August 4, 2022
Petropavlovsk 2010 Limited
Agreement by the Guarantor to sell its assets
Petropavlovsk 2010 Limited (the “Issuer”) announces that, on August 1, 2022, Petropavlovsk PLC, (the “Issuer”)Guarantor“) and its directors, Allister Manson, Trevor Binyon and Joanne Rolls of Opus Group LLP, (the “Administrators“) entered into an agreement with UMMC-Invest JSC (“UMMC“) for the sale to UMMC of the rights, titles and interests of the Guarantor in its subsidiaries in Russia and the majority of its subsidiaries in other jurisdictions. The Guarantor is the parent company of the Issuer and the guarantor of its 125 million US dollars 8.25% guaranteed convertible bonds due 2024 (the “Obligations“).
The sale is conditional on a number of issues and has a long completion date of September 30, 2022. If the sale proceeds to completion (of which there can be no certainty at present ), the guarantor will receive consideration worth more than USD 600,000,000. It is not clear what return, if any, can be guaranteed for the shareholders of the Guarantor, the holders of the Bonds or the holders of other listed debt securities issued by the Group and guaranteed by the Guarantor.
This announcement contains inside information.
For more information
Please visit www.petropavlovskplc.com or contact:
+44 (0) 20 7201 8900
Petropavlovsk plc published this content on August 04, 2022 and is solely responsible for the information contained therein. Distributed by Audienceunedited and unmodified, on Aug 04, 2022 07:56:18 UTC.