7 Mar 2014 07:00
Ruspetro plc
7 March 2014
Ruspetro plc ("Ruspetro" or the "Company")
Amendment to the Option Agreement with Sberbank Capital
London, 7 March 2014: Ruspetro plc (LSE: RPO) announces that the Company and Sberbank Capital LLC have agreed to amend the terms of the Option Agreement with Sberbank Capital as follows:
(i) The Put Exercise Period has been deferred and is now exercisable between 30 April 2015 to 29 April 2016 inclusive, previously exercisable between 24 January 2014 and 24 January 2015; and
(ii) The Put Exercise Price has been amended to 121.94p per share (being the IPO offer price of 134p per share less 9%) from 107.2p previously.
The Option agreement was initially signed on 2 December 2011, prior to the Company's initial public offering, giving Sberbank Capital the right to sell to the Company 10,362,632 ordinary shares at an exercise price of 107.2p per share (the IPO offer price per share less 20%).
If the amended Option Agreement is exercised by Sberbank Capital, the Company will be required to purchase such shares for a total consideration of £12,636,193.46. The Company recorded a non-current liability of US$15.0 million as of 30 June 2013.
The Company's call option on these shares expired unexercised on 24 April 2013.
About Ruspetro
Ruspetro plc is an independent oil & gas development and production company, listed on the premium segment of the London Stock Exchange (LSE: RPO). The Company's operations are located on three contiguous licence blocks in the middle of the Krasnoleninsk Arch in Western Siberia. Ruspetro assets include proved and probable (2P) reserves of over 1.8 billion barrels of oil equivalent.
Enquiries
Investors / Analyst enquiriesDaniel Barcelo, Ruspetro+44 207 318 1263
Twitter: @ruspetroplc
Media enquiriesNatalia Erikssen - FTI Consulting
+44 207 831 3113