ENRC Wants To Stay On FTSE 100; Reviewing Options To Boost Free Float
March 21 2012 - 9:26AM
Dow Jones News
Kazakhstan-focused, Eurasian Natural Resources Corp. PLC
(ENRC.LN) Wednesday said it wants to maintain its presence on the
coveted U.K. FTSE-100 index and has several ways of complying with
the minimum 25% free-float share requirement.
The FTSE Group decided last year to enforce a 25% minimum
free-float requirement for U.K.-listed companies and gave companies
that had an exemption 24 months to comply with the rule. ENRC,
which currently has a 18.4% free float, will now have to find ways
to comply with the rule if it wants to be a part of the index.
"We do want to maintain our FTSE-100 index" presence, said Chief
Executive Felix Vulis in a call with journalists. "We have several
possibilities to comply with these rules," he said. Those
possibilities include shareholders selling some of their shares, he
said. Vulis said the company still has 20 months to meet the
requirement and is confident that it will find a solution by
then.
Other mining companies that need to boost their free float
include Mexican precious metals producer Fresnillo PLC (FRES.LN),
which has a 22.9% free float.
-By Alex MacDonald, Dow Jones Newswires; +44 (0)20 7842 9328;
alex.macdonald@dowjones.com
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