Urals Energy Public Company Limited Rovneiko Settlement (0609C)
January 13 2015 - 9:11AM
UK Regulatory
TIDMUEN
RNS Number : 0609C
Urals Energy Public Company Limited
13 January 2015
Press Release 13 January 2015
Urals Energy PCL
("Urals Energy" or the "Company")
Rovneiko Settlement
Urals Energy PCL (AIM:UEN), the independent exploration and
production company with operations in Russia, is pleased to
announce that the Company has now signed a comprehensive settlement
agreement with Mr V Rovneiko, a former Director of the Company, on
all outstanding litigation and pending or threatened disputes,
following the discussions announced on 18 November 2013. All
parties to the dispute are pleased to bring it, and all other
related or unrelated allegations, to a full and final
resolution.
The ongoing litigation had arisen over two principal matters,
namely the ADRA and the London Arbitration Award:
The ADRA: As part of the overall settlement, Mr Rovneiko has
agreed to withdraw his claim for US$41 million arising out of the
disputed ADRA, a claim that the Company has opposed vigorously over
the last year;
The London Arbitration Award: As part of the overall settlement,
the Company has agreed to terminate its recognition and collection
efforts on the Arbitration Award, waive its rights and release Mr
Rovneiko from any obligation thereunder.
The accounts of the Company in previous years did not make any
provision for the ADRA claim whereas the loan which was the subject
of the Arbitration Award had been fully written off in the accounts
of the Company in previous periods. As a result, no current write
off, provision or adjustment in the Company's accounts is required
by the above settlements.
- Ends -
For further information, please contact:
Urals Energy Public Company
Limited
Andrew Shrager, Chairman Tel: +7 495 795
0300
Leonid Dyachenko, Interim www.uralsenergy.com
Chief Executive 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 / Tel: +44 (0) 20
Quincy Allan 7398 7710
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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