Urals Energy Plc Regulatory News (UEN)

4 Nov 2009 15:50



4 November 2009

Urals Energy Public Company Limited

("Urals" or the "Company")

Appointment of CEO

Urals is pleased to announce today the appointment of Alexei Maximov to the Board of Directors (the "Board") and as the new CEO of the Company with immediate effect. Leonid Dyachenko will remain on the Board and continue his role as the Company's Executive Chairman. 

Alexei Maximov, 50, is one of the founding shareholders of the group that became Urals Energy. He holds a BA in Economics and a MBA and has a background in venture capital, direct investments and turnaround situations in both Russia and the USA. During the period 2001 to 2005 Mr Maximov was involved with certain M&A activities of the Urals Group. He has followed closely the development of Urals and has a keen understanding of the challenges which the Company now faces. 

As stated in the 9 October Press announcement, the Company continues to work on its long-term strategy and intends to operate the remaining assets of the Company after completion of the previously announced Sberbank transaction. The closing of the Sberbank deal is dependent on third party approvals. Whilst the Directors anticipate these third party approvals in the coming weeks, they are also examining whether the 2008 annual and 2009 interim reports could be published and trading of its shares on AIM could be resumed ahead of completion of the Sberbank transaction. The Directors also reiterate the terms of the agreement with Limenitis announced on 24 July 2009 whereby the Limenitis' Put Option will be terminated on completion of the Sberbank transaction for nil consideration.

Leonid Dyachenko, Chairman, commented:

"I am pleased to announce Alexei's appointment as the new CEO. The Directors believe his experience and knowledge of the company will prove beneficial in completing our loan restructuring and taking the company forward. We look forward to his contribution."

Alexei Maximov, CEO, commented:

"I recognize the challenges that the company is facing in its present situation and am confident that by taking a prudent and commercial approach the Board will succeed in bringing the company to the next level.

I believe that currently the company needs to return to basics, finalise the imminent deal with Sberbank, cut costs, optimize existing operations, restructure its other existing obligations and cautiously explore emerging growth opportunities. In addition, we are aware of the concerns of the shareholders and are planning to address these within the shortest period of time.

I would like to thank Mr. Dyachenko and the Board for their support"

Mr Maximov is or has been a director of the following companies within the past five years:

Current directorships

Rosarium Plantations Limited

There is no further information required to be disclosed by Schedule 2 (g) of the AIM Rules.

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