Update on Sberbank negotiations and Annual account
24 July 2009 - 4:00PM
UK Regulatory
TIDMUEN
RNS Number : 2128W
Urals Energy Public Company Limited
24 July 2009
Urals Energy Public Company Limited
("Urals Energy" or the "Company")
Update on Sberbank negotiations and Annual accounts
Sberbank Negotiations
Further to the update of 30 June 2009, Urals Energy today announces the
divestiture of Urals' ownership interests in Dulisma and Taas Yuriakh to
Sberbank is progressing. Major terms of the divestiture have been agreed with
Sberbank and completion is now subject to regulatory clearances and certain
third party actions.
The Company has agreed with Limentis Holdings Limited ("Limentis"), a subsidiary
of certain investment funds managed by Ashmore Investment Management Limited,
that Limentis will not exercise its Put Option before the Sberbank loan
restructuring is complete; and will, on completion of the Sberbank loan
restructuring, agree and execute documentation with Urals Energy with a view to
terminating the Put Option.
Financing, NOMAD and Annual Report
Separately from the aforementioned divestiture transaction, Urals Energy
continues to evaluate a number of funding options to alleviate current liquidity
constraints. The Company is working towards the publication of Annual Accounts
which will be announced following the completion of the Sberbank Transaction and
securing of the funding mentioned above. Also the Company will work toward the
appointment of a new Nominated Adviser when the Annual Accounts are issued.
Further announcements will be made in due course.
24 July, 2009
Enquiries:
Pelham +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
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