Aurora Russia Limited AGM Statement (8006G)
November 24 2015 - 8:29AM
UK Regulatory
TIDMAURR
RNS Number : 8006G
Aurora Russia Limited
24 November 2015
Aurora Russia Limited (the "Company")
Annual General Meeting
The Company has today published notice of its annual general
meeting (the "AGM") to be held at 11.30 a.m. on Wednesday, 23
December 2015 at the registered office of the Company, Ground
Floor, Dorey Court, Admiral Park, St. Peter Port, Guernsey. The
notice and a covering circular will be posted to all shareholders
shortly and they are also available for download at
www.aurorarussia.com.
The Company is obliged under its articles of incorporation to
propose at the AGM that the life of the Company be continued (the
"Continuation Resolution"). If the Continuation Resolution is not
passed, then the directors are obliged to formulate proposals to be
put before the Company's shareholders in a further general meeting
to wind up, reorganise or reconstruct the Company.
As previously disclosed, the Company now holds only one residual
investment, a minority interest in OJSC Unistream Bank (the
"Bank"), and the Company's Board of directors is continuing its
efforts to sell its interest in the Bank for cash (the "Disposal")
at a price which reflects its true underlying value.
The Board and the Investment Adviser have undertaken extensive
negotiations over the last six months with prospective acquirers of
the Company's investment in the Bank. These negotiations have not
been made easier by the weakness of Aurora's position as a minority
holder in the Bank and the limited appetite for Russian assets over
the period. Notwithstanding these obstacles the Board believes that
it will be able to realise the asset in the near term. The Bank
remains an attractive company due to its consistent growth, strong
market positioning and cash generation. The Board is reviewing a
direct disposal of the Company's shareholding in the Bank and other
options for realising value from the Company's shareholding in the
Bank.
The Board recommends that the Company's shareholders vote in
favour of the Continuation Resolution to give further time to
negotiate and complete the Disposal.
More information is available in the circular which will be made
available as above.
Enquiries:
Aurora Russia Limited
Gilbert Chalk +44 (0)7768 527973
Numis Securities Limited +44 (0)20 7260 1000
Nominated Adviser: Hugh
Jonathan
Corporate Broking: Nathan
Brown / Rupert Krefting
This information is provided by RNS
The company news service from the London Stock Exchange
END
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