Notice of AGM

8 May 2006 07:01

Urals Energy Public Company Limited08 May 2006 For Immediate Release Urals Energy Public Company Limited Announcement of Annual General Shareholders Meeting Urals Energy Public Company Limited ("Urals Energy" or the "Company") AIM:UENannounces that it will hold its 2006 Annual Shareholders Meeting at 10:00 am on1 June 2006 in London, England. As previously announced on 18 April 2006, Urals Energy has signed a definitiveSales and Purchase Agreement for the $148 million acquisition of theDulisminskoye field together with the LTK transportation facilities, all locatedin the Irkutsk region of Eastern Siberia. The acquisition is expected to closein June 2006. As indicated in the 18 April 2006 announcement, in order tofinance the transaction, the Company intends to undertake a private placement ofnew ordinary shares to selected institutional investors to be arranged by MorganStanley Securities Limited. To conduct the private placement as currently envisaged, Urals Energy isproposing and has recommended approval of certain actions at its Annual GeneralShareholders Meeting, including seeking approval to increase its authorizedshare capital and to disapply the pre-emption rights in relation to a specifiednumber of ordinary shares of Urals Energy, including the shares to be issued inthe private placement. Further information on the Company's fundingrequirements and financing plans relating to the acquisition, as well as furtherinformation on the Dulisma/LTK acquisition, will be provided in due course. Other resolutions to be considered at the Annual General Meeting include theapproval of the annual audited accounts, the election of certain directors andother matters recommended by the Board of Directors. A proxy statement describing in detail the resolutions to be voted on at themeeting is being mailed to all shareholders of record as of 8 May 2006 and isnow available via the Company's website: www.uralsenergy.com. ***** This Announcement is not a solicitation or offer to subscribe for shares inUrals Energy and is being made solely for the purpose of announcing the AnnualGeneral Meeting and the matters to be brought before the shareholders of UralsEnergy This information is provided by RNS The company news service from the London Stock Exchange