Board Changes and Corporate Update


 

TIDMUEN 
 
RNS Number : 5772A 
Urals Energy Public Company Limited 
09 October 2009 
 

Urals Energy Public Company Limited 
 
("Urals Energy" or the "Company") 
 
 
                       Board Changes and Corporate Update 
 
 
 
 
 
Management changes 
 
 The company today announces the resignation of Vyacheslav Ivanov as the CEO 
and Chairman of the Company effective today. Leonid Dyachenko, a Director and 
former CEO of the Company, has assumed the duties as Interim CEO and Executive 
Chairman with immediate effect.  The Company's Board of Directors (the "Board") 
expects to be able to announce the appointment of a permanent CEO shortly. 
 
 
Strategy 
 
 
Notwithstanding the changes in the senior management of the Company, the Board 
has confirmed that it is resolute in carrying out the Company's existing 
long-term strategy and will continue to operate the remaining assets of the 
Company after closing of the transaction previously announced with Sberbank and 
will consider other strategic options in the future. 
 
Sberbank Negotiations 
 
 
Further to the update of 18 September 2009, the Company is awaiting the closing 
of the deal with Sberbank over the settlement of the remaining portion of the 
US$500million loan, which is expected to occur in the near term. 
 
Annual 
Report and Accounts and Interim Report 
 
 The Annual Report and Accounts for the year ended 31 December 2008 and the 
Interim Report for the period ended 30 June 2009 will be published following 
completion of the transaction with Sberbank and the completion of certain other 
refinancing arrangements. Until publication of the Report and Accounts and the 
Interim Report, trading in the Company's shares on AIM will remain suspended. In 
the event that the Annual Report and Accounts are not published by 31 December 
2009, the Company will be delisted. 
 
 
Leonid Dyachenko, Chairman, commented: 
 
"I would like to thank Vyacheslav Ivanov for his hard work and efforts in 
negotiating the Sberbank deal and keeping up operations of the Company's assets 
under difficult circumstances. On behalf of the Board and the Company I would 
like to wish him all the best and success in his future endeavors. 
 
 
"The directors of Urals are determined to continue its current strategy and 
restore the Company's listing on AIM. We hope to provide shareholders with a 
further update shortly." 
 
 
 
 
 9 October 2009 
 
Enquiries: 
 Allenby Capital Limited +44 (0)20 7510 
8600 
 Rod Venables 
 
 Pelham PR +44 (0)20 7337 1500 
 Mark Antelme 
 
 Evgeniy Chuikov 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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