Prosperity Voskhod Fund Limited Statement Re Publication Of Circular And Notice Of Egm

 
TIDMPVF 
 
   Prosperity Voskhod Fund Limited 
 
   (a closed-ended investment company incorporated with limited liability 
under the laws of Guernsey with registered number 45426) 
 
   Publication of Circular and Notice of EGM 
 
   Further to the announcement on 26 February 2014, the Board of Prosperity 
Voskhod Fund Limited (the "Company" or "PVF") today announces that the 
Circular and Notice of Extraordinary General Meeting relating to the 
proposed cancellation of the admission of the Company's Shares to 
trading on AIM in accordance with Rule 41 of the AIM Rules for Companies 
("AIM Rules") ("Cancellation") has been published. 
 
   As you will be aware, at an extraordinary general meeting held on 21 
June 2013, Shareholders approved the adoption of a realisation strategy 
including: 
 
   --           the adoption of a modified investment objective and policy 
to enable the Board and the Manager to effect an orderly realisation of 
the Company's assets; and 
 
   --           the conversion of the Company's ordinary shares into 
redeemable shares so as to facilitate the return of capital to 
Shareholders over time. 
 
   At the time, the Board had decided that it was in the best interests of 
Shareholders for the Company to maintain its admission to trading on AIM 
for as long as practicable during the realisation period but had advised 
in its circular to Shareholders dated 26 April 2013 that the Board may 
consider proposing that the Company be delisted pending the Company's 
voluntary liquidation. 
 
   Since Shareholders approved the realisation strategy in June 2013, the 
Board and the Manager have sought to return cash expediently and 
efficiently to Shareholders over time as assets are realised. 
 
   On 23 September 2013, the Company redeemed 46,551,167 Shares, 
representing 20.74 per cent. of the Company's issued share capital at 
that time, at a price of US$1.16 per Share, being a return of 
approximately US$54 million to Shareholders. 
 
   On 20 January 2014, the Company redeemed a further 46,769,898 Shares, 
representing 26.29 per cent. of the Company's issued share capital at 
that time, at a price of US$1.24 per Share, being a further return of 
approximately US$58 million to Shareholders. 
 
   Accordingly, since the adoption of the realisation strategy, the Company 
has returned US$112m (93,321,065 shares (42% of total shares)) to 
Shareholders.  All redemptions have been effected pro rata to the 
holdings of Shares on the register at the close of business on the 
relevant Redemption Date pursuant to the Company's compulsory redemption 
mechanism. 
 
   On 27 March 2013, the Board announced that it had sold approximately 68 
per cent. of its residual holding of Bashneft preferred shares. The sale 
was made to Bashneft under its publicly announced share buy-back 
programme. On 23 April 2014, the Board announced that a further 
redemption of Shares will be implemented in May under which circa US$50 
million will be returned to Shareholders before the Annual General 
Meeting to be held on 29 May 2014.  This third distribution to 
Shareholders will be earlier than originally anticipated by the Board 
who had announced on 26 February 2014 that the next distribution would 
be in early summer 2014. 
 
   Given the successful progress of the realisation strategy and the 
composition, size and nature of the current portfolio, together with the 
annual costs incurred in connection with the admission of the Shares to 
trading on AIM, the Board considers it beneficial to Shareholders to 
delist the Company. 
 
   After careful consideration, the Board has concluded that the commercial 
disadvantages and costs of remaining admitted to trading on AIM outweigh 
the potential benefits and it is no longer in the best interests of the 
Company or its Shareholders to maintain the Company's admission to 
trading on AIM. 
 
   Ten months following the commencement of the realisation strategy, 
certain investments within the Company's portfolio represent a 
significant proportion of the Company's assets.  The Board and the 
Manager continue to believe that these investments will require detailed 
strategic negotiations in order to obtain optimal value for Shareholders 
on disposal. The Board and the Manager believe that counterparty 
regulatory and reporting requirements to which the Company is currently 
subject may significantly hinder the objective of maximising the 
realisation value of the Company's investments. 
 
   The Board believes that delisting at this time will enhance the 
opportunities for disposal of the remainder of the Company's portfolio 
at optimal value. 
 
   In the event that the Cancellation proceeds, there will be no market 
facility for dealing in the Shares and no price will be publicly quoted 
for Shares as from close of business on 05 June 2014. As such, interests 
in Shares are unlikely to be readily capable of sale and, where a buyer 
is identified, it may be difficult to place a fair value on any such 
sale. 
 
   Cenkos Securities plc will endeavour to provide a matched bargain 
facility to Shareholders prior to the voluntary liquidation of the 
Company.  In order to facilitate such matched bargain facility, 
following the Cancellation, it is the Board's intention that Shares that 
are uncertificated will continue to be admitted to the CREST UK system. 
 
   The Cancellation requires approval of the Shareholders by special 
resolution pursuant to the AIM Rules. The Resolution will be proposed at 
the Extraordinary General Meeting to be held at 11 a.m.  on 29 May 2014. 
The Extraordinary General Meeting will be held following the Annual 
General Meeting. 
 
   The Company has, subject to the passing of the Resolution set out in the 
Notice of Extraordinary General Meeting, applied to the London Stock 
Exchange for the Cancellation. It is expected that Cancellation will, if 
approved by Shareholders, take effect at 8.00 a.m. on 6 June 2014, and 
that trading in the Shares on AIM will cease at close of business on 05 
June 2014. 
 
   Further details of the Cancellation are set out in the shareholder 
circular dated and sent to Shareholders today, 28 April 2014 (the 
"Circular").  Capitalised terms used but not otherwise defined in this 
announcement have meaning given to them in the Circular. 
 
   A copy of Circular is available on the Company's website 
www.voskhodfund.com. 
 
   Enquiries: 
 
   Julian Reid, Chairman 
 
   Mobile telephone: [phone] 
 
   Cenkos Securities plc (NOMAD) 
 
   Will Rogers 
 
   0207 397 1920 
 
   Sapna Shah 
 
   0207 397 1922 
 
   Prosperity Capital Management (UK) Limited 
 
   Akshay Bhutiani 
 
   020 7299 6950 
 
   This announcement is distributed by NASDAQ OMX Corporate Solutions on 
behalf of NASDAQ OMX Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Prosperity Voskhod Fund Limited via Globenewswire 
 
   HUG#1780517 
 
 
  http://prosperitycapital.com/PVF