Aurora Russia Limited Payment of next tranche from sale of OSG (7378M)

TIDMAURR

RNS Number : 7378M

Aurora Russia Limited

29 August 2013

Aurora

Russia Limited

29 August 2013

Payment of next tranche of proceeds from sale of OSG

Aurora Russia Limited (the "Company" or "Aurora Russia"), the AIM-quoted investment vehicle established to make equity or equity-related investments in small and mid-sized private companies in Russia, announces that it has received a payment of US$4.25 million (GBP2.7 million) in relation to the sale in March of its largest investment, OSG Records Management ("OSG"), to Elbrus Capital.

From total estimated consideration of up to US$47.8 million (GBP30.3 million), US$34.1 million (GBP22.8 million) was paid at closing to the Company free and clear of any warranties, except as to title. A further US$8.5 million (GBP5.8 million) was settled to an escrow account with Deutsche Bank in London. 50% of this amount (US$4.25 million or GBP2.7 million) has now been paid following signing of the 31 March 2013 year end accounts of OSG. The remaining US$4.25 million is payable 12 months following Closing subject to any warranty claim under the general commercial and tax warranties.

A 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 has a binding obligation to run OSG and account for the EBITDA in the same way as Aurora Russia has over the last several years.

 
 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 
 Paul Marriott                         +44 (0) 20 7269 7196 
 Jack Hickey

This information is provided by RNS

The company news service from the London Stock Exchange

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