ENRC Wants To Stay On FTSE 100; Reviewing Options To Boost Free Float

Date : 03/21/2012 @ 9:26AM
Source : Dow Jones News
Stock : Fresnillo (FRES)
Quote : 1311.0  -15.0 (-1.13%) @ 11:29AM
Fresnillo share price Chart

ENRC Wants To Stay On FTSE 100; Reviewing Options To Boost Free Float

Eurasian (LSE:ENRC)
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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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