Aurora Russia Limited Disposal of Unistream (8511J)
December 22 2015 - 4:40AM
UK Regulatory
TIDMAURR
RNS Number : 8511J
Aurora Russia Limited
22 December 2015
22 December 2015
Aurora Russia Limited (the "Company")
Disposal of Unistream
The Company announces that it has entered into sale arrangements
relating to its one residual investment, a minority interest in
Unistream Commercial Bank (SC). The Company expects total proceeds
of USD 4.975 million in cash. It is intended that the sale process
will be completed by no later than 31 December 2015 (the
"Completion Date").
In accordance with the statement accompanying the recent notice
of the Company's AGM, the Board intends as soon as reasonably
practicable following the Completion Date to convene an
extraordinary general meeting (the "EGM") to consider proposals to
include, inter alia, measures to facilitate the distribution to
Shareholders of substantially all of the Company's net realised
cash, in a cost effective, tax efficient and timely manner.
The Board currently intends to effect the distribution of cash
by placing the Company into a members' voluntary liquidation (the
"Liquidation") and it is estimated that approximately GBP 4.5
million would be available to fund an initial distribution to
Shareholders under the Liquidation, from which the liquidators
would be expected to hold back a modest liquidation reserve.
However, the Board reserves the right to put forward a proposal
other than the Liquidation in order to secure an enhanced return
for the Company's shareholders, for example through a corporate
transaction to raise value from the Company as an AIM-traded shell,
but only if the distribution of substantially all of the Company's
net realised cash is effective by no later than 31 March 2016.
Enquiries:
Aurora Russia Limited
Gilbert Chalk
+44 (0)7768 527 973
Numis Securities Limited
+44 (0)20 7260 1000
Nominated Adviser: Hugh Jonathan
Corporate Broking: Nathan Brown
This information is provided by RNS
The company news service from the London Stock Exchange
END
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