Result of Meeting

    RNS Number : 0056V
  Kazanorgsintez S.A.
  21 May 2008
   

    Announcement to the holders of
    Kazanorgsintez S.A.
    U.S.$200,000,000 9.25% Loan Participation Notes due 2011: Consent Solicitation
    ISIN: XS0271050501

    21 May 2008 

    Kazan Open Joint Stock Company "Organichesky sintez" ("Kazanorgsintez") and Kazanorgsintez S.A. (the "Issuer") hereby gives notice to
Noteholders of the outstanding U.S.$200,000,000 9.25% Loan Participation Notes due 2011 issued by the Issuer for the sole purpose of
financing a loan to Kazanorgsintez (ISIN: XS0271050501) (the "Notes") that the Extraordinary Resolution set out in the Consent Solicitation
Statement dated 1 May 2008 (the "Consent Solicitation Statement") was duly passed at the meeting of Noteholders held today to (i) obtain a
waiver for the breach of the Limitation on Indebtedness covenant in the Loan Agreement relating to the Notes and (ii) amend said Limitation
on Indebtedness covenant, as fully set out in the Consent Solicitation Statement and the Notice of Meeting.
    As set out in the Consent Solicitation Statement and the Notice of Meeting, the waiver and the amendment mentioned above are conditional
upon Kazanorgsintez obtaining all necessary bilateral waivers from lenders under various bilateral loan facilities. One such lender has
agreed to give its bilateral waivers only when Kazanorgsintez has satisfied certain conditions agreed between the lender and Kazanorgsintez.
Therefore, the waiver and the amendment mentioned above will take effect when Kazanorgsintez has fulfilled these conditions, and a further
notice to Noteholders will be issued once this has taken place.
    Notes in respect of which an Early Instruction Fee or Basic Instruction Fee is payable shall remain blocked in the relevant Clearing
System to the order of the Tabulation Agent until payment of the Early Instruction Fee or the Basic Instruction Fee, as the case may be, has
been made, which shall be no later than 31 May 2008.  
    Common Code / ISIN: 027105050 / XS0271050501
    Early Instruction Fee (% of principal amount): 1.50
    Basic Instruction Fee (% of principal amount): 1.25

    Solicitation Agent:
    ING Bank N.V., London Branch    Tel [phone]

    Tabulation Agent:
    The Bank of New York
    CT Events Administration        Fax [phone] 
                                                   Email [e-mail]


This information is provided by RNS
The company news service from the London Stock Exchange
 
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