18th Feb 2019 14:53
18 February 2019
Volga Gas plc
("Volga Gas", the "Company" or the "Group")
Proposed appointment of an alternate director
The Company announces that four employees of Baring Vostok, including Michael Calvey, a senior partner of Baring Vostok Capital Partners and a non-executive director of Volga Gas, have been arrested and detained at the order of a Moscow district court. Baring Vostok believes the charges against the four persons are related to an ongoing commercial dispute between shareholders of Russia's Vostochny Bank. These law enforcement actions are not related to the activities of Volga Gas, and both Volga Gas and Baring Vostok continue to operate as usual.
However, as Mr Calvey will be temporarily unable to fulfil his duties as a director of Volga Gas, the Company is liaising with Baring Vostok Capital Partners on the nomination and appointment of an alternate. The remainder of the Board supports and has agreed to the appointment of an alternate.
A proposed alternate has been identified by Baring Vostok Capital Partners. His appointment will be confirmed and announced on the successful completion of all regulatory checks by the Company's nominated adviser.
For further information, please contact:
Volga Gas plc |
|
Andrey Zozulya, Chief Executive Officer Vadim Son, Chief Financial Officer Tony Alves, Investor Relations Consultant | +7 (903) 385 9889 +7 (905) 381 4377 +44 (0) 7824 884 342 |
S.P. Angel Corporate Finance LLP | +44 (0) 20 3470 0470 |
Richard Redmayne, Richard Morrison, Richard Hail | |
FTI Consulting | +44 (0) 20 3727 1000 |
Alex Beagley, Fern Duncan |
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