Business
Company Update
Company Update.
About this update from Aurrigo International Plc
[{"type":"text","content":"\n \nRNS Number : 8047L Aurora Russia Limited 05 August 2011 \n \n\n5 August 2011\n \nAurora Russia Limited\n \nCompany update and meetings with shareholders\n \nAurora Russia Limited (\"the Company\") announces that it will, ahead of the upcoming Extraordinary General Meeting to be held on 24 August 2011, be undertaking a series of meetings with shareholders to update them on the Company's strategy to deliver value and provide an update on the recent performance of the investee companies.\n \nCompany strategy\n \nThe Board believes that it is best placed to address the concerns of, and deliver value to, shareholders. In the Board's view, further changes to the Board are unnecessary, may be disruptive and add no value to the process of realising the Company's investments.\n \nThe Board is committed to addressing the issues that have led to disappointing share price performance through:\n• a clearly articulated exit strategy;\n• a minimum goal of delivering at least the current NAV within a reasonable timeframe; and\n• enhanced disclosure and communication with shareholders.\n \nExit Strategy\n \nThe Board will focus on realising value from what is a mature portfolio. Three investments are considered to be potential IPO candidates and this option will be actively pursued, alongside a potential trade sale of each.\nAction is currently being taken towards all exits and the exit strategy will be driven by a desire to optimise value for all shareholders.\n \nRealisation Targets\n \nThe Board recognises uncertainty has undermined confidence and therefore is now seeking to set out clear goals that can be objectively assessed. An exit strategy will be put in place for each investment on a two year time horizon, with a goal of achieving at least the current NAV for each investment. The Board believes that the current NAV reflects a realistic assessment of the potential value within the investments that could be realised on a two year timeframe.\n \nFor those investments where an IPO is potentially an option, the Company will begin a process to engage an investment bank for each of the investments to advise on potential valuation, timing and the optimum market on which to list. ...