Last checked at 27 Mar 2019 10:00
EXERCISE OF PUT OPTION IN RESPECT OF YUZHNIY GOK SHARES
EVRAZ plc ("EVRAZ", the "Company" and together with its subsidiaries, the "Group") announces today that Evraz Group S.A. ("EGSA"), its fully owned subsidiary, decided to execute the put option in respect of Yuzhniy GOK shares ("Transaction").
Transaction Highlights
According to the put option agreement, EGSA will sell 17,002,250 shares in PJSC "Yuzhniy GOK" to Lanebrook Limited ("Lanebrook") for US$32,304,275.
17,002,250 shares represent approximately 1% ownership interest in Yuzhniy GOK.
Transaction allows the Company to sell a minority stake in the non-core asset on favorable terms.
Pursuant to UK Listing Authority ("UKLA") Listing Rule 11.1.4R, Lanebrook Limited is classified as a related party of EVRAZ, due to its direct shareholders also being substantial shareholders in the Company. The Transaction, therefore, constitutes a smaller related party transaction as defined under UKLA Listing Rule 11.1.10R and EVRAZ has accordingly obtained a written confirmation from a sponsor that the terms of the transaction are fair and reasonable as far as shareholders of EVRAZ are concerned.
Background
Lanebrook Limited and EGSA have entered into Put Option Agreement dated 8 December 2017 for 100% of the Nafkratos Limited shares whereby Lanebrook has irrevocably granted to EGSA a put option, exercisable by EGSA and permitting EGSA to sell to Lanebrook, and to require Lanebrook to purchase 100% of Nafkratos Limited shares.
For further information:
Media Relations:
London: +44 207 832 8998
Moscow: +7 495 937 6871
media@evraz.com
Investor Relations:
London: +44 207 832 8990
Moscow: +7 495 232 1370
ir@evraz.com