Divestiture of Taas Yuriakh to Sberbank
November 19 2009 - 2:00AM
UK Regulatory
TIDMUEN
RNS Number : 7382C
Urals Energy Public Company Limited
19 November 2009
19 November 2009
Urals Energy Public Company Limited
("Urals" or the "Company")
Divestiture of Taas Yuriakh to Sberbank
Urals announces today the signing of the previously approved divestiture
agreement between Sberbank and Urals in relation to the Company's stake in OOO
Taas Yuriakhnefegazodobycha ("Taas").
According to the divestiture agreement signed today, Urals has transferred its
35.3% stake in Taas to OOO Sberbank Capital, a wholly owned subsidiary of OAO
Sberbank, in return for full discharge of the outstanding portion of the US$500
million debt that was taken on in connection with Urals' acquisition of Taas in
November 2007. The transaction is subject to filing which is expected to be
completed in the next several days.
In connection with the transaction, Sberbank is releasing its security interests
over the shares in Taas owned by Limenitis Holdings (an affiliate of the Ashmore
Funds), allowing Limenitis to terminate its Put Option Agreement and security
arrangements with Urals for nil consideration, thereby discharging Urals'
obligations to Limenitis. Under the divestiture agreement Urals shares owned by
certain large shareholders, which were pledged to Sberbank in connection with
the financing, are also being released.
Following the completion of the long awaited Sberbank transaction, the Company
now expects to publish its Annual Report and Accounts and Interim Results, hold
its AGM and seek the resumption of trading in Urals shares on the AIM market of
the London Stock Exchange before the year end.
Further announcements will be made in due course.
Alexei Maximov, CEO, commented:
"Today's news is a welcome and long-awaited step in our restructuring efforts
and allows us to focus on finalising and publishing our annual and interim
accounts. Thereafter we look forward to requesting the resumption of trading in
our shares on AIM, dealing with our remaining assets and restructuring our
outstanding obligations.
With all of the Sberbank debt now cleared, Urals can return to focus on
delivering shareholder growth via our two producing oil assets."
Enquiries:
+-----------------------------------------+---------------------------------------+
| Allenby Capital Limited | +44 (0)20 3288 5656 |
+-----------------------------------------+---------------------------------------+
| Rod Venables/James Reeve | |
+-----------------------------------------+---------------------------------------+
| | |
+-----------------------------------------+---------------------------------------+
| Pelham PR | +44 (0)20 7337 1500 |
+-----------------------------------------+---------------------------------------+
| Mark Antelme | |
+-----------------------------------------+---------------------------------------+
| Evgeniy Chuikov | |
+-----------------------------------------+---------------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCKVLFFKFBBFBX
Urals Energy (LSE:UEN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Urals Energy (LSE:UEN)
Historical Stock Chart
From Jul 2023 to Jul 2024