Last checked at 1 Apr 2022 11:26
DEMERGER UPDATE - PROJECT CANCELATION
1 April 2022 - EVRAZ plc (the "Issuer", the "Company") informs that further to the Company's announcement on 11 March 2022 regarding the suspension of the process of the demerger of its coal assets consolidated under PJSC Raspadskaya (the "Demerger"), the Company wishes to provide an update.
As explained in the Circular to shareholders published on 15 December 2021 (the "Demerger Circular"), completion of the Demerger was subject to the satisfaction of certain conditions. The General Meeting of the Company held on 11 January 2022 approved the Demerger which was conditional on the approval of the directors of the Company. EVRAZ Shareholders voted in favour of the Resolutions having considered the risks and uncertainties described in Part IV (Risk Factors) of the Demerger Circular.
In light of the unprecedented sanctions against Russia and Russian special economic measures in response to sanctions, which were outside of control of the Company, execution of the transaction became technically impossible and the decision has been taken not to proceed with the Demerger.
As a result, EVRAZ Shareholders registered on the EVRAZ Share Register at the Demerger Record Time will not receive their RASP Shares, the RASP Group will not separate from the EVRAZ Group and will continue to form a part of the EVRAZ Group.
As long as the RASP Group remains a part of the EVRAZ Group, the Company's shares will also represent an interest in the RASP Group subject to the Company's listing of shares being restored.
Terms used and not defined in this announcement bear the meanings given in the Demerger Circular.
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For further information:
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Investor Relations:
+7 495 232 1370
+44 207 290 1095
ir@evraz.com
Media Relations:
+7 495 937 6871
+44 207 290 1096
media@evraz.com