Aurora Russia Limited Sale of the Company's holding in Superstroy (5823D)
January 30 2015 - 2:00AM
UK Regulatory
TIDMAURR
RNS Number : 5823D
Aurora Russia Limited
30 January 2015
Aurora Russia Limited (the "Company")
Sale of the Company's holding in Superstroy
The Board of Aurora Russia Limited announces that the Company
has completed a sale of its 24.3% shareholding in Superstroy, held
through the intermediate company, Grindelia Holdings Limited
("Grindelia").
The sale will result in cash proceeds for the Company, net of
expenses, of approximately GBP680,000. The shareholding was valued
at GBP280,000 in the Half Year Statement of Financial Position as
at 30(th) September 2014, reflecting Superstroy's loss-making
position which continued through to its year end of 31(st) December
2014. The Rouble has declined approximately a further 38% against
Sterling since 30(th) September 2014.
The sale of the shareholding has been made after extensive and
intense negotiations. Given the current circumstances prevailing in
the region and specifically at Superstroy, which will clearly
require a substantial restructuring to return to profitability, the
Board believes that the sale proceeds achieved were as good as the
Company could realistically expect to obtain. The former
controlling shareholder of Grindelia sold its majority shareholding
to a company controlled by Superstroy's former general manager some
weeks ago.
Future of the Company
The Board will be reviewing the structure and cost base of the
Company in the light of the Superstroy disposal and the fact that
the Company will now hold one residual investment, a minority
holding in Unistream Bank, a leading Russian money transfer
company.
Unistream continues to perform well in a difficult market and
the Board is determined, working together with its Adviser in
Russia, to maximise the value derived for shareholders from this
important holding. The Board will make a further announcement
following this review.
30 January 2015
For further information please contact:
Gilbert Chalk, Chairman +44 (0) 7768 527973
Numis Securities Limited
Nominated Adviser: Hugh Jonathan +44 (0) 20 7260 1263
Corporate Broking: Nathan Brown +44 (0) 20 7260 1426
This information is provided by RNS
The company news service from the London Stock Exchange
END
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