KazMunaiGas Exploration Production announces intention to buy back all GDRs and conduct delisting on London Stock Exchange and KASE

04.12.17 10:56
/KASE, December 4, 2017/ – KazMunaiGas Exploration Production (Astana), whose shares are officially listed on Kazakhstan Stock Exchange (KASE), has informed KASE of the following: quote The Company wishes to announce its intention to launch a tender offer (the "GDR Tender Offer") to repurchase all of its outstanding GDRs at a price of US$14.00 per GDR, representing a premium of 23.7 per cent. to the 30-day volume-weighted average GDR price of US$11.32 at 1 December 2017. The release of this announcement has been approved unanimously by the Board of Directors of the Company. Subject to the approval by shareholders of the Company of certain amendments to the Company's valuation methodology required in connection with the GDR Tender Offer (which approval will be sought at an initial EGM), and subject to the Company having acquired such number of GDRs as part of the GDR Tender Offer as will ensure that JSC National Company KazMunayGas ("NC KMG") can exercise at least 75 per cent. of voting rights in the Company, the Company also intends to launch a further tender offer to acquire all of its outstanding Common Shares not already owned by NC KMG on the same economic terms as the GDR Tender Offer. unquote More details are available on KASE website – http://www.kase.kz/files/emitters/RDGZ/rdgz_reliz_041217_eng_1.pdf [2017-12-04]