18 March 2008
NLMK makes mandatory offer to minority shareholders of Stoilensky GOK
Novolipetsk Steel (LSE: NLMK), a leading Russian steel producer, today announced that it has commenced a mandatory offer to purchase the outstanding share capital of Stoilensky GOK (SGOK). The offer is made in accordance with Russian legislation and will enable NLMK to more efficiently manage this subsidiary.
The terms and conditions of the mandatory offer to the minority shareholders of Stoilensky GOK are as follows:
1. The price per purchased share is RUB 24,471.12. The price has been set based on the opinion of the American Appraisal (AAR) and confirmed by the All-Russian public organization the “Russian Society of Appraisers” by means of a valuation report exercise. The offered price is higher than the six-month average market price of SGOK’s traded ordinary shares as of the date the mandatory offer was made.
2. The list of SGOK’s minority shareholders will be prepared as at April 28, 2008. The shareholder claim is considered to be valid if it is submitted to NLMK’s agent, CJSC Investment Company “Libra Capital”, not later than April 28, 2008.
3. The official shareholder claim, including bank account requisites or address for postal money transfer, should be submitted to the following address:
CJSC Investment Company "Libra Capital"
24/27 Sadovaya-Samotechnaya Str, Moscow 127051, Russia
CJSC Investment Company "Libra Capital", Lipetsk Branch
10B 9th May Str., Lipetsk 398017, Russia
4. The payments to minority shareholders will be effected within 25 days of the April 28, 2008 in accordance with the submitted banking requisites and postal addresses.