REG - Aurora Russia Ltd - Sale of the Company's holding in Superstroy <Origin Href="QuoteRef">AURR.L</Origin>

Aurrigo InternationalAnnouncement

30/01/2015 07:00

RNS Number : 5823D
Aurora Russia Limited
30 January 2015
Aurora Russia Limited (the "Company")
Sale of the Company's holding in Superstroy
The Board of Aurora Russia Limited announces that the Company has completed a sale of its 24.3% shareholding in Superstroy, held through the intermediate company, Grindelia Holdings Limited ("Grindelia").
The sale will result in cash proceeds for the Company, net of expenses, of approximately 680,000. The shareholding was valued at 280,000 in the Half Year Statement of Financial Position as at 30th September 2014, reflecting Superstroy's loss-making position which continued through to its year end of 31st December 2014. The Rouble has declined approximately a further 38% against Sterling since 30th September 2014.
The sale of the shareholding has been made after extensive and intense negotiations. Given the current circumstances prevailing in the region and specifically at Superstroy, which will clearly require a substantial restructuring to return to profitability, the Board believes that the sale proceeds achieved were as good as the Company could realistically expect to obtain. The former controlling shareholder of Grindelia sold its majority shareholding to a company controlled by Superstroy's former general manager some weeks ago.
Future of the Company
The Board will be reviewing the structure and cost base of the Company in the light of the Superstroy disposal and the fact that the Company will now hold one residual investment, a minority holding in Unistream Bank, a leading Russian money transfer company. 
Unistream continues to perform well in a difficult market and the Board is determined, working together with its Adviser in Russia, to maximise the value derived for shareholders from this important holding. The Board will make a further announcement following this review. 
30 January 2015
For further information please contact:
Gilbert Chalk, Chairman +44 (0) 7768 527973
Numis Securities Limited
Nominated Adviser: Hugh Jonathan +44 (0) 20 7260 1263
Corporate Broking: Nathan Brown +44 (0) 20 7260 1426

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