Regulated Information - Inside Information
17 November 2016 at 13:30 CET
Extraordinary General Shareholders' Meeting
Nyrstar NV (the " Company ") held an extraordinary general shareholders' meeting (" EGM ") in Brussels today.
The shareholders unanimously approved the physically settled conversion right attached to the senior guaranteed unsecured convertible bonds due 2022 (the " Bonds "). The Bonds have been issued by the Company on 11 July 2016 for an aggregate principal amount of EUR 115 million and have been placed with institutional and qualified investors in Belgium and elsewhere, but outside of the United States, following an accelerated book-building procedure.
An attendance quorum requirement no longer applied for today's EGM.
Update on Strategic Zinc Price Hedging
Nyrstar advises that it has entered into further short-term strategic hedging arrangements utilising put and call collar structures to mitigate potential down side risks with respect to the zinc price.
For Q1 2017, protective hedges were already in place for 70% of the free metal produced by the Metals Processing segment (8,000 tonnes of zinc metal per month). In addition, 3,000 tonnes per month of the payable zinc metal produced in concentrate by the Mining segment has also been hedged, resulting in full exposure for the hedged volume in Q1 2017 to a floating zinc price between USD 2,127/t and USD 2,496/t. In Q4 2016 and Q1 2017, Nyrstar retains full exposure at a price above USD 2,800/t.
Protective zinc price hedges have also been completed for Q2 to Q4 2017 for 70% of the free metal produced by the Metals Processing segment (8,000 tonnes of zinc metal per month) plus 5,350 tonnes per month of the payable zinc metal produced in concentrate by the Mining,segment resulting in full exposure to a floating zinc price between USD 2,172/t and USD 2,543/t. In Q2 2017 to Q4 2017, Nyrstar again retains full exposure at a price above USD 3,117/t.
Nyrstar's management will continue to review and potentially apply strategic hedges to limit downside risks for key commodity price and foreign exchange sensitivities during the implementation of the Company's transformation and turnaround plan.
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About Nyrstar Nyrstar is a global multi-metals business, with a market leading position in zinc and lead, and growing positions in other base and precious metals, which are essential resources that are fuelling the rapid urbanisation and industrialisation of our changing world. Nyrstar has mining, smelting and other operations located in Europe, the Americas and Australia and employs approximately 5,000 people. Nyrstar is incorporated in Belgium and has its corporate office in Switzerland. Nyrstar is listed on Euronext Brussels under the symbol NYR. For further information please visit the Nyrstar website: www.nyrstar.com .
For further information contact: Anthony Simms Group Manager Investor Relations T: +41 44 745 8157 M: +41 79 722 2152 E: anthony.simms@nyrstar.com Franziska Morroni Group Manager Corporate Communications T: +41 44 745 8295 M: +41 79 719 2342 E: franziska.morroni@nyrstar.com
The full press release can be downloaded from the following link:
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