Business
Payment of next tranche from sale of OSG
Payment of next tranche from sale of OSG.
About this update from Aurrigo International Plc
[{"type":"text","content":"\n \nRNS Number : 7378M Aurora Russia Limited 29 August 2013 \n\nAurora\nRussia Limited\n \n29 August 2013\n \nPayment of next tranche of proceeds from sale of OSG\n \nAurora Russia Limited (the \"Company\" or \"Aurora Russia\"), the AIM-quoted investment vehicle established to make equity or equity-related investments in small and mid-sized private companies in Russia, announces that it has received a payment of US$4.25 million (GBP2.7 million) in relation to the sale in March of its largest investment, OSG Records Management (\"OSG\"), to Elbrus Capital.\n \nFrom total estimated consideration of up to US$47.8 million (GBP30.3 million), US$34.1 million (GBP22.8 million) was paid at closing to the Company free and clear of any warranties, except as to title. A further US$8.5 million (GBP5.8 million) was settled to an escrow account with Deutsche Bank in London. 50% of this amount (US$4.25 million or GBP2.7 million) has now been paid following signing of the 31 March 2013 year end accounts of OSG. The remaining US$4.25 million is payable 12 months following Closing subject to any warranty claim under the general commercial and tax warranties.\n \nA final US$5.2 million (GBP3.3 million) of the purchase price will be paid as long as OSG achieves EBITDA of over US$10.0 million (GBP6.3 million) for the year ending 31 March 2014. The amount payable under this earn-out arrangement will be reduced to zero in the event the EBITDA for the year ending 31 March 2014 is less than US$ 9.0 million. Elbrus Capital has a binding obligation to run OSG and account for the EBITDA in the same way as Aurora Russia has over the last several years.\n \n\n\n\n\nEnquiries:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAurora Russia Limited \n\n\n\n\n\n\n\nGilbert Chalk\n\n\n+44 (0)7768 527973\n\n\n\n\n\n\n\n\n\n\n\n\nNumis Securities Limited \n\n\n\n\n\n\n\nNominated Adviser: Hugh Jonathan\n\n\n+44 (0)20 7260 1000\n\n\n\n\nCorporate Broking: Rupert Krefting / Nathan Brown \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFTI Consulting\n\n\n\n\n\n\n\nPaul Marriott\n\n\n+44 (0) 20 7269 7196\n\n\n\n\nJack Hickey\n\n\n\n\n\n\n\n \n\nThis information is provided by RNSThe company news service from the London Stock Exchange END MSCFMGZRRLFGFZG\n ","length":5208,"tagName":"div"}]