Evraz Makes Mandatory Offers to Minority Shareholders of Its Major Russian Subsidiaries
August 13, 2007 - Evraz Group S.A. (LSE: EVR) announces that Evraz Group through its subsidiaries (together referred to as “Evraz”) is commencing mandatory offers to purchase all outstanding shares of common stock of steel mills NTMK and Zapsib, iron ore mining and processing complexes KGOK and VGOK, and the Nakhodka Commercial Sea Port (NMTP).
The offers are made in accordance with the Russian legislation that allows a shareholder who has accumulated more than 95% of a company’s stock to make a mandatory offer to minority shareholders to buy out the latters’ stakes and increase the total holding in the company to 100%.
As at July 1, 2007, Evraz held the common stock of the above-mentioned companies in the amounts summarised below:
|Shares||% of share capital|
Upon the closing of the offers, the stockholders will receive RUB 63.72 for each common share of NTMK, RUB 5,604.57 for each common share of Zapsib, RUB 101.90 for each common share of KGOK, RUB 6.02 for each common share of VGOK, and RUB 33.00 for each common share of NMTP. The prices have been set based on the opinions provided by American Appraisal (AAP), Inc., and OOO Audit and Consulting Firm “Top-Audit” and confirmed by appraisers’ self-regulating organisation as required by the Russian legislation.
The offers will commence on August 14, 2007 and will be valid for 45 days. Payments for the shares will be made within 25 days after the closing of the offers.
Upon completion of the offers, Evraz will own 100% of NTMK, Zapsib, KGOK, VGOK and NMTP.
For further information:
Corporate Affairs and Investor Relations
Tel: +7 495 232 1370