BMB Munai Announces Initial Cash Distribution of $1.04 per Common Share
BMB Munai, Inc. (NYSE: KAZ) today announced an initial cash distribution of $1.04 per share, which will be payable on October 24, 2011 to Company common stockholders of record on October 10, 2011. This cash distribution is the first of two anticipated cash distributions to Company stockholders from the transaction proceeds of the sale of the Company's operating subsidiary, Emir Oil LLP, to a subsidiary of MIE Holdings Corporation.
The initial distribution amount was determined after giving effect to the estimated closing adjustments and escrow amount and the repayment of the Company's 10.75% Convertible Senior Notes and after providing for the payment of or reserve for other anticipated liabilities and transaction costs.
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