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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Urals EN. | LSE:UEN | London | Ordinary Share | CY0107130912 | ORD USD0.126 (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 35.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMUEN
RNS Number : 3214X
Urals Energy Public Company Limited
20 February 2017
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR).
20 February 2017
Urals Energy PCL
("Urals Energy" or the "Company")
Non-revolving finance arrangement with Sberbank
The Board of Urals Energy (AIM:UEN), the independent exploration and production company with operations in Russia, is pleased to announce that its subsidiary undertaking, JSC Petrosakh ("Petrosakh"), has entered into a new 24 month non-revolving CAPEX credit facility (the "Loan") with the Sakhalin branch of OJSC Sberbank of Russia ("Sberbank"). Under the Loan Sberbank will provide, by way of several tranches, the sum of 50 million roubles (representing approximately US$0.86 million at prevailing exchange rates) to Petrosakh.
The key terms of the Loan are as follows:
-- repayable by 5 million roubles monthly installments, starting from 14 May 2018. The final date of repayment is 13 February 2019 (the agreement also provides for early repayment of the Loan by Petrosakh without incurring any penalties);
-- interest chargeable at the rate of 15.6% plus 1%., subject to Petrosakh meeting monthly minimum average cash balances in its bank account of 30% of the loan principal amount (15 million roubles);
-- secured by way of a pledge over property of Petrosakh; and
-- the agreement provides for a parent company guarantee from Urals Energy and a guarantee from Urals Energy's other operating subsidiary, JSC Arcticneft.
The proceeds of the Loan will be used by the Company for acquisition of the storage facilities for refined products in Yuzhno-Sakhalinsk on Sakhalin Island (where Petrosakh operates). The storage facilities include: land plot, railway siding and a range of tanks. This acquisition will allow the Company to increase turnover and net backs in new niches, small wholesale and retail, as well as get substantial saving in commercial and transportation expenses.
- Ends -
For further information, please contact:
Urals Energy Public Company Limited Andrew Shrager, Chairman Tel: +7 495 795 0300 Leonid Dyachenko, Interim www.uralsenergy.com Chief Executive Officer Allenby Capital Limited Nominated Adviser and Broker Nick Naylor Tel: +44 (0) 20 3328 5656 Alex Brearley www.allenbycapital.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCSEIFESFWSEFE
(END) Dow Jones Newswires
February 20, 2017 07:17 ET (12:17 GMT)
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