ENRC – The hour draweth near…

Suleiman Kerimov

And so, as Russian oligarch Suleiman Kerimov adds another bit of pocket change to his holding in ENRC yesterday (and reported today) – a mere £1m, here’s hoping for bulls of the stock that his investment here is better than his stakes in the US financial stocks going into the GFC and where it is reported he lost almost $15bn!

We have postulated at lenght on this blog with regards to our expectations of a bid price (370p) and are in fact playing this story via Kazakhmys’ shares given the double whammy to the upside in this stock should the trio of oligarchs actually make a bid for ENRC. The “put up or shut up” deadline is next Friday and so the hour is drawing near… I’d expect some leaks this weekend to the Sunday press and any strength going into the close could be a smoke signal for such a story and/or a bid early next week.

Given the broker resignations, SFO enquiry and the requirement to dilute themselves at a valuation they clearly believe wrong if remaining listed, I find it hard to believe a bid that facilitates a swift exit will not be forthcoming.

Good luck to all bulls this next week.