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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 : 1319D
Urals Energy Public Company Limited
24 April 2017
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR).
24 April 2017
Urals Energy Public Company Limited
("Urals Energy", the "Company" or the "Group")
Update on group structure
The Board of Urals Energy (AIM:UEN), the independent exploration and production company with operations in Russia, is pleased to announce that it has completed an internal reorganisation of its subsidiaries, which is intended to streamline the management of the Group and allow the Group to take advantage of modest tax advantages.
As part of the internal reorganisation, GJSC Petrosakh, the Group's operating company on Sakhalin Island and principal profit and cash generator, has been merged with Urals Energy LLC, the Russia-incorporated management company for all of the Group's operations, which is essentially a cost centre.
As a result of this merger, the Board believes that the Group will be able to offset the costs of Urals Energy LLC against the future profits of GJSC Petrosakh's operations for tax purposes. Previously, Russian tax rules have not allowed the Group to charge management fees between Group companies and this has added to the tax losses in Urals Energy LLC.
- Ends -
For further information, please contact:
Urals Energy Public Company Limited Andrew Shrager, Chairman Tel: +7 495 795 Leonid Dyachenko, Chief 0300 Executive Officer Sergey Uzornikov, Chief www.uralsenergy.com Financial Officer Allenby Capital Limited Nominated Adviser and Broker Nick Naylor / Alex Brearley Tel: +44 (0) 20 3328 5656 www.allenbycapital.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
UPDUSRARBWASUAR
(END) Dow Jones Newswires
April 24, 2017 07:12 ET (11:12 GMT)
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