PLZL. Sorry for mistakes [05 Jun 2008|12:02pm] • Jenington Intl, a subsidiary of PLZL, owns 6.5% shares of Polyus. • These shares are voting despite quasi-treasury nature. • One of the controlling shareholders Prohorov de-facto controls Polyus management • It’s not in his interests that Polyus 6.5% stake would change its owner. • At the same time Prohorov wants to sell expensive everything he has:) • I’m sure, that Prohorov dreams about $73 for his shares. To sell… Not to buy, despite Onexim offer. • Fundamental analysts told us that Polyus now valued very expensive. • Most experts appreciate shares at $50-60 range. • So, Prohorov’s Onexim made an offer to Polyus and virtually refuses that offer by himself. • And now anyone who want to buy that stake will need to pay high price. • Moreover, if it will be Interros, so it would be forced to make an offer to shareholders to buy the shares at that high price. • Potanin had chance to change Polyus management if he could take control of 6.5% stake. • Conclusion. While playing with market and shareholders, Prohorov decides two objectives: o Maintain high price for his shares. o Protect the 6.5% stakeof Polyus. • Remember, 26th June Polyus AGM • p.s. We may don’t know something that Prohorov knows about Polyus. • so, take a close attention to 2007IFRS results which to be published today. 12 comments|post comment

navigation [ viewing | June 5th, 2008 ] [ go | previous day|next day ]