Urals Energy Public Company Limited Update on the EGM (5073Y)

TIDMUEN

RNS Number : 5073Y

Urals Energy Public Company Limited

24 January 2014

 
 Press Release   24 January 2014

Urals Energy PCL

("Urals Energy" or the "Company")

Update on the EGM

Urals Energy (AIM:UEN), the independent exploration and production company with operations in Russia, announces that, in connection with the Extraordinary General Meeting of the Company due to held on 27 January 2014 (the "EGM"), it has today received a notice from Fire East Corporation ("Fire East"), the sole remaining requisitioner of the EGM, withdrawing the request that Maxim Barskiy and Jonathan Kolleck be appointed to the board of directors of the Company (the "Board"). Further, Fire East has requested that the other six proposed resolutions, which seek shareholders' approval to remove the existing members of the Board, are still put to shareholders at the EGM.

The Company notes that were the remaining six resolutions to be approved by shareholders at the EGM then, given that Fire East have not as yet proposed any alternate directors, the Company would be left without any directors on the Board. In this situation, the Company would be forced to seek the immediate suspension of its shares as it would be unable to operate effectively as a quoted company, pending the appointment of a suitably experienced Board.

The Board believes that this reinforces their unanimous recommendation that shareholders vote against all the resolutions proposed by Fire East at the EGM.

- Ends -

For further information, please contact:

 
 Urals Energy Public Company Limited 
 Alexei Maximov, Chief Executive       Tel: +7 495 795 0300 
  Officer 
 Sergey Uzornikov, Chief Financial      www.uralsenergy.com 
  Officer 
 
 
 Allenby Capital Limited 
  Nominated Adviser and Broker 
 Nick Naylor                       Tel: +44 (0) 20 3328 
                                                   5656 
 Alex Price                      www.allenbycapital.com

Media enquiries:

 
 Abchurch 
 Henry Harrison-Topham / Quincy Allan     Tel: +44 (0) 20 7398 
                                                          7702 
 henry.ht@abchurch-group.com            www.abchurch-group.com

This information is provided by RNS

The company news service from the London Stock Exchange

END

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