Appointment of CEO
05 November 2009 - 2:50AM
UK Regulatory
TIDMUEN
RNS Number : 9739B
Urals Energy Public Company Limited
04 November 2009
4 November 2009
Urals Energy Public Company Limited
("Urals" or the "Company")
Appointment of CEO
Urals is pleased to announce today the appointment of Alexei Maximov to the
Board of Directors (the "Board") and as the new CEO of the Company with
immediate effect. Leonid Dyachenko will remain on the Board and continue his
role as the Company's Executive Chairman.
Alexei Maximov, 50, is one of the founding shareholders of the group that became
Urals Energy. He holds a BA in Economics and a MBA and has a background in
venture capital, direct investments and turnaround situations in both Russia and
the USA. During the period 2001 to 2005 Mr Maximov was involved with certain M&A
activities of the Urals Group. He has followed closely the development of Urals
and has a keen understanding of the challenges which the Company now faces.
As stated in the 9 October Press announcement, the Company continues to work on
its long-term strategy and intends to operate the remaining assets of the
Company after completion of the previously announced Sberbank transaction. The
closing of the Sberbank deal is dependent on third party approvals. Whilst the
Directors anticipate these third party approvals in the coming weeks, they are
also examining whether the 2008 annual and 2009 interim reports could be
published and trading of its shares on AIM could be resumed ahead of completion
of the Sberbank transaction. The Directors also reiterate the terms of the
agreement with Limenitis announced on 24 July 2009 whereby the Limenitis' Put
Option will be terminated on completion of the Sberbank transaction for nil
consideration.
Leonid Dyachenko, Chairman, commented:
"I am pleased to announce Alexei's appointment as the new CEO. The Directors
believe his experience and knowledge of the company will prove beneficial in
completing our loan restructuring and taking the company forward. We look
forward to his contribution."
Alexei Maximov, CEO, commented:
"I recognize the challenges that the company is facing in its present situation
and am confident that by taking a prudent and commercial approach the Board will
succeed in bringing the company to the next level.
I believe that currently the company needs to return to basics, finalise the
imminent deal with Sberbank, cut costs, optimize existing operations,
restructure its other existing obligations and cautiously explore emerging
growth opportunities. In addition, we are aware of the concerns of the
shareholders and are planning to address these within the shortest period of
time.
I would like to thank Mr. Dyachenko and the Board for their support"
Mr Maximov is or has been a director of the following companies within the past
five years:
Current directorships
Rosarium Plantations Limited
There is no further information required to be disclosed by Schedule 2 (g) of
the AIM Rules.
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
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