AGM Statement

RNS Number : 8006G

Aurora Russia Limited

24 November 2015

 

Aurora Russia Limited (the "Company")

Annual General Meeting

The Company has today published notice of its annual general meeting (the "AGM") to be held at 11.30 a.m. on Wednesday, 23 December 2015 at the registered office of the Company, Ground Floor, Dorey Court, Admiral Park, St. Peter Port, Guernsey.  The notice and a covering circular will be posted to all shareholders shortly and they are also available for download at www.aurorarussia.com. 

The Company is obliged under its articles of incorporation to propose at the AGM that the life of the Company be continued (the "Continuation Resolution").  If the Continuation Resolution is not passed, then the directors are obliged to formulate proposals to be put before the Company's shareholders in a further general meeting to wind up, reorganise or reconstruct the Company.

As previously disclosed, the Company now holds only one residual investment, a minority interest in OJSC Unistream Bank (the "Bank"), and the Company's Board of directors is continuing its efforts to sell its interest in the Bank for cash (the "Disposal") at a price which reflects its true underlying value.

The Board and the Investment Adviser have undertaken extensive negotiations over the last six months with prospective acquirers of the Company's investment in the Bank. These negotiations have not been made easier by the weakness of Aurora's position as a minority holder in the Bank and the limited appetite for Russian assets over the period. Notwithstanding these obstacles the Board believes that it will be able to realise the asset in the near term.  The Bank remains an attractive company due to its consistent growth, strong market positioning and cash generation.  The Board is reviewing a direct disposal of the Company's shareholding in the Bank and other options for realising value from the Company's shareholding in the Bank.

The Board recommends that the Company's shareholders vote in favour of the Continuation Resolution to give further time to negotiate and complete the Disposal.

More information is available in the circular which will be made available as above.

Enquiries:
Aurora Russia Limited
Gilbert Chalk	[phone]
Numis Securities Limited	[phone]
Nominated Adviser: Hugh Jonathan
Corporate Broking: Nathan Brown / Rupert Krefting

 

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