Urals Energy Public Company Limited Statement re share price movements (4306O)
29 January 2019 - 11:55PM
UK Regulatory
TIDMUEN
RNS Number : 4306O
Urals Energy Public Company Limited
29 January 2019
29 January 2019
Urals Energy Public Company Limited
("Urals Energy", the "Company" or the "Group")
Statement re share price movements
The Board of Urals Energy PCL (AIM: UEN), the independent oil
and gas exploration and production company with operations in
Russia, has noted the recent rises in the Company's share
price.
The Board does not believe that there has been a material change
to the Group's overall operational or working capital position
since the updates provided in the Company's recent announcements,
including those made on 31 December 2018, 27 December 2018 and 22
November 2018. No further repayments have been received for the
outstanding loans that were not authorized by the Board, identified
in the Company's announcement of 22 November 2018, other than the
repayment of the smaller loans which was announced on 27 December
2018 and also the repayment of the loan to Shvets Roman Viktorovich
which has repaid since.
The Board continues to seek solutions to the Group's overall
position, including the Group's constrained working capital
position, which could involve a number of potential transaction
structures. At this stage, the Board does not believe that there
have been any new material developments in respect of such
solutions.
No purchase agreement has been entered into or payment has been
made in respect of the completion of the Group's auction commitment
to purchase a ship, further details of which are included in the
Company's announcement of 17 December 2018.
The Board is aware that the Company's nominated adviser met last
week with the proposed directors (the "Proposed Directors") that
have been proposed by Adler Impex S.A. in its requisition notice to
call an extraordinary general meeting of the Company, which has
been convened to be held at 11:00 a.m. Cyprus time on 22 February
2019 (the "EGM"), further details of which are included in the
Company's announcement of 31 December 2018.
The Board has been informed that the Company's nominated
adviser's due diligence process and suitability considerations in
respect of the Company, the Proposed Directors and Board
independence should the resolutions at the EGM be passed, is
ongoing. There can be no guarantee as to the outcome of the
nominated adviser's due diligence process and suitability
considerations. If the nominated adviser cannot reach a
satisfactory conclusion it will resign and trading in the Company's
shares on AIM will be suspended. If a new nominated adviser is not
appointed within one month of such resignation, then trading in the
Company's shares on AIM will be cancelled.
The Board continue to recommend that shareholders vote against
the resolutions proposed at the EGM for the reasons set out in the
Company's circular dated 28 December 2018, a copy of which can be
viewed on the Company's website, www.uralsenergy.com.
The Company will make further announcements as and when
appropriate.
- Ends -
For further information, please contact:
Urals Energy Public Company Limited
Andrew Shrager, Chairman Tel: +357 22 451686
Leonid Dyachenko, Chief Executive Officer
Allenby Capital Limited
Nominated Adviser and Broker
Nick Naylor / Alex Brearley Tel: +44 (0) 20 3328 5656
www.allenbycapital.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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