Notification of Event of Default


 

TIDMKZG 
 
RNS Number : 1668D 
KazakhGold Group Ltd 
26 November 2009 
 

26 November 2009 
KazakhGold Group Limited (LSE: KZG): Notification of Event of Default under its 
U.S.$200,000,000 Senior Notes due 2013 
Further to information previously disclosed by KazakhGold Group Limited 
("KazakhGold") in relation to its U.S.$200,000,000 Senior Notes due 2013 (the 
"Senior Notes") in the interim management statement dated 16 November 2009 (see 
"Background to the Event of Default" below), KazakhGold has been informed that 
the Trustee of the Trust Deed for the Senior Notes has notified holders of the 
Senior Notes  ("Noteholders") that an event of default has occurred under the 
terms and conditions of the Senior  Notes. The Trustee is awaiting instructions 
from Noteholders as to whether to take enforcement action in respect of this 
event of default, and the Trustee will be required to take such action if so 
directed by  Noteholders holding an aggregate of 25% or more of the principal 
amount outstanding of the Senior  Notes. In the event that the Trustee does take 
enforcement action, the Senior Notes, together with accrued interest, will 
become immediately due and payable. KazakhGold is considering all its options 
with respect to the Senior Notes. The Senior Notes are guaranteed by certain 
subsidiaries of KazakhGold, as well as by OJSC Polyus Gold following the 
completion of the partial offer for KazakhGold by Jenington International Inc., 
an indirect wholly-owned subsidiary of OJSC Polyus Gold, in August 2009. 
Background to the Event of Default 
As previously disclosed in the interim management statement of KazakhGold dated 
16 November 2009, the Trustee had granted KazakhGold a 30 day 'grace period' 
(expiring on 20 November 2009) to remedy a breach of the terms and conditions of 
the Senior Notes that had resulted from the non-publication by KazakhGold of 
interim financial statements for the first six months of 2009. KazakhGold had 
taken the decision not to publish such interim financial statements since, as 
part of the extensive series of measures initiated by the new management of 
KazakhGold to improve its operations and internal systems and controls, 
KazakhGold was still in the process of seeking to recover and restore primary 
accounting and production documentation in order to confirm the historical 
accounting records. 
 
 For further information please contact: 
Alexey V. Chernushkin, Director, capital markets and IR 
Evguenia V.Buydina, IR manager 
+7 (495) 641-3377 
+7 (495) 785-4031 
ir@polyusgold.com 
 
 
Anton A. Arens, PR Director 
+7 (495) 641-3365 
+7 (495) 544-5496 
pr@polyusgold.com 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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