53HZ Santander 24

 

TIDM53HZ 
 
RNS Number : 8048T 
Kazanorgsintez S.A. 
04 October 2010 
 
Director's Report 
 
 The directors present their annual report and the 
financial statements for the year ended December 31, 2009. 
1. ACTIVITIES AND REVIEW OF THE DEVELOPMENT OF THE BUSINESS 
The object of the Company is the granting of loans or other forms of financing 
directly or indirectly in whatever mean to Kazan Open Joint Stock Company 
«Organichesky sintez» (e.g. including, but not limited to, by subscription of 
bonds, debentures, other debt instruments, advances, the granting of pledges or 
the issuing of other guarantees of any kind to secure the obligations of Kazan 
Open Joint Stock Company «Organichesky sintez»). 
The Company may finance itself in whatever form including, without being limited 
to, through borrowing or through issuance of listed or unlisted notes and other 
debt instruments (e.g. including but not limited to bonds, notes, loan 
participation notes and subordinated notes) including under stand alone issues, 
medium term note and commercial paper programmes. 
The Company may also: 
- grant security for funds raised, including notes and other debt instruments 
issued, and for the obligations of the Company; and 
- enter into all necessary agreements, including, but not limited to 
underwriting agreements, marketing agreements, management agreements, advisory 
agreements, administration agreements and other contracts for services, selling 
agreements, deposit agreements, fiduciary agreements, hedging agreements, 
interest and/or currency exchange agreements and other financial derivative 
agreements, bank and cash administration agreements, liquidity facility 
agreements, credit insurance agreements and any agreements creating any kind of 
security interest. 
On the October 26,2006 the Company has issued Loan participation notes in amount 
of USD 200,000,000 which proceeds has been used to grant the Loan to Kazan OJSC. 
The maturity of the Notes is October 30, 2011 which is the same day as the 
repayment Date of the Loan. 
In addition to the foregoing, the Company can perform all legal, commercial, 
technical and financial investments or operation and in general, all 
transactions which are necessary or useful to fulfill its objects as well as all 
operations connected directly or indirectly to facilitating the accomplishment 
of its purpose in all areas described above, it being understood that the 
Company will not enter into any transaction which would cause it to be engaged 
in any activity that would be a regulated activity of the financial sector. 
The total expenses of EUR  13,155,566 are represented mainly by interest payable 
and similar charges.  The total income of EUR 13,206,986 are represented mainly 
by other interest receivable and similar income. 
2. RESULTS AND ALLOCATION 
The result for the year ended is nil. 
3. POST BALANCE SHEET EVENTS 
In April 2009 an Event of Default has occured and is continuing under Clause 
15.3 of the Loan Agreement due to the failure of Kazan JSC "Organichesky sintez" 
(the Borrower) to make a payment of principal in respect of its indebtedness on 
the April 2009 payment date. Following deterioration of the business and 
financial conditions for the Borrower's operations the Borrower has taken steps 
to postpone the repayment of principal amounts and any accrued interest. This 
restructurisation has been completed in February 2010 by inviting Investors to 
offer to sell any or all of the Notes held by them and to vote in favour of the 
Extraordinary Resolutions, as described in the Tender and Consent Memorandum. 
The Eurobonds redemption was in the amount of USD 89.259.000 and as a result the 
principal amount that remains in circulation is in the amount of USD 100.834.000 
since March 2010. 
4. PROPOSAL 
We propose the approval of the annual financial statements as well as the 
proposed allocation of the results and to give full discharge to the board of 
directors and independent auditor for their mandates during the year to December 
31, 2009 
   To see the full 2009 financial statements, please click on the link below. 
       http://www.rns-pdf.londonstockexchange.com/rns/8048T_1-2010-10-4.pdf 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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