Divestiture of Taas Yuriakh to Sberbank


 

TIDMUEN 
 
RNS Number : 7382C 
Urals Energy Public Company Limited 
19 November 2009 
 

 19 November 2009 
 
 
Urals Energy Public Company Limited 
("Urals" or the "Company") 
 
 
Divestiture of Taas Yuriakh to Sberbank 
 
 
 
 
Urals announces today the signing of the previously approved divestiture 
agreement between Sberbank and Urals in relation to the Company's stake in OOO 
Taas Yuriakhnefegazodobycha ("Taas"). 
 
 
According to the divestiture agreement signed today, Urals has transferred its 
35.3% stake in Taas to OOO Sberbank Capital, a wholly owned subsidiary of OAO 
Sberbank, in return for full discharge of the outstanding portion of the US$500 
million debt that was taken on in connection with Urals' acquisition of Taas in 
November 2007. The transaction is subject to filing which is expected to be 
completed in the next several days. 
 
 
In connection with the transaction, Sberbank is releasing its security interests 
over the shares in Taas owned by Limenitis Holdings (an affiliate of the Ashmore 
Funds), allowing Limenitis to terminate its Put Option Agreement and security 
arrangements with Urals for nil consideration, thereby discharging Urals' 
obligations to Limenitis. Under the divestiture agreement Urals shares owned by 
certain large shareholders, which were pledged to Sberbank in connection with 
the financing, are also being released. 
 
 
Following the completion of the long awaited Sberbank transaction, the Company 
now expects to publish its Annual Report and Accounts and Interim Results, hold 
its AGM and seek the resumption of trading in Urals shares on the AIM market of 
the London Stock Exchange before the year end. 
 
 
Further announcements will be made in due course. 
 
 
Alexei Maximov, CEO, commented: 
 
 
"Today's news is a welcome and long-awaited step in our restructuring efforts 
and allows us to focus on finalising and publishing our annual and interim 
accounts. Thereafter we look forward to requesting the resumption of trading in 
our shares on AIM, dealing with our remaining assets and restructuring our 
outstanding obligations. 
 
 
With all of the Sberbank debt now cleared, Urals can return to focus on 
delivering shareholder growth via our two producing oil assets." 
 
 
 
 
 
 
Enquiries: 
 
 
+-----------------------------------------+---------------------------------------+ 
| Allenby Capital Limited                 | +44 (0)20 3288 5656                   | 
+-----------------------------------------+---------------------------------------+ 
| Rod Venables/James Reeve                |                                       | 
+-----------------------------------------+---------------------------------------+ 
|                                         |                                       | 
+-----------------------------------------+---------------------------------------+ 
| 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 
 
 MSCKVLFFKFBBFBX

Urals Energy (LSE:UEN)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024