REG - Aurora Russia Ltd - Disposal of Unistream <Origin Href="QuoteRef">AURR.L</Origin>

Aurrigo InternationalAnnouncement

22/12/2015 09:40

RNS Number : 8511J
Aurora Russia Limited
22 December 2015
22 December 2015
Aurora Russia Limited (the "Company")
Disposal of Unistream 
The Company announces that it has entered into sale arrangements relating to its one residual investment, a minority interest in Unistream Commercial Bank (SC). The Company expects total proceeds of USD 4.975 million in cash. It is intended that the sale process will be completed by no later than 31 December 2015 (the "Completion Date").
In accordance with the statement accompanying the recent notice of the Company's AGM, the Board intends as soon as reasonably practicable following the Completion Date to convene an extraordinary general meeting (the "EGM") to consider proposals to include, inter alia, measures to facilitate the distribution to Shareholders of substantially all of the Company's net realised cash, in a cost effective, tax efficient and timely manner. 
The Board currently intends to effect the distribution of cash by placing the Company into a members' voluntary liquidation (the "Liquidation") and it is estimated that approximately GBP 4.5 million would be available to fund an initial distribution to Shareholders under the Liquidation, from which the liquidators would be expected to hold back a modest liquidation reserve. However, the Board reserves the right to put forward a proposal other than the Liquidation in order to secure an enhanced return for the Company's shareholders, for example through a corporate transaction to raise value from the Company as an AIM-traded shell, but only if the distribution of substantially all of the Company's net realised cash is effective by no later than 31 March 2016.
Enquiries: 
Aurora Russia Limited 
Gilbert Chalk
+44 (0)7768 527 973 
Numis Securities Limited
+44 (0)20 7260 1000
Nominated Adviser: Hugh Jonathan 
Corporate Broking: Nathan Brown

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