MECHEL POSTPONES START OF PREFERRED SHARE PLACEMENT TO AUG 11

摘要

The Mechel coal and steel group has postponed the start of a placement of preferred shares to August 11 from July 23, the company said in a statement issued July 22. It was reported earlier, citing sources, that Mechel might either cancel the placement or lower the price range, which currently stands at 50.5 dollars-60.5 dollars for each share or GDR, which market players have said is too high. In an attempt to restore the situation, Mechel chief beneficiary Igor Zyuzin has begun buying up company shares on the open market. On Monday evening Mechel reported that Cyprus-registered Calridge Limited would purchase ADSs on the open market on behalf of Zyuzin. Calridge, which concluded an agreement with Credit Suisse Securities on July 21, plans to acquire 12.5 million shares or about 3 percent of Mechel charter capital.