Update on Sberbank negotiations


 

TIDMUEN TIDM73DK 
 
RNS Number : 7483U 
Urals Energy Public Company Limited 
30 June 2009 
 

Urals Energy Public Company Limited 
("Urals Energy" or the "Company") 
 
 
 
Update on negotiations with 
Sberbank and associated matters. 
 
 
Negotiations with Sberbank 
 
 Urals Energy today announces that efforts 
in discussions with Sberbank regarding restructuring options for the Company's 
outstanding loans to the bank have not yielded a mutually agreeable solution 
beyond the divestiture of assets approved at the Company's shareholder meeting 
on 26 January 2009, which the Company considers the most feasible in the 
circumstances. Therefore, the company will be proceeding with the execution of 
the divestiture of its ownership interests in Dulisma and Taas Yuriakh to 
Sberbank as expediently as possible, in accordance with the earlier EGM 
resolution. The Company hopes to conclude the transaction in the near future and 
will provide a further update as soon as possible. Should there be any material 
change to this plan a further announcement will be made. The Company also 
intends to provide a full update on its forward strategy and other divestiture 
efforts in due course. 
 
 
Annual accounts and suspension of trading in 
shares on AIM 
 
 As a consequence of the status of discussions with 
Sberbank, the Company is considering the basis of preparation of its annual 
accounts for the year ended 31 December 2008. As a result, the Company will not 
be able to meet its obligations under AIM Rule 19 to publish its annual audited 
accounts by the deadline of 30 June 2009. In these circumstances, trading in the 
Company's shares on AIM will be suspended with immediate effect. 
 
 The 
Company expects to be in a position to publish its annual accounts in July 2009. 
 
 
 
 
30 June 2009 
 
 
Enquiries: 
+-------------------------+----------+---------------------------------------+ 
| Morgan Stanley          |          | +44(0)20 7425 8000                    | 
| Jon Bathard-Smith       |          |                                       | 
| Pelham PR               |          |                                       | 
+-------------------------+----------+---------------------------------------+ 
| Mark Antelme            |          | +44(0)20 7337 1505                    | 
+-------------------------+----------+---------------------------------------+ 
| Evgeniy Chuikov         |          | +44(0)20 7337 1513                    | 
+-------------------------+----------+---------------------------------------+ 
 
 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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