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Mount Kellet Capital Management L.P. is a multi-strategy investment firm focused on global special situation and opportunistic private investing. Mount Kellet closed its first fund, MKCP I, in December 2009 with approximately US$3 billion in aggregate capital commitments and currently has over US$7 billion in assets under management. Mount Kellett invests across North America, Asia and Europe.In 2010, Mount Kellet invested US$100 million in Masan Resources for a 20% share ownership.In 2011, Mount Kellet through its investment vehicle, MRC Ltd., invested VND2,059 billion in Masan Resources and acquired a 20.0% ownership through the issuance of primary shares in Masan Resources, diluting Masan Horizon’s ownership to 65.0% and Tiberon’s ownership to 15.0%.



On January 25, 2013, BI Private Equity New Markets II K/S ("PENM II”), an investment entity managed by BankInvest, subscribed for VND521 billions of mandatory convertible preference shares of Masan Resources. The subscription price was VND32,744 per share. The mandatory convertible preference shares shall be paid a dividend ranging from 3% to 10% per annum on the investment amount and be mandatorily convertible into ordinary shares within 4 years. The preference shares also confer onto PENM II the right to receive dividends declared to ordinary shareholders in proportion to their shareholding and are automatically converted to ordinary shares in the event of the liquidation of Masan Resources. As part of the agreement, Masan Resources is able to exercise its right to convert or force convert the preference shares to ordinary shares according to the terms of the agreement.

Rights Issue and Private Placement to Existing Shareholders of Masan Resources

Between April and June 2013, Masan Resources issued 99,182,832 ordinary shares at VND18,726 per share to its existing investors amounting to VND1,857 billion in multiple tranches. Masan Horizon Corporation, a subsidiary of Masan Group, PENM II and MRC Ltd. subscribed to 89,391,298 ordinary shares, 3,180,486 ordinary shares and 6,611,048 ordinary shares for cash considerations of VND1,674 billion, VND60 billion and VND124 billion, respectively.
On July 11, 2013, MRC Ltd. further subscribed to 29,420,151 ordinary shares issued by Masan Resources in a private placement at a subscription price of VND10,000 per share. The private placement was part of a settlement of an equity adjustment clause from the original transaction between Masan Resources and MRC Ltd

Offtakers

5N Plus
5N Plus is a leading producer of specialty metal and chemical products. 5N Plus deploys a range of proprietary and proven technologies to manufacture products which are used in a number of advanced pharmaceutical, electronic and industrial applications.
Nui Phao has an offtake agreement with Sidech, the world’s only specialist producer of bismuth and a subsidiary of 5N Plus.



CMC Cometals is a subsidiary of Commercial Metals Company (CMC) which manufactures, recycles and markets steel, metals and related products around the world. The CMC Cometals division markets and distributes worldwide millions of tons per year of ores and minerals, refractories, and chemicals that are key inputs to the steel, aluminum, chemical, and aerospace industries.
Commercial Metals Company is listed on the NYSE under the symbol CMC.
Nui Phao has an offtake agreement with CMC Cometals for the fluorspar produced by the project.
OFFTAKE CONTRACTS