30th Jun 2009 07:55
Urals Energy Public Company Limited
("Urals Energy" or the "Company") Update on negotiations with Sberbank and associated matters.
Negotiations with Sberbank Urals Energy today announces that efforts in discussions with Sberbank regarding restructuring options for the Company's outstanding loans to the bank have not yielded a mutually agreeable solution beyond the divestiture of assets approved at the Company's shareholder meeting on 26 January 2009, which the Company considers the most feasible in the circumstances. Therefore, the company will be proceeding with the execution of the divestiture of its ownership interests in Dulisma and Taas Yuriakh to Sberbank as expediently as possible, in accordance with the earlier EGM resolution. The Company hopes to conclude the transaction in the near future and will provide a further update as soon as possible. Should there be any material change to this plan a further announcement will be made. The Company also intends to provide a full update on its forward strategy and other divestiture efforts in due course. Annual accounts and suspension of trading in shares on AIM As a consequence of the status of discussions with Sberbank, the Company is considering the basis of preparation of its annual accounts for the year ended 31 December 2008. As a result, the Company will not be able to meet its obligations under AIM Rule 19 to publish its annual audited accounts by the deadline of 30 June 2009. In these circumstances, trading in the Company's shares on AIM will be suspended with immediate effect. The Company expects to be in a position to publish its annual accounts in July 2009.
30 June 2009
Enquiries:
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Morgan Stanley Jon Bathard-Smith Pelham PR |
+44(0)20 7425 8000 |
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Mark Antelme |
+44(0)20 7337 1505 |
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Evgeniy Chuikov |
+44(0)20 7337 1513 |
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Urals Energy Plc