Russia’s largest steelmaker Severstal plans to spin off its gold mining unit Nordgold by the end of January 2012, the company said in a statement on Wednesday.
Under the separation scheme, Severstal’s subsidiary Lybica Holdings B.V. (Lybica), a full Nordgold owner, will exchange its 100 percent stake in Nordgold for Severstal shares and GDRs held by Severstal’s existing shareholders and GDR holders.
“The transaction reflects a desire among our shareholders for Severstal to focus on its core strengths while also providing an opportunity for them to retain an interest in an established pure-play gold producer,” the statement quoted Severstal Chairman Chris Clark as saying.
The exchange ratio for the deal is 100 Severstal shares or GDRs for 186 Nordgold shares and/or GDRs, after giving effect to a planned 2:1 reverse stock split of Nordgold shares. One Nordgold GDR represents one Nordgold share, the statement said.
THE COMMENT FINE PRINT - IN DEFENSE AGAINST MENTAL MIDGETS:Why do you not respond to my comment? Why is my comment gone? Why are you mean? Why do I hate you for erasing my comment? Why do you hate me for my comment? Why is cussing not allowed (Sometimes you do it - sorta!), when it helps me express my feelings? Why are you a #$&%@#? Why is it wrong to wish you dead? Why do you love Russia? Why are you stupid? Why are you unpatriotic? Why is, why is, why is and why is? My GOD man, Why are you worse than a communist?
The above manifestations of a horde of mental midgets is why I only respond to comments that have signed up to be a user of the blog! (Top right of website is link!) Anyone can comment and anyone can be erased after they comment, but only someone who takes the time to sign up gets a second look from me at the comment. Sorry: I have to draw the line somewhere and when you get thousands of spam, hate and death threat comments a day, then all you do is look at spam, hate and death threats, then I never get anything else done. If you comment after signing in, then I will get a message that someone has tried to post a real comment?
Thanks for understanding and even if you don't understand, thanks anyway...
Another day in the life of Windows to Russia...