mineral wealth, and deliver on our growth strategy to create value
for our shareholders. We are very much looking forward to the next phase of our
development as a listed company."
Any allocations under the Global Offer will be conditional on Admission to
listing. All dealings on the LSE between commencement of conditional dealings
and the commencement of unconditional dealings will be on a "when issued" basis.
If the Global Offer does not become unconditional, all such dealings will be of
no effect and any such dealings will be at the sole risk of the parties
JPMorgan Cazenove Limited ("JPMorgan Cazenove") is acting as Financial Adviser
to Kazakhmys and as Sponsor in connection with the Global Offer and the Group's
admission to the Official List of the Financial Services Authority. Credit
Suisse First Boston (Europe) Limited ("Credit Suisse First Boston") and JPMorgan
Cazenove are Joint Global Co-ordinators and Joint Bookrunners for the IPO.
JPMorgan Cazenove is acting as Stabilising Manager.
- ends -
For further information, please contact:
Finsbury Tel: +44 207 251 3801
Credit Suisse First Boston Tel: +44 207 888 8888
JPMorgan Cazenove Tel: +44 207 588 2828
This announcement is not an offer of securities for sale in the United States.
Securities may not be offered or sold in the United States absent registration
or an exemption from registration. There will be no public offer of the Ordinary
Shares in the United States.
This announcement is not an offer of securities for sale in France. Absent a
clearance of the prospectus by the French Autorite des Marches Financiers or the
obtaining of passporting rights in France under the Prospectus Directive, the
shares may not be offered or sold in France other than to qualified investors as
defined in Article L. 411-2 of the French Code Monetaire et Financiers provided
they act for their own account, or in other circumstances which will not result
in an offer to the public pursuant to Article L. 411-2 of the same code. Any
transfers of shares to the public in France shall only be carried out in
compliance with the provisions of Articles L.411-1, L.411-2, L.412-1 and L.621-8
to L.621-8-3 of the French Code Monetaire et Financier."
The contents of this announcement, which has been issued by Kazakhmys and is the
sole responsibility of Kazakhmys, has been approved solely for the purposes of
Section 21 (2) (b) of the Financial Services and Markets Act 2000 by JPMorgan
Cazenove Limited of 20 Moorgate, London EC2R 6DA. JPMorgan Cazenove Limited, or
its nominated affiliates, is acting for Kazakhmys and no one else in connection
with the proposed offer of ordinary shares of Kazakhmys (the "Global Offer") and
will not be responsible to anyone other than Kazakhmys for providing the
protections afforded to clients of JPMorgan Cazenove Limited, nor for providing
advice in relation to the Global Offer, the contents of this announcement or any
matters referred to herein.
This announcement does not contain or constitute an offer, invitation or
solicitation to purchase or subscribe for any securities of Kazakhmys and should
not be relied on in connection with any decision to purchase or subscribe for
any such securities. Any purchase of or subscription for securities of Kazakhmys
should be made solely on the basis of the information contained in the
prospectus to be issued in connection with the Global Offer.
JPMorgan Cazenove Limited, J.P. Morgan Securities Ltd. (together, "JPMorgan")
and Credit Suisse First Boston (Europe) Limited ("Credit Suisse First Boston"),
are acting for Kazakhmys and no one else in connection with the proposed listing
of shares on the London Stock Exchange for the ordinary shares of Kazakhmys (the
"Ordinary Shares"), issued and to be issued in connection with the Global Offer
and will not be responsible to anyone other than Kazakhmys for providing the
protections afforded to clients of JPMorgan and Credit Suisse First Boston, nor
for giving advice in relation to the Global Offer or any matter referred to in
any documents or other information contained herein.
The shares proposed to be offered in the Group have not been and will not be
registered under the US Securities Act of 1933 (the "Securities Act") and may
not be offered or sold in the United States absent registration under the
Securities Act or exemption from the registration requirements thereof.
Neither this announcement nor any copy of it may be made or transmitted into the
United States, its territories or possessions or distributed, directly or
indirectly, in the United States, its territories or possessions. Neither this
announcement nor any copy of it may be taken or transmitted into Australia,
Canada, Japan or the Republic of Ireland or to any persons in any of those
jurisdictions. Any failure to comply with this restriction may constitute a
violation of United States, Australian, Canadian, Japanese or Irish securities
law. The distribution of this document in other jurisdictions may be restricted
by law and persons into whose possession this document comes should inform
themselves about, and observe, any such restrictions. The securities referred to
herein have not been and will not be registered under the applicable securities
laws of the United States, Canada, Australia, Japan or the Republic of Ireland
and, subject to certain exceptions, may not be offered or sold within the United
States, Canada, Australia, Japan or the Republic of Ireland or to any national,
resident or citizen of the Unites States, Canada, Australia, Japan or the
Republic of Ireland.
This information is provided by RNS
The company news service from the London Stock Exchange