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22 Jun 2010 15:15
June 22, 2010
AVANGARDCO INVESTMENTS PUBLIC LIMITED
OFFICIAL STATEMENT REGARDING VTB BANK PRESS RELEASE
KYIV, UKRAINE - AVANGARDCO INVESTMENTS PUBLIC LIMITED (the "Company" or "Avangard"), one of the leading agro-industrial companies in Ukraine, acknowledges the statement made by VTB Bank on 21 June 2010 and provides the following clarification.
Avangard and its subsidiaries have no outstanding loans issued by VTB Bank.
In 2007, one of the subsidiaries of Avangard entered into Collateral Security Agreement with VTB Bank for the amount of UAH 39.2 million (USD 4.9 million at the exchange rate of 7.91 UAH/$ as of 22.06.2010). The collateral is reflected in the consolidated audited financial statements for 2009. As of today, Avangard has some disagreements with VTB Bank regarding the existing Agreement and it is taking all legal measures available under Ukrainian law to resolve the dispute.
It should be additionally stated that the amount of the collateral security is insignificant compared to the size of Avangard's business and even in the unlikely scenario that Avangard would have to cover for the outstanding liability of the related third party towards VTB Bank under the Collateral Security Agreement, it will not affect Avangard's business or results of operations.
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For further information please contact:
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Financial Dynamics London Ben Foster Marc Cohen
+44 20 7831 3113
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Financial Dynamics Moscow Leonid Solovyev Oleg Leonov
+7 495 795 06 23
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