12 Sep 2008 13:55
PRESS RELEASE
Moscow, 12 September 2008. JSC "Acron" has announced that the third tranche of 280,000 common shares in Open Joint Stock Company "Silvinit" held by JSC "Acron" have been released from the custody of Sberbank.
In May 2008, Sberbank of Russia extended a RUB 13,441 million non-revolving credit facility to Acron for a period of 7 years.
The purpose of the facility was to extend financing to Limited Liability Company "Verkhnekamskaya Potash Company", a subsidiary of JSC "Acron", to cover payments and charges associated the exploration and development of the Talitsky lot of the Verkhnekamsky potash deposit (Perm region) under the terms of the subsoil license. To secure the facility, JSC "Acron" pledged 634,000 shares in Open Joint Stock Company "Silvinit", which represents 8.1 per cent of the common stock of the latter.
Background
Open Joint Stock Company "Silvinit" is one of the leading Russian potash companies. It is a strategic supplier of potash input for JSC "Acron"'s Russian operations. JSC "Acron" owns a minority stake of 6.08 per cent in the authorized share capital of Open Joint Stock Company "Silvinit" (or 8.1 per cent of its voting shares).
For Further Information:
Acron
Elena Kochubey - Tel: +7 (495) 777 08 65
Head of Corporate Communications
Merlin Tel: + 44 207 653 6620
Leonid Fink
Charles O'Brien
Anastasia Ivanova
Notes to editors
JSC "Acron" is a leading Russian and global mineral fertiliser producer with a diversified product portfolio consisting of multi-nutrient fertilisers such as NPK and bulk blends, and straight nitrogen-based products such as urea, ammonium nitrate and UAN. In 2007, the Acron group's total fertiliser sales volume was 4.4 million tonnes. The Acron group's key markets are Russia, China and other fast growing developing markets of South Asia, Latin America and former Soviet Union.
The Acron group employs over 12,000 people in Russia and China. In 2007 the Acron group's consolidated revenues under IFRS were RUR 31,105 million (US$ 1,267 million), and net income was RUR 5,668 million (US$ 231 million), and for the three months ended 31 March 2008 consolidated revenues under IFRS were RUR 11,661 million (US$ 496 million) and net income was RUR 3,963 million (US$ 169 million). Ordinary shares in JSC "Acron" are listed and traded on the MICEX, RTS and LSE stock exchanges under the symbol "AKRN".
The Acron group has three production facilities - JSC "Acron" (Veliky Novgorod, Russia), JSC "Dorogobuzh" (Smolensk Region, Russia) and Hongri Acron (Shandong Province, China). The Acron group's logistics and transportation capabilities include its own fleet of railway cars and three sea port trans-shipment facilities on the Baltic Sea - at the Kaliningrad port of Russia, at the Estonian Sillamäe port and at the Estonian Tallinn port. The Acron group operates distribution networks in Russia and China.
JSC "Acron" plans to enhance its vertical integration and secure supplies of phosphate and potash inputs through the development of its own mineral resource base. The Acron group owns licences to develop two apatite-nepheline ore deposits in the Murmansk region and a potassium-magnesium salts deposit in the Perm region (both located in Russia).
AKRN.L (AKRN)