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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 |
RNS Number:6861D Urals Energy Public Company Limited 26 May 2006 URALS ENERGY PUBLIC COMPANY LIMITED NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN, CYPRUS OR RUSSIA COMPLETION OF $190 MILLION PRIVATE PLACEMENT Further to the announcement made on 16 May 2006, Urals Energy Public Company Limited ("Urals Energy" or the "Company") (LSE: UEN), a leading independent exploration and production company with operations in Russia, is pleased to announce the successful private placement of a total of 28,262,706 new shares at a price of 360 pence per share (the "Placing Shares"), raising $190 million. The proceeds of the placement will be used to fund the balance of the consideration for the pending acquisition of OOO Dulisma and OOO Lenskaya Transportnaya Kompanaiya ("Dulisma"), which is due to complete in June 2006; to discharge the Company's obligations to Morgan Stanley & Co. International Limited, associated with the financing of the initial $50 million payment for Dulisma; and for funding the Company's capital expenditure program and other working capital needs. The Placing Shares will be issued credited as full paid and will rank pari passu in all respects with the Company's existing shares, including the right to receive all dividends and other distributions declared, made or paid after the date of issue. The placement of shares is conditional upon, inter alia, admission of the Placing Shares to trading on the Alternative Investment Market of the London Stock Exchange ("Admission") and upon an increase of the Company's authorized share capital to CY# 625,000 and authorization to disapply pre-emption rights in relation to 57,000,000 shares at the Annual General Meeting of the Company to be held on 1 June 2006. It is expected that Admission will become effective and that dealings in the Placing Shares will commence on 2 June 2006. William R. Thomas, Chief Executive Officer, commented: "Our ability to achieve an oversubscribed placement in very difficult market conditions is a clear recognition by the market of the Group's superior performance since our IPO and the transformational nature of the Dulisma acquisition. The continuing support of our core institutional shareholders and the addition of new investors in the placement confirms our strategy of growth through acquisition and the drillbit. The proceeds of the fundraising will allow us to exploit fully the significant potential of the Dulisma field, which will be a key driver of growth for the group going forward." Morgan Stanley acted as lead manager in connection with the private placement. 26 May 2006 Pelham PR James Henderson/ Gavin Davis - +44 (0) 20 7743 6673 This announcement has been issued by and is the sole responsibility of Urals Energy Public Company Limited. This announcement is for information purposes only and does not constitute an offer or invitation to acquire or dispose of any securities or investment advice in any jurisdiction. This announcement does not constitute an offer to sell or issue or the solicitation of an offer to buy or acquire any securities in the capital of Urals Energy Public Company Limited in the United States or in any jurisdiction in which such an offer or solicitation is unlawful and should not be relied upon in connection with any decision to acquire the Placing Shares or any other securities in the capital of Urals Energy Public Company Limited. Morgan Stanley Securities Limited ("Morgan Stanley"), which is authorized and regulated by the Financial Services Authority, is acting exclusively for Urals Energy Public Company Limited in connection with the private placement and no-one else and will not be responsible to anyone other than Urals Energy Public Company Limited for providing advice in relation to the private placement or any other matter referred to in this announcement. The Placing Shares have not been and will not be registered under the U.S. Securities Act of 1933 as amended (the "Securities Act") and, subject to certain exceptions, may not be offered or sold in the United States (as such term is defined in Regulation S under the Securities Act). Accordingly, the Placing Shares are being offered and sold only in "offshore transactions" as defined and in accordance with Regulation S under the Securities Act. Notes: 1. Steve Buscher, the Company's Chief Financial Officer, has indirectly subscribed for 89,000 new shares pursuant to the placement. 2. In accordance with AIM reporting requirements, Urals Energy announces the proforma profit impact of the acquisition of Dulisma on its financial results for the year ended 31 December 2005. The results highlights for Urals Energy announced on 18 April 2006 were as follows: * Gross revenues increased to $92.9 million (2004: $8.2 million) * Adjusted EBITDA of $16.9 million * Operating profit of $11.3 million (2004: loss of $3.7 million) * Post tax profit of $7.1 million (2004: loss of $3.6 million) Based on IFRS accounting standards the pro-forma impact of the Dulisma acquisition on the 2005 year end results would be: * Increase in gross revenues of $2,749,000 * Decrease in EBITDA of -$1,430,000 3. In connection with the private placement, Morgan Stanley, as stabilising manager, or any of its agents, may (but will be under no obligation to), to the extent permitted by applicable law, over-allot and effect other transactions with a view to supporting the market price of the shares of the Company at a level higher than that which might otherwise prevail in the open market. Morgan Stanley is not required to enter into such transactions and such transactions may be effected on any stock market, over-the-counter market or otherwise. Such stabilising measures, if commenced, may be discontinued at any time. Save as required by law or regulation, neither Morgan Stanley nor any of its agents intends to disclose the extent of any over-allotments and/or stabilisation transactions under the private placement. In connection with the private placement, Morgan Stanley, as stabilising manager, has entered into over-allotment arrangements with the Company, pursuant to which Morgan Stanley, or any of its agents, may subscribe, or procure subscribers for, additional shares of the Company up to a maximum of 10 per cent. of the total number of shares comprised in the private placement at the placing price. The over-allotment arrangements are exercisable in whole or in part, upon notice by Morgan Stanley, at any time during the period commencing on the date of announcement of the placing price and ending on the 30th day after the date of allotment of the shares comprised in the Placement. Any shares made available pursuant to the over-allotment arrangements will rank pari passu with all other ordinary shares of the Company and will form a single class for all purposes with the other ordinary shares. This information is provided by RNS The company news service from the London Stock Exchange END MSCEASSKAFFKEFE
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