Notice of EGM (9541X)
December 14 2010 - 11:30AM
UK Regulatory
TIDMUEN
RNS Number : 9541X
Urals Energy Public Company Limited
14 December 2010
14 December 2010
Urals Energy Public Company Limited
('Urals Energy' or the 'Company')
Notice of EGM
Urals Energy, the Russian focused oil & gas exploration and
production company, announces that a notice convening an EGM, to be
held at 11:00 a.m. on 30 December 2010 at the registered office of
the Company at Evagoras Building, Office 34, 3rd floor, 31 Evagorou
Avenue, Nicosia, CY-1066, Cyprus (the "EGM") is being posted to
shareholders today.
The Company is looking to undertake a capital raising to provide
it with additional funds to further enhance the development of its
business (the "Proposed Capital Raising"). The Proposed Capital
Raising will be effected by means of a placing of up to 65,000,000
new ordinary shares in the Company with a nominal value of
US$0.0063 each (the "Placing Shares") at a placing price to be
determined.
The directors of the Company (the "Directors") have convened the
EGM at which shareholders will be asked to consider and, if thought
fit, pass the resolutions proposed at the EGM (the "Resolutions").
If progressed the Proposed Capital Raising will be conditional,
inter alia, on the admission of the Placing Shares issued pursuant
to the Proposed Capital Raising to trading on AIM, a market
operated by the London Stock Exchange plc, ("Admission").
In order to prepare for the Proposed Capital Raising and to
allow the Company to undertake the Proposed Capital Raising
quickly, the Directors believe it to be prudent for Shareholders to
give the Directors the necessary authority to issue the Placing
Shares.
The Directors believe that there is an opportunity to raise
funds from a small number of institutional and other investors at
the present time. The Directors have therefore decided to seek
authority to issue the Placing Shares to allow a fundraising by way
of the Placing following a limited and targeted marketing exercise,
rather than by offering all Shareholders the opportunity to acquire
further shares. The Directors believe that the additional cost and
delay incurred in connection with any such offer to shareholders
(including, inter alia, the need to have any offer document
approved by relevant regulatory authorities) would not be in the
best interests of the Company.
The net proceeds of any Proposed Capital Raising will be used to
provide the Company with additional working capital and assist the
Company in developing its operations at Arcticneft and Petrosakh.
Enquiries:
Urals Energy Public Company Limited +7 495 795 03 00
------------------------------------- --------------------
Alexei Maximov
------------------------------------- --------------------
Grigory Kazakov
------------------------------------- --------------------
Allenby Capital Limited +44 (0)20 3328 5656
------------------------------------- --------------------
Nick Naylor
Alex Price
------------------------------------- --------------------
Pelham Bell Pottinger +44 (0)20 7861 3232
------------------------------------- --------------------
Mark Antelme
------------------------------------- --------------------
Jenny Renton
------------------------------------- --------------------
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
NOEEAKALFFKEFFF
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
