Announcement of Board and Executive Changes
April 29 2009 - 2:00AM
UK Regulatory
TIDMUEN
RNS Number : 3274R
Urals Energy Public Company Limited
29 April 2009
Urals Energy Public Company Limited
("Urals Energy" or the "Company")
Announcement of Board and Executive Changes
Urals Energy today announces an addition to the composition of its Board of
Directors (the "Board") and a change in its senior management.
Board Changes
The Board of Urals Energy today is pleased to announce it has elected Vyacheslav
Ivanov as a member of the Board, appointing him with immediate effect as
Chairman of the Board and the Company's Chief Executive. Mr Dyachenko who was
previously Chairman and Chief Executive will remain on the Board as
Non-Executive Director. In addition the Board continues discussions with a
potential additional non-executive director to further strengthen the Board
composition. Further announcements will be made in the due course if
appropriate.
Mr. Ivanov has extensive experience in the Russian oil & gas and financial
sectors. During his long career he has held senior positions at Lukoil and DB
Petroleum and was also Managing Director of Corporate Finance at Uralsib and
Director of the oil & gas practice at Troika Dialog. Mr. Ivanov is familiar with
all of the Company's operations and since 2005 has led majority of the Company's
efforts in the areas of acquisitions and business development.
The strengthening of the Board is aimed at assisting the Company with the
completion of its debt restructuring efforts. Having considered its strategic
options and in order to achieve the best value for shareholders, the Board now
intends to explore a number of options beyond the stated asset
divestiture, including preserving the listing and recapitalising the Company.
The Board strongly believes in the attractiveness of the East Siberian oil
province and the Company's established position in the region. The Board is in
discussion with Sberbank regarding the aforementioned options and will update
the market in due course.
Leonid Dyachenko, the retiring Chief Executive Officer, said:
"We welcome Vyacheslav Ivanov to the Board of the Company. He has significant
experience in the Russian energy and financial markets. Mr. Ivanov is intimately
familiar with the Company's operations, finances and history and will be able to
bring a fresh perspective to guide us through these difficult times ".
Mr. Ivanov, the incoming Chairman, commented:
"I am confident that the new and strengthened Board will be able to move Urals
Energy toward achieving value for the benefit of all shareholders. We want to
thank Mr. Dyachenko for his service in keeping the Company stable in the recent
past. He will continue to assist through his valuable advice and counsel on the
Board of Directors".
29 April 2009
Enquiries:
+-------------------------+----------+---------------------------------------+
| Pelham PR | | |
+-------------------------+----------+---------------------------------------+
| Mark Antelme | | +44(0)20 7337 1505 |
+-------------------------+----------+---------------------------------------+
| Evgeniy Chuikov | | +44(0)20 7337 1513 |
+-------------------------+----------+---------------------------------------+
The following information is disclosed pursuant to Schedule 2(g) of the AIM
Rules:
Vyacheslav Ivanov is aged 39 and has no previous names. Mr Ivanov has held no
other directorships in last five years. He has previously held positions with
Urals Energy and other Russian enterprises engaged in the energy business.
Mr. Ivanov holds directly and beneficially 310,000 shares of Urals Energy. In
respect of Mr Ivanov, there is no other information required to be disclosed
pursuant to Schedule 2(g) of the AIM Rules.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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