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Gold/Mining/Energy : Petrokazakhstan Inc. -- Ignore unavailable to you. Want to Upgrade?

To: pz who wrote (1693)	6/16/2001 12:25:08 AM
From: Madeleine Harrison	Respond to of 2357

(COMTEX) B: Hurricane Hydrocarbons makes key changes to its proposed debenture distribution TORONTO, Jun 15, 2001 (Canada NewsWire via COMTEX) -- Central Asian Industrial Holdings, N.V. ("CAIH") today disclosed that, following discussions with the Ontario, Alberta and Quebec securities commissions, Hurricane Hydrocarbons Ltd. ("Hurricane") has indicated that it will make certain changes to its proposal to distribute a $4 debenture to its shareholders. The clarifications came as a result of concerns that CAIH had raised in a news release and correspondence with securities regulators. These communications, which can be found at www.caih-info.com, alleged that the debenture distribution proposed by the Independent Committee of Hurricane's Board of Directors was a defensive tactic that should not be permitted. CAIH also said that the partial information about the debenture distribution resulted in the market making assumptions based on inadequate facts. "The actions by securities regulators have the effect of forcing Hurricane management to eliminate some of the more objectionable aspects of its debenture proposal and clarify the overall terms," said Askar Alshinbaev, Managing Director of CAIH. "However, we remain concerned that the debenture concept is ill-conceived and does not effect the recapitalization in the way which gives the highest after-tax return to shareholders or produces the highest residual value for Hurricane shares. There are restructuring alternatives that would be more tax efficient, among other things, but they would require shareholder approval. Hurricane management seems afraid to face its shareholders with a fairer proposal." CAIH has been advised that the Hurricane debenture proposal will abide by the following: (1) Any change of control provision contained in the debentures to be issued by Hurricane will not be of any effect unless and until it is approved by shareholders. (2) Hurricane will obtain an opinion from an independent and qualified valuator to the effect that the debentures will trade at par. Such opinion will take into account the need for liquidity in the debentures and will not assume that the change of control provision, if any, will be approved. "CAIH believes that the agreement by Hurricane to these critical matters addresses the primary issues it had brought to the attention of securities regulators. Now, the change of control provision will not be used as a "just say no" device by management with respect to the CAIH offer," said Mr. Alshinbaev. "As well, the Hurricane Board will act in a manner that will divide the value of each Hurricane share into $4.00, which will then be delivered through the debentures, and a residual value for the shares. The shareholders and the market, which in CAIH's submission were acting on partial information, will not be disappointed from the debenture trading for less than $4 if the distribution goes forward." CAIH has offered to acquire 18.4 million shares of Hurricane for CDN. $10.25 per share, payable in cash. Because CAIH holds approximately 30% of Hurricane's outstanding shares, the bid constitutes an "insider bid" under Canadian securities laws. Such a bid requires the preparation of an independent valuation of the Company's common shares. This valuation is expected to be released imminently by Hurricane. "Once this valuation is made public by the Company, CAIH will respond accordingly," said Mr. Alshinbaev. CAIH is a Netherlands Antilles-based investment holding company associated with the Kazkommertsbank group of companies in Kazakhstan. CAIH currently focuses its investment activities on companies operating in Kazakhstan in oil and gas, power generation and telecommunications. Besides its 30% share ownership in Hurricane, CAIH holds a 35% share in Nelson Resources Limited, a TSE-listed company with oil and gas interests in Kazakhstan. Kazkommertsbank is Kazakhstan's leading private bank engaged in banking and financial services. Its shares are listed in Kazakhstan and London. CONTACT: For further information: Warren Weeks, (416) 598-0055 (ext. 3 8), Cell: (416) 809-2608; Check out our web site: www.caih-info.com News release via Canada NewsWire, Toronto 416-863-9350 Copyright (C) 2001 CNW, All rights reserved -0- KEYWORD: TORONTO INDUSTRY KEYWORD: FIN * end of story *

To: pz who wrote (1693)	6/16/2001 12:29:05 AM
From: Madeleine Harrison	Read Replies (1) \| Respond to of 2357

anyone listen? (COMTEX) B: HURRICANE HYDROCARBONS LTD - Investment Conference Webcast Toronto, Ontario, Jun 15, 2001 (Market News Publishing via COMTEX) -- Hurricane Hydrocarbons Ltd. ("Hurricane") invites you to listen to the live webcast of its presentation being made at the Canadian Association of Petroleum Producers (CAPP) investment conference being held in Calgary, Alberta at 2:45 p.m. Mountain time (4:45 p.m. Eastern time) on Monday, June 18, 2001. Mr. Bernard F. Isautier, President and CEO of Hurricane, will be the company presenter. To access the webcast, please visit the company's website at www.hurricane-hhl.com and from the home page click on "Webcast". An archive of the webcast will be available roughly 3 days after the original broadcast and will be accessible for the following 30 days. Hurricane is an international energy corporation engaged in the exploration, development, production, acquisition, refining and marketing of crude oil and refined products in the Republic of Kazakhstan. Hurricane's shares trade on The Toronto Stock Exchange under the symbol HHL.A and in the United States on Nasdaq under the symbol HHLF. CONTACT: TEL: (403) 221-8658 Ihor P. Wasylkiw, VP Investor Relatio s MarketbyFax(tm) - To get the NEWS as it happens, call (604) 689-3041. (C) 2001 Market News Publishing Inc. -0- KEYWORD: Toronto, Ontario * end of story *