Urals Energy Plc Regulatory News (UEN)

21 Dec 2005 07:00

Urals Energy Public Company Limited21 December 2005 FOR IMMEDIATE RELEASE: 21 December 2005 Urals Energy Public Company Limited Financing Update and Shareholder Meeting Subordinated Loan Signed Urals Energy Public Company Limited (the "Company") announces that on December19, 2005 it signed a five year $12 million subordinated loan agreement with BNPParibas. This financing transaction is expected to close in mid-January. Theloan is a general corporate obligation following the $100 million BNP Paribasrevolving senior loan facility announced on 15 November. The loan pays quarterlyinterest at a rate of LIBOR plus 500 basis points. As part of the loan terms, the Company has agreed to issue to BNP Paribasnon-tradable warrants to purchase up to 2 million shares in the Company over afive year period ending on 10 November 2010. The warrants are priced at 303.37pence, a 20% premium to the Company's volume weighted price between November 18and December 15. Shareholder Meeting The issuance of warrants to BNP Paribas is subject to the approval of theCompany's shareholders at an Extraordinary General Meeting (the "EGM") to beheld on January 16, 2005. At the EGM, the Company will also seek approval to increase its authorized sharecapital and the authority to issue shares on a non pre-emptive basis in certaincircumstances. A proxy statement detailing the resolutions to be put to the meeting will besent to all shareholders of record as of 20 December 2005. Dinyu Financial Information Further to the Company's announcement of the closing of the acquisition of OOODinyu on 15 November, management has assessed that for the period ended 30 June2005 Dinyu would have contributed approximately $12.6 million in gross revenues,$10.0 million in net revenues and $3.4 million in EBITDA, all on a consolidatedIFRS basis. More financial information related to Dinyu will be provided at thetime of the Company's release of its 2005 audited annual report in March 2006. -ends- Pelham PRJames Henderson 020 7743 6673Gavin Davis 020 7743 6677 This information is provided by RNS The company news service from the London Stock Exchange