12th Aug 2009 13:57
RESULTS OF NOVATEK'S EXTRAORDINARYGENERAL MEETING OF SHAREHOLDERS
OAO NOVATEK (hereinafter "NOVATEK" and/or the "Company") announced today that the Extraordinary General Meeting of Shareholders ("EGM"), held on 7 August 2009, resolved to approve the parameters for several interrelated interested party transactions (loan agreements, credit facility agreements and credit line agreements). The interested party refers to a member of the Board of Directors of NOVATEK who is also the Chairman of the Management Board of OAO Gazprombank.
The resolution provides a framework for the negotiation of potential loan agreements between NOVATEK (the Borrower) and OAO Gazprombank (the Lender). The resolution was necessary to provide OAO Gazprombank the opportunity to participate in future credit agreements if its terms were competitive compared to those of other potential lenders.
Within the framework of the approved transactions the total amount of borrowed funds will not exceed thirty billion Russian rubles, or its equivalent in US dollars or Euros. The maximum per loan amount will not be more than fifteen billion Russian rubles, or its equivalent in US dollars or Euros. Interest on the loans granted under the agreement will be not more than twelve percent per annum for US dollar/Euro loans and not more than nineteen percent for Russian ruble loans. The term of each loan agreement will be five years or less and will include an early repayment option.
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For further information, please visit www.novatek.ru or contact:
| Press Service+7 (495) 721 2207[email protected]
| Investor Relations+7 (495) 730 6020[email protected] |
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OAO NOVATEK is Russia's largest independent gas producer and the second-largest natural gas producer in Russia. Founded in 1994, the Company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. The Company's upstream activities are concentrated in the prolific Yamal-Nenets Region, which is the world's largest natural gas producing area and accounts for over 90% of Russia's natural gas production and 20% of the world's gas production. NOVATEK is an open joint stock company established under the laws of the Russian Federation. The Company's shares are listed on the Russian Trading System (RTS) and the London Stock Exchange (LSE) under the ticker symbol 'NVTK' and on the NASDAQ PORTAL System as Rule 144A GDR under the ticker symbol "NVATY".
Copyright Business Wire 2009
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