Aurora Russia Limited Closing of Disposal of OSG (6350Z)
2013年3月9日 - 1:39AM
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RNS Number : 6350Z
Aurora Russia Limited
08 March 2013
Aurora Russia Limited
8 March 2013
Closing of Disposal of OSG Records Management
Aurora Russia Limited (the "Company" or "Aurora Russia") is
pleased to announce the closing of the sale of OSG Records
Management to Elbrus Capital, previously announced on 22
February.
US$34.1 million (GBP21.6 million) has been paid to the Company
free and clear of any warranties, except as to title.
A further US$8.5 million (GBP5.4 million) has been settled to an
escrow account with Deutsche Bank in London. As previously
announced, 50% of this amount (US$4.25 million or GBP2.7 million)
is payable 30 days following signing of the 31 March 2013 year end
accounts should they reflect management's expectations of EBITDA,
net debt and working capital which were provided to Elbrus Capital
during due diligence; and the remaining US$4.25 million is payable
12 months following Closing subject to any warranty claim under the
general commercial and tax warranties.
The final US$5.2 million (GBP3.3 million) of the purchase price
will be paid as long as OSG achieves EBITDA of over US$10.0 million
(GBP6.3 million) for the year ending 31 March 2014. The amount
payable under this earn-out arrangement will be reduced to zero in
the event the EBITDA for the year ending 31 March 2014 is less than
US$ 9.0 million Elbrus Capital have binding obligations to run OSG
and account for the EBITDA in the same way as Aurora has over the
last several years.
In accordance with its stated policy, the Board intends to
distribute the proceeds of realisations to Aurora Russia
shareholders. The method by which proceeds will be returned to
Aurora Russia shareholders, the timing of the distributions and the
quantum will be determined by the Board and a further announcement
will be made in due course.
Enquiries:
Aurora Russia Limited
Gilbert Chalk +44 (0)7768 527973
Numis Securities Limited
Nominated Adviser: Hugh Jonathan +44 (0)20 7260 1000
Corporate Broking: Rupert Krefting /
Nathan Brown
FTI Consulting
Ed Gascoigne-Pees +44 (0) 20 7269 7132
Jack Hickey
This information is provided by RNS
The company news service from the London Stock Exchange
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