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20 Apr 2016 09:14
20 April 2016
IRC Update
Petropavlovsk PLC (the "Company") wishes to highlight an update published yesterday by IRC Limited ("IRC" or together with its subsidiaries the "IRC Group"), a producer and developer of industrial commodities in which the Company is a significant shareholder.
As previously announced by IRC, the IRC Group has been in discussions with ICBC and China Export and Credit Insurance Corporation regarding waivers in respect of the IRC Group's project finance facility with ICBC. This included the obligations to maintain certain cash deposits with ICBC, and the obligations of IRC Group and Petropavlovsk PLC (as its guarantor) to comply with certain financial covenants. On 19th April 2016, IRC announced that ICBC has granted the waivers, subject to the fulfilment of certain conditions precedent. The waivers will become effective immediately upon fulfilment of the conditions precedent.
The waiver from the obligations of IRC Group and Petropavlovsk PLC to comply with certain financial covenants will be effective up to and including 31 December 2017, whilst the waiver from IRC Group's obligation to maintain cash deposits of c.US$26 million with ICBC will cover the period from 20 June 2016 to 30 June 2018 (both dates inclusive).
IRC is now working with all parties involved to ensure that all conditions precedent can be fulfilled and will make further announcement in due course.
The full announcement can be read on the IRC website, www.ircgroup.com.hk.
Enquiries
Petropavlovsk PLC
Alya Samokhvalova
Grace Hanratty
+44 (0) 20 7201 8900
Maitland
Neil Bennett
James Isola
+44 (0) 20 7379 5151
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