Alle Storys
Keine Story von Central Asian Industrial Holdings, N.V. mehr verpassen.

Central Asian Industrial Holdings, N.V.

Central Asian Industrial Holdings, N.V. offers to acquire control of Hurricane Hydrocarbons Ltd.

Toronto (ots-PRNewswire) -

Central Asian Industrial Holdings, N.V.
("CAIH") today announced that it has submitted a proposal to acquire
18.4 million Class A Common Shares of Hurricane Hydrocarbons Ltd.
("HHL") at a cash price of Cdn.$10.25 per share. CAIH currently holds
approximately 30%, or 23.9 million of HHL's outstanding Class A
Common Shares.
If the offer is successful, CAIH would hold a majority of HHL's
outstanding Class A Common Shares. The offer price represents a
premium of 22% over the weighted average closing prices of the Common
Shares on The Toronto Stock Exchange over the 20-trading day period
ended yesterday. The value of the offer is approximately Cdn$189
In a letter to HHL, CAIH stated: "We believe that this transaction
is in the best interests of all shareholders of HHL because it
provides them with a significant premium over recent market prices.
At the same time, HHL shareholders will be able to participate,
through the retention of a portion of their shareholdings, in the
upside potential that CAIH will strive to realise in HHL. We believe
that this transaction, when completed, will stimulate HHL's current
and future operations."
The offer will be subject to certain conditions, including CAIH
holding a majority of the Common Shares at expiry; HHL's shareholder
rights plan having been removed, waived or rendered inapplicable with
respect to the offer; CAIH having received all necessary approvals
and consents with respect to the offer; and no material changes
having occurred at HHL (including changes in its capitalisation and
in the compensation of management outside of the ordinary course).
CAIH currently holds approximately 30% of HHL's Outstanding Class
A Common Shares. Accordingly, the offer is an "insider bid" under
applicable Canadian securities laws. This requires that a valuation
of the Common Shares be prepared under the supervision of an
independent committee of the board of directors of HHL. CAIH has
requested that HHL take immediate action to establish an independent
committee and to promptly engage an independent valuator to prepare
the valuation.
CAIH has also requested that HHL refrain from taking any action,
such as entering into any agreement or understanding, that could
deprive HHL's shareholders of an opportunity to consider and respond
to the offer.
CAIH will mail to the HHL shareholders an offering circular
containing the details of the offer promptly following receipt of the
CAIH has engaged BMO Nesbitt Burns Inc. to serve as its financial
advisor for the transaction.
CAIH is a Netherlands Antilles-based investment holding company
associated with the Kazkommertsbank group of companies in Kazakhstan.
CAIH currently focuses its investment activities on companies
operating in Kazakhstan in oil and gas, power generation and
telecommunications. Besides its 30% share ownership in HHL, CAIH
holds a 35% share in Nelson Resources Limited, a TSE-listed company
with oil and gas interests in Kazakhstan.
Kazkommertsbank is Kazakhstan's leading private bank engaged in
banking and financial services. Its shares are listed in Kazakhstan
and London.


Mr. Warren Weeks
GPC International
Phone +1 416 598 0055 (ext. 308)
Mobile +1 416 809 2608