8th Jul 2014 10:24
LONDON (Alliance News) - Urals Energy PLC Tuesday said Adler Impex SA has significantly increased its shareholding in the company after buying shares on July 3.
Adler represents the interests of Roman Shvets, a Russian banker and industrialist with investments in the oil sector.
The Russia-focused oil and gas exploration and production company said that Adler Impex now holds 112.6 million shares in Urals, an increase to 44.59% of its total share capital, from 25.08% previously.
Shvets could not immediately comment on the stake increase to Alliance News, but Urals said that Adler Impex remains supportive of its management and strategy.
In June, Urals said it swung to a net loss of USD273,000 in 2013 as a jump in operating profit levels were offset by foreign currency losses as the US dollar strengthened against the Russian rouble during the year.
The company faced a possible vote against its board in January 2014 as its two biggest shareholders, Fire East Corp and Alpcot Capital Management Ltd, launched the attempt to remove all board members because they said the company is underperforming.
At an extraordinary general meeting on January 27, 67.02% of shareholders rejected all six resolutions calling to oust the board.
Alpcot Capital Management since has sold all of its shareholding in the company and Torbjorn Ranta, the representative of Alpcot on the company's board, subsequently resigned.
Urals Energy shares were up 7.8% to 4.98 pence, putting it amongst the top AIM All-Share risers on Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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