22nd Dec 2015 09:52
LONDON (Alliance News) - Aurora Russia Ltd on Tuesday said it has agreed to sell its one residual investment, a minority interest in Unistream Commercial Bank, for about USD5.0 million, and the company plans to distribute substantially all its net realised cash to shareholders.
The sale process is expected to complete no later than December 31, Aurora Russia said.
Aurora Russia said it currently intends to effect the distribution of cash by placing the company into a members' voluntary liquidation.
It is estimated that about GBP4.5 million will be available to fund an initial distribution under the liquidation.
"However, the board reserves the right to put forward a proposal other than the liquidation in order to secure an enhanced return for the company's shareholders, for example through a corporate transaction to raise value from the company as an AIM-traded shell, but only if the distribution of substantially all of the company's net realised cash is effective by no later than March 31, 2016," Aurora Russia said.
Shares in Aurora Russia were up 18% at 10.75 pence on Tuesday.
By Samuel Agini; [email protected]; @samuelagini
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