9 Oct 2009 17:41
Urals Energy Public Company Limited
("Urals Energy" or the "Company")
Management changes
The company today announces the resignation of Vyacheslav Ivanov as the CEO and Chairman of the Company effective today. Leonid Dyachenko, a Director and former CEO of the Company, has assumed the duties as Interim CEO and Executive Chairman with immediate effect. The Company's Board of Directors (the "Board") expects to be able to announce the appointment of a permanent CEO shortly.
Strategy
Notwithstanding the changes in the senior management of the Company, the Board has confirmed that it is resolute in carrying out the Company's existing long-term strategy and will continue to operate the remaining assets of the Company after closing of the transaction previously announced with Sberbank and will consider other strategic options in the future.
Sberbank Negotiations
Further to the update of 18 September 2009, the Company is awaiting the closing of the deal with Sberbank over the settlement of the remaining portion of the US$500million loan, which is expected to occur in the near term.Annual Report and Accounts and Interim Report
The Annual Report and Accounts for the year ended 31 December 2008 and the Interim Report for the period ended 30 June 2009 will be published following completion of the transaction with Sberbank and the completion of certain other refinancing arrangements. Until publication of the Report and Accounts and the Interim Report, trading in the Company's shares on AIM will remain suspended. In the event that the Annual Report and Accounts are not published by 31 December 2009, the Company will be delisted.
Leonid Dyachenko, Chairman, commented:
"I would like to thank Vyacheslav Ivanov for his hard work and efforts in negotiating the Sberbank deal and keeping up operations of the Company's assets under difficult circumstances. On behalf of the Board and the Company I would like to wish him all the best and success in his future endeavors.
"The directors of Urals are determined to continue its current strategy and restore the Company's listing on AIM. We hope to provide shareholders with a further update shortly."
9 October 2009Enquiries: Allenby Capital Limited +44 (0)20 7510 8600 Rod Venables Pelham PR +44 (0)20 7337 1500 Mark Antelme Evgeniy Chuikov