ALMATY, Kazakhstan,
Sept. 29, 2011 /PRNewswire/ -- BMB
Munai, Inc. (NYSE Amex: KAZ) (the "Company") 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 (HKEx: 1555). 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.
The Company intends to make a second distribution to
stockholders that could range up to approximately $0.30 per share following termination of the
escrow on the first year anniversary of the closing date, subject
to the availability of funds to be released from the escrow, actual
costs incurred and other factors.
As previously announced, delisting of the Company's common stock
from the NYSE Amex will become effective following the close of
business on September 29, 2011.
The Company's common stock is expected to be quoted
over-the-counter on the OTCQB, operated by OTC Market Group, Inc.,
beginning on September 30, 2011 under
the stock symbol "BMBM". While the common stock may be quoted
on the OTCQB, there can be no assurance that a market for the
Company's common stock will develop on the OTCQB or otherwise.
OTC Market Group, Inc. operates the world's largest electronic
marketplace for broker-dealers to trade unlisted stocks, including
the OTCQB Marketplace. Investors will be able to view Real
Time Level II stock quotes for the Company at
http://www.otcmarkets.com
Cautionary Note Regarding Forward-Looking Statements
This release contains "forward-looking" statements regarding
the Company's cash distributions from the Sale proceeds and
the quotation of its common stock on the OTCQB. All such
forward-looking statements are subject to uncertainty and changes
in circumstances. Forward-looking statements are not guarantees of
future results or performance and involve risks, assumptions and
uncertainties that could cause actual events or results to differ
materially from the events or results described in, or anticipated
by, the forward-looking statements. Factors that could materially
affect such forward-looking statements include certain economic,
business and regulatory risks and factors identified in the
Company's periodic reports filed with the Securities and Exchange
Commission.. All forward-looking statements are made
only as of the date of this release and the Company assumes no
obligation to update forward-looking statements to reflect
subsequent events or circumstances. Readers should not place undue
reliance on these forward-looking statements.
Neither NYSE Amex or OTCQB have approved nor disapproved of the
contents of this press release.
SOURCE BMB Munai, Inc.