Results of Noteholders Extraordinary Meeting

RNS Number : 6820I

KazakhGold Group Ltd

17 June 2011

 



For Immediate Release

17 June 2011

Results of Noteholders Extraordinary Meeting

U.S.$200,000,000 9.375 PER CENT. SENIOR NOTES DUE 2013

Further to the announcement of 25 May 2011 in relation to a consent solicitation of holders of its U.S.$200,000,000 9.375 per cent. Senior Notes due 2013 (the "Notes"), KazakhGold Group Limited ("KazakhGold") announces that, at the Extraordinary Meeting of Noteholders held on 17 June 2011 in London, the Extraordinary Resolution set out in the Notice of Meeting provided to Noteholders in accordance with the terms of the Trust Deed for such Notes was duly passed.

At the Extraordinary Meeting, amongst other things, Noteholders consented to: (1) to waive pre-emptively certain breaches of the terms and conditions of the Notes that are expected to arise in connection with a possible combination between KazakhGold and OJSC Polyus Gold ("Polyus Gold") and any default or event of default that may arise as a result of any restructuring, redomiciliation or liquidation of KazakhGold's subsidiary Romanshorn LC AG, (2) to waive pre-emptively certain breaches of the terms and conditions of the Notes that may arise as a result of the entry by KazakhGold and AltynGroup Kazakhstan LLP into the Restated and Amended Principal Agreement dated 10 April 2011 (the "RAPA") in connection with the transactions contemplated by the RAPA (which were described in the announcement made by KazakhGold on 11 April 2011), and (3) to waive certain existing breaches by KazakhGold under the terms and conditions of the Notes and to acknowledge and agree that no breach is continuing with respect to certain previous breaches of the terms and conditions of the Notes.  The consents relating to the possible combination between KazakhGold and Polyus Gold described in (1) above will remain valid until 31 December 2012. There is no termination date for the other consents, acknowledgements, agreements and authorizations sought as part of the consent solicitation.

To be passed, the Extraordinary Resolution required a majority voting in favour consisting of at least three-quarters of the votes cast at a duly convened and quorate meeting. Of a total of 172,004,000 votes cast, 171,054,000 votes (representing 99% of those voting) were cast in favour of the Extraordinary Resolution.

For further information please contact:

Enquiries:
Alexey V. Chernushkin, Director, CM and IR
Evguenia V.Buydina, IR manager
[phone]
[phone]
[e-mail]

Anton A. Arens, PR Director
[phone]
[phone]
[e-mail]

 

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