Nyrstar - größter Feinzinkhersteller der Welt (Seite 2)

[faultcode]

ich denke, daß der steile Anstieg der Zink-TC's (treatment charges) mit dem Nyrstar-Kollaps zu tun hat, zumindest auch zu tun hat:

[faultcode]

Antwort auf Beitrag Nr.: 60.368.221 von faultcode am 16.04.19 16:42:48

aus der EGM-Präsention 25.6.2019:



--> ich gehe davon aus, daß die Beschlüsse dieser HV auch umgesetzt wurden, so wie vorgeschlagen

--> damit ist der Börsenhandel der alten Nyrstar-Aktien eingestellt seit 25.6.2019: https://www.nyrstar.com/en/investors/share-price-information

[faultcode]

Signing of Lock-Up Agreement and Conclusion of Capital Structure Review --> Wipeout für Aktionäre

15.4.
https://otp.tools.investis.com/clients/fi/nyrstar1/omx/omx-s…

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...
Introduction

Nyrstar initiated a review of its capital structure (the “Capital Structure Review”) in October 2018 in response to the challenging financial and operating conditions being faced by the Group. As previously announced, these conditions included substantial working capital and liquidity outflows experienced during the fourth quarter of 2018 and first quarter of 2019 necessitating the raising of urgent short term funding. Combined with the Group’s materially reduced Underlying EBITDA performance in 2018 and the maturity of certain liabilities during 2019, these factors resulted in the need to reconsider the Group’s capital structure.

The Capital Structure Review identified a very substantial additional funding requirement that the Group is unable to meet without a material reduction of the Group’s indebtedness. As a consequence, the Capital Structure Review has necessitated negotiations between the Group’s financial creditors in order to develop a deleveraging and funding plan as part of a comprehensive balance sheet recapitalisation. Alternatives to such a recapitalisation would place the future of the Group and its stakeholders at severe risk.

After careful consideration of all available alternatives, Nyrstar announces that it has now entered into a lock-up agreement (the “Lock-Up Agreement”) with representatives of its key financial creditor groups. The Lock-Up Agreement sets out the terms for the recapitalisation of the Group (the “Recapitalisation Terms”). This marks a crucial development for Nyrstar and, once implemented, secures the Group’s continuing operation for the benefit of its stakeholders, including customers, suppliers, and its 4,100 employees.

The Recapitalisation Terms include, amongst a number of other steps, a sale by the Company of the Operating Group at fair market value at the time of the sale (i.e. pre-restructuring) to a newly incorporated English subsidiary of the Company (“NewCo”) and one or more schemes of arrangement under the UK Companies Act 2006. Upon implementation of the Recapitalisation Terms, Trafigura Group Pte. Ltd. (together with its affiliates, “Trafigura”) will be issued 98% of the outstanding share capital of NewCo and will as a result become the owner of 98% of the equity of the Operating Group, with the Company owning the balance.

Support for the Lock-Up Agreement

The Lock-Up Agreement has been entered into by the Company (and relevant subsidiaries) with representative lenders across each of its key financial creditor groups, who have been closely involved in the constructive discussions on the proposed terms of the recapitalisation. The Group is now seeking additional consents from its creditors and is engaging with relevant parties that are required to fully implement the Recapitalisation Terms, as further described below.

As of the date of this announcement, the Lock-Up Agreement has been signed by noteholders representing 44.8% in aggregate across the Group’s €500 million 6.875% senior notes due in 2024 with ISIN XS1574789746 and XS1574790835 (the “2024 Notes”), €340 million 8.5% senior notes due in 2019 with ISIN XS1107268135 and XS1107268564 (the “2019 Notes”), and €115 million convertible bonds due in 2022 with ISIN BE6288132101 (the “Convertible Bonds”, and together the “Notes” and the “Noteholders”). Reference is made to the separate publication on the Company’s website of the information that has been made available by the Group to such consenting Noteholders (see: www.nyrstar.com/en/investors/results-reports-and-presentations).

The Lock-Up Agreement has been negotiated and agreed in full cooperation with the coordinating committee of the Group’s bank lenders (the “Bank Coordinating Committee”) representing the following facilities (the “Bank Facilities”):

- The €600m revolving structured commodity trade finance facility agreement originally dated as of 28 January 2010 between, among others, Nyrstar and Deutsche Bank AG, Amsterdam Branch as Facility Agent and Security Agent (“SCTF”)
- Certain unsecured bank facilities (together the “Unsecured Facilities”), with an aggregate principal amount outstanding of around €238m comprising:
-- the Prepayment Agreement dated 24 April 2018 with Politus B.V. as buyer (the “Politus Prepayment”)
-- the Common Terms Agreement dated 5 September 2014 with Hydra Limited (the “Hydra Prepayment”)
-- certain unsecured bilateral prepayment and working capital facilities (together the “Bilateral Facilities”)

The Bank Coordinating Committee has indicated its support for the Recapitalisation Terms and the Group’s lenders across the Bank Facilities will now be requested to provide their formal approvals by entering into the Lock-Up Agreement in parallel with the Noteholder approval process.

The Lock-Up Agreement is fully supported by Trafigura including in its capacity as lender under the USD650 million Trade Finance Facility Agreement (the “TFFA”), as bridge finance provider (see below) and as future majority owner of the Operating Group in accordance with the Recapitalisation Terms.
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Principal Recapitalisation Terms – Equity

The Recapitalisation Terms provide for a sale by the Company of the Operating Group to NewCo, following which Trafigura will be issued 98% of the outstanding share capital of NewCo. The Company will continue to be a holding company, holding 2% of the equity (indirect) in the Operating Group for the benefit of existing shareholders, released of liabilities for existing financial indebtedness and guarantees of commercial agreements. The Operating Group will also provide certain funding towards the continued operating costs of the Company.

In view of the material principal impairment of the Group’s senior ranking debt facilities, including the €955 million unsecured Notes, and the significant funding requirements of the Group, as previously announced, current shareholders will be very materially diluted, resulting in very limited economic recovery to the shares that will depend on any distributions made to the Company on the 2% participation that the Company will hold in the Operating Group.

The Company has decided to voluntarily apply, and to make implementation of the Recapitalisation Terms conditional on, the procedure provided for in article 524 of the Belgian Companies Code, in the interest of all stakeholders of the Group, including the Company’s shareholders. The independent expert appointed during this process will also review the price at which the Company will sell the Operating Group to NewCo. The annual report on the financial year ending on 31 December 2019 will contain the disclosures provided in article 524 of the Belgian Companies Code.

Shareholders are reminded that, as previously announced, the Annual General Meeting will take place on Tuesday 25 June 2019, at 11:00 a.m. CEST....

[faultcode]

Antwort auf Beitrag Nr.: 59.828.181 von faultcode am 08.02.19 19:21:54

27.3.
Nyrstar launches court action against Port Pirie Regional council over rates hike
https://www.abc.net.au/news/2019-03-27/nyrstar-launches-cour…

[faultcode]

Nyrstar operational and financial update

1 February 2019 at 21.30 CET
http://globenewswire.com/news-release/2019/02/01/1709379/0/e…

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Capital structure review

The Nyrstar Board of Directors and management, with the assistance of independent advisors from Alvarez & Marsal, Morgan Stanley and Freshfields, are continuing the comprehensive review of the Company's capital structure as previously announced. This review is being led by a special independent committee of the Nyrstar Board of Directors. As part of the review, Nyrstar has developed a new five year business plan (the “Business Plan”) that provides the basis for negotiations with financial stakeholders to establish a robust and sustainable long term capital structure for the Company. During the course of this week, Nyrstar has engaged in constructive discussions with representatives of its various financial stakeholder groups to work towards this objective in an accelerated timeframe. Following these discussions, Nyrstar deems it appropriate to update all stakeholders with this release.
The Company will make additional announcements as these discussions progress, as appropriate.

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Liquidity, working capital, strategic zinc and foreign exchange hedges

Nyrstar has continued to experience working capital outflows during the period since the Company’s announcement of 6 December 2018. The Company is continuing to manage tightly its cash and inventory levels and is evaluating additional measures to improve further its liquidity position.

During the course of Q4 2018, the Company closed out and crystallised the cash benefit of its 166kt of zinc metal forward hedges for the Mining segment. A positive cash settlement value of USD 82 million was collected in Q4 2018 and an Underlying EBITDA benefit will be realised in the course of 2019. As from the end of January 2019, Nyrstar has commenced lowering the strategic transactional hedging ratio for its foreign exchange exposure. This reduction in the strategic transactional hedging is primarily due to a reduction in foreign exchange hedging line capacity.

Full Year 2018 reporting date

In order to align with the Company’s ongoing capital structure review process, Nyrstar's consolidated financial statements for the twelve months ended 31 December 2018, that were previously due to be released on 21 February 2019, will now be rescheduled to 30 April 2019. The Annual General Meeting will be rescheduled to 25 June 2019....

[faultcode]

Nyrstar soll nur 9 Tage vor der Insolvenz gestanden haben: https://twitter.com/humenm/status/1065193503645413377

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What's alarming about this Nyrstar statement is that the company was clearly running out of cash - hence Trafigura having to put in place a nine day credit facility. And yet the company has previously told investors it had EUR600m in liquidity. One for the regulators to look at?

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[StumblingBumblingAndMumbling]

Antwort auf Beitrag Nr.: 59.235.232 von faultcode am 16.11.18 17:51:48

Echt krass, die Vola.

Trotz 650 Mio. Finanzspritze bleibt wohl das Kursziel der ABN bestehen: 0 Cent

https://www.bloomberg.com/news/articles/2018-11-21/nyrstar-s…

"The shares will still likely get wiped out...."

[faultcode]

Antwort auf Beitrag Nr.: 59.222.944 von faultcode am 15.11.18 14:34:56

Results of the extraordinary general shareholders' meeting held on 16 November 2018

16.11.
https://www.marketscreener.com/NYRSTAR-28377339/news/Nyrstar…

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Nyrstar NV held an extraordinary general shareholders' meeting in Brussels today.

The first item on the agenda of the extraordinary general shareholders' meeting on the approval in accordance with Article 556 of the Belgian Companies Code in connection with the refinancing of the zinc prepayment arrangement entered into on 24 April 2018 was approved.

The attendance quorum required for the second item on the agenda of the extraordinary general shareholders' meeting was not met.


=> daher die Erleichterungsrally - und Megavola (30HT: 255% !!; 250HT: 106%)

[faultcode]

Antwort auf Beitrag Nr.: 59.097.485 von faultcode am 30.10.18 19:25:40

Nyrstar to cut jobs at Port Pirie smelter amid concerns about the company's financial outlook

14.11.
https://www.abc.net.au/news/2018-11-14/nyrstar-to-cut-jobs-a…

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...Last week, the Australian Workers Union (AWU) went public with concerns 100 jobs were on the line at the smelter, which is one of the world's largest.

Employees told the ABC that discussions had begun on Tuesday, and a statement from Nyrstar late on Wednesday confirmed the meetings and the job cuts.

"Port Pirie has begun the process of communicating to its employees and stakeholders its intent to gradually reduce the number of employee positions and contractors throughout 2019," the statement read.


"Specific reductions will be identified from a restructure across production, operation and maintenance roles and also include the closure of the Sinter Plant by the end of 2019, which will be achieved once the new facility has reached full ramp up.
A grey manufacturing plant with an old building to the left and a new, grey tower in the centre

"We will achieve the majority of these changes through natural attrition, a change in the scope of work undertaken by some roles, redeployment of some people to different roles and by not extending a number of the limited-tenure employees' contracts."

The company moved to calm concerns about the impact cuts would have on safety at the site.

"We take our responsibility to our employees and the wider Port Pirie community very seriously … we will take great care to minimise the impact on our employees and will consult thoroughly before any changes are implemented."

But the company said it would continue to look for efficiencies at the site, not ruling out further cuts.


South Australian Treasurer Rob Lucas said news of the cuts was disappointing for workers and their families.

"At least it would appear they're going to try and achieve the cuts through non-renewal of contacts and attrition," Mr Lucas said.
Treasurer Rob Lucas announces his first State Budget in 17 years

"They have confirmed a number and a process of which they will work through with unions.

"Hopefully we can minimise the concern for employees."

He said he hoped further jobs wouldn't be cut at the smelter.

"I am meeting with the global CEO on Monday and that will be one of the priority questions when we meet to see what they have planned for Nyrstar at Port Pirie," he said.


The job cuts come as the company's share price fell by almost 50 per cent on European markets this week, with concerns surrounding mounting debt, falling zinc prices and cash-flow problems.

Nyrstar undertook a $660 million redevelopment of its plant at Port Pirie in 2014, with almost half the cost of its new furnace underwritten by the former state Labor government.

But the deal didn't tie a minimum number of ongoing jobs or a repayment deadline to the money.

Mr Lucas said it was likely the company would miss another repayment on its $291 million State Government loan this month, after missing its first in May.

He said he didn't want to speculate about Nyrstar entering liquidation, but confirmed the State Government would be one of the last to get paid if it did.

"The deal that [former treasurer] Tom Koutsantonis signed has us ranking behind every other creditor to Nyrstar globally," Mr Lucas said.


=> ansonsten eine wilde Achterbahnfahrt:

[faultcode]

Antwort auf Beitrag Nr.: 59.054.587 von faultcode am 25.10.18 15:40:06

Nyrstar: 2018 Second Interim Management Statement

https://otp.tools.investis.com/clients/fi/nyrstar1/omx/omx-s…

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30 October 2018 at 07:00 CET

HIGHLIGHTS:

• Group underlying EBITDA[1] of EUR 134 million for the first nine months of 2018, a decrease of 17% on the first nine months of 2017, primarily due to a 15% decrease in the benchmark zinc treatment charge, a weakening of the USD against the EUR (1.11 to 1.19), increased energy prices in Europe and higher direct operating costs at the mining operations, partially offset by a higher average zinc price (USD 2,783/t to USD 3,020/t) and increased zinc metal and zinc in concentrate production (up 4% and 22% respectively)

• Metals Processing underlying EBITDA of EUR 145 million, down EUR 17 million period-on-period, driven primarily by lower treatment charges and higher energy prices in Europe and Australia during Q3 2018, partially offset by higher commodity prices, increased zinc, lead and by-product production; and

• Mining underlying EBITDA of EUR 27 million, down EUR 6 million period-on-period, driven by the negative EBITDA contribution from the restart of the Myra Falls mine and weak production and operating cost performance at the Langlois and Middle Tennessee mines, partially offset by higher commodity prices, lower treatment charges and continued operating improvements at the East Tennessee mines

• Balance sheet and liquidity
Net debt excluding zinc metal prepay and perpetual securities of EUR 1,137 million at the end of September 2018, a decrease of EUR 61 million from 30 June 2018, predominantly due to working capital inflow due to lower commodity prices. Net debt inclusive of zinc metal prepay and perpetual securities of EUR 1,449 million at the end of September 2018, a decrease of EUR 39 million on 30 June 2018

• Committed liquidity pool of EUR 631 million at the end of September 2018

• Free Cash Flow positive by EUR 24 million for the first nine months of 2018 versus negative FCF of EUR 472 million in FY 2017

• Port Pirie Redevelopment continues to ramp-up in-line with management's expectations

• Continuous quarterly operational improvements in 2018 with record performance achieved during Q3 2018 on volume of material treated and proportion of high margin residue in feed (residue in feed and TSL throughput of 60% and 75kt respectively compared to 54% and 48kt in Q2 2018)

• EBITDA for 2018, 2019 and 2020 at current macros is re-affirmed to be in-line with previous guidance, expected EBITDA of at least EUR 40 million, EUR 100 million and EUR 130 million respectively

• Myra Falls restart is progressing well with zinc production having commenced during September 2018 and first shipment of zinc in concentrate is expected to take place in Q4 2018

• Nyrstar bought back and cancelled EUR 10 million of September 2019 senior notes at a discount to par and continues to review the various capital structure options available to refinance the upcoming 2019 maturing financial liabilities

• Trafigura remains a supportive shareholder