Business
Receipt of OSG Sale Proceeds
Receipt of OSG Sale Proceeds.
About this update from Aurrigo International Plc
[{"type":"text","content":"\n \nRNS Number : 1249W Aurora Russia Limited 20 December 2013 \n \n\nAurora Russia Limited (the \"Company\")\nPayment of final proceeds from sale of OSG\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$4.625 million (£2.81 million) in relation to the sale in March 2013 of its largest investment, OSG Records Management (\"OSG\"), to Elbrus Capital. \n \nFrom total estimated consideration of up to US$47.8 million (£30.3 million), US$34.1 million (£22.8 million) was paid at closing to the Company free and clear of any warranties, except as to title. A further US$8.5 million (£5.8 million) was settled to an escrow account with Deutsche Bank in London. 50% of this amount (US$4.25 million or £2.7 million) was paid in August 2013 following signing of the 31 March 2013 year end accounts of OSG. \n \nAs stated in the Company's interim results announced on 13 December 2013, the US$4.625 million now paid represents the remaining US$4.25 million (£2.58 million) payable subject to any warranty claim under the general commercial and tax warranties and US$0.375 million (£0.23 million) agreed as settlement of the earn out provisions. \n \n \nFor further information please contact:\nAurora Russia Limited\nGilbert Chalk +44 (0)7768 527973\n \nNumis Securities Limited\nNominated Adviser: Hugh Jonathan +44 (0) 20 7260 1263\nCorporate Broking: Rupert Krefting / Nathan Brown +44 (0) 20 7260 1435/1426\n \nFTI Consulting\nPaul Marriott +44 (0) 20 7269 7252\nJack Hickey +44 (0) 20 7269 7196\n \n \n\nThis information is provided by RNSThe company news service from the London Stock Exchange END STRXBLFLXLFXFBQ\n ","length":2577,"tagName":"div"}]