Business
Consent Solicitation
Consent Solicitation.
About this update from Kazera Global Plc
[{"type":"text","content":"\n RNS Number : 2425L KazakhGold Group Ltd 07 January 2009 \n \n07 January 2009 - KazakhGold Group Limited (the 'Issuer') announced today that, in relation to the Proposed Partial Offer being made by Jenington International Inc., the Issuer has commenced a consent solicitation in respect of its U.S.$200,000,000 9.375 per cent. Senior Notes due 2013 (the 'Notes'). The final voting deadline for submission of electronic voting instructions is 3:00 p.m. (London time) on 29 January 2009.\n\nThe purpose of the consent solicitation is to obtain the consent of Noteholders (1) to modify the Trust Deed and the Conditions in order to (i) allow the accession of OJSC Polyus Gold (the 'New Guarantor') as an additional, limited liability Guarantor of the Notes (subject to necessary corporate approval to be obtained by OJSC Polyus Gold), and (ii) permit the New Guarantor or any of its subsidiaries to provide a Credit Facility of up to U.S.$50 million to the Issuer following completion of the Proposed Partial Offer, and (2) to waive (i) Condition 3.7(a)(3) and Condition 3.7(a)(4) in relation to the provision of the Credit Facility referred to in (1)(ii) above, (ii) the right of the Noteholders, pursuant to Condition 5(e) of the Notes, upon the occurrence of a Change of Control as contemplated by the Proposed Partial Offer to require the Issuer to repurchase their Notes at a purchase price equal to 101% of the principal amount of the Notes plus accrued and unpaid interest to the date of purchase (the 'Repurchase Right'), (iii) the obligation on the Issuer to provide notice of the Repurchase Right to Noteholders within 30 days following the Change of Control referred to in (i) above (the 'Change of Control Offer'), and (iv) the right of the Noteholders, pursuant to Condition 8.1(b)(2) of the Notes, to request or direct the Trustee to deliver an Enforcement Notice (as defined in the Conditions) following the occurrence of the Change of Control contemplated by the Proposed Partial Offer to the Issuer and JSC Kazakhaltyn MMC as Borrower, accelerating the Notes (the 'Right of Enforcement'). The proposed amendments are described in more detail in the Consent Solicitation Statement dated 6 January 2009.\n \nIf all of the conditio...