Urals Energy Public Company Limited Alleged Debt Repayment Agreement (2127R)
October 23 2013 - 5:46AM
UK Regulatory
TIDMUEN
RNS Number : 2127R
Urals Energy Public Company Limited
23 October 2013
Press Release 23 October 2013
Urals Energy PCL
("Urals Energy" or the "Company")
Alleged Debt Repayment Agreement
Following receipt by the Company of a requisition notice signed
by Alpcot Capital Management Ltd and Fire East Corporation
(together the "Requisitioners") on 25 September 2013, the Company
issued a notice convening an extraordinary general meeting to be
held on 27 January 2014 (the "EGM"). This was announced on 14
October 2013. Resolutions proposed by the Requisitioners to be
considered at the EGM would, if approved by the Company's
shareholders, remove the existing directors, save for Mr. Torbjorn
Ranta, and appoint Mr. Maxim Barsky and Mr. Jonathan Kollek to the
Company's board of directors. On 14 October 2013, the Company also
announced that a credible third party (the "Potential Offeror") had
approached the Company regarding a potential offer for up to 100
per cent. of the issued ordinary share capital of the Company.
The Company has recently received a facsimile copy of a
purported 'Debt Repayment Agreement' (the "Alleged Agreement"),
expressed to have been entered into in December 2010 between the
Company and a Cyprus company owned by Mr. Vyatcheslav Rovneiko, UEN
Cyprus Limited. Under the Alleged Agreement, the Company is
expressed to be liable to pay UEN Cyprus Limited the sum of
US$41,652,000 on 15 December 2013.
The Company has no reason to believe the Alleged Agreement to be
a genuine document, and therefore does not accept that the Company
could be bound by its terms. Prior to the Alleged Agreement's
production, the Company had no knowledge of its existence
whatsoever. The Company has no record of entering into such an
agreement and the Alleged Agreement does not carry the Company's
seal. In addition there are other inconsistencies in the Alleged
Agreement and this has led the Board of Urals to conclude the
Alleged Agreement is a forgery and an attempt by a third party to
defraud the Company and, by extension, its shareholders. The
Company has appointed a Committee of the Board to undertake an
enquiry and take all available legal steps to establish the origin
of the Alleged Agreement and to recommend all appropriate actions
necessary to defend the Company, including any possible legal
action.
The Alleged Agreement was passed to the Company's Chairman, Mr
Andrew Shrager, following a conversation between Mr. Shrager and a
Moscow based investment banker who stated that he was acting as an
intermediary on behalf of Mr. Maxim Barsky and Mr. Dmitry Bosov
(the owner of Alltech and Pechora LNG among other ventures). In
this conversation the investment banker stated that Mr. Barsky and
Mr. Bosov had acquired the benefit of the Alleged Agreement and
that they would publicise the existence of the Alleged Agreement
unless the directors of the Company (with the exception of Mr.
Ranta) stood down immediately. Similar threats were made to Mr.
Leonid Dyachenko and Mr. Alexei Ogarev (both directors of the
Company) in a meeting held over the weekend with Mr. Barsky and Mr.
Bosov in Moscow.
The Board believes that the most logical inference to draw from
this sequence of events is that any disclosure of the Alleged
Agreement, which, as stated above, the Board believes to be a
forgery, would be intended to influence shareholders' decision
making in respect of the resolutions to be proposed at the EGM. The
Board intends to investigate fully the Alleged Agreement and will
not hesitate to take appropriate legal action against any parties
associated with it, including making appropriate reports to the
serious fraud authorities in all applicable jurisdictions.
Further announcements will be made in due course.
- Ends -
For further information, please contact:
Urals Energy Public Company Limited
Alexei Maximov, Chief Executive Tel: +7 495 795 0300
Officer
Sergey Uzornikov, Chief Financial www.uralsenergy.com
Officer
Allenby Capital Limited
Nominated Adviser and Broker
Nick Naylor Tel: +44 (0) 20 3328
5656
Alex Price www.allenbycapital.com
Media enquiries:
Abchurch
Henry Harrison-Topham / Quincy Allan Tel: +44 (0) 20 7398
7702
quincy.allan@abchurch-group.com www.abchurch-group.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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