News // Markets & Stocks
Revised Circular and Shareholder Letter on KazMunayGas EP
15 July 2016 , 17:38Neftegaz.RU845
JSC National Company KazMunayGas («NC KMG») has published on July 14, 2016, an updated version (the «Revised Circular») of its circular to shareholders of JSC KazMunaiGas Exploration Production.
The Revised Circular contains the amendments announced by NC KMG on 13 July 2016, namely that:
- NC KMG will increase the consideration for the offer to purchase Common Shares and Preferred Shares of KMG EP listed on the Kazakhstan Stock Exchange and GDRs of KMG EP listed on the London Stock Exchange (the «Purchase Offer»), in the event that the proposals in the Revised Circular are accepted, from $7.88 per GDR to $9.00 per GDR and equivalent increases to $54.00 per Common Share in KZT equivalent calculated on a daily basis, and $31.55 per Preferred Share in KZT equivalent calculated on a daily basis. All other terms and conditions applicable to the Purchase Offer remain as described in the Original Circular. This is a firm offer to buy all shares that are offered to KMG NC and is not conditional on anything apart from the proposed changes in the Charter and Relationship Agreement being approved. In the event that NC KMG fails to meet its obligations under the Purchase Offer in full following approval of the proposals contained in the Revised Circular, none of the proposals will take effect.
- NC KMG will not have a veto over future nominations of EP INEDs by the Nominations Committee of the KMG EP Board, to ensure that minority investors can have the maximum possible confidence in the full independence of the EP INEDs in future.
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