Business
Tender Offer and Trading Update
Tender Offer and Trading Update.
About this update from Aurrigo International Plc
[{"type":"text","content":"\n \nRNS Number : 5296D Aurora Russia Limited 30 April 2013 \n \n\nAurora Russia Limited\n \n30 April 2013\n \nTender Offer and Trading Update\n \n \nTender Offer\n \nOn 22 February 2013 the Board announced that Aurora Russia Limited (the \"Company\") had entered into an agreement for the sale of OSG with Elbrus Capital for a consideration of up to US$47.8 million (approximately £30.3 million using prevailing exchange rates at that time) and on 8 March 2013 it was announced that the disposal had been completed. \n \nThe Company today announces that a return of capital will be made to Shareholders by means of a tender offer for up to 38,237,383 Shares at a price of 52.3048p per Share, for an aggregate net consideration of £20 million. \n \nThe Repurchase Price has been calculated by reference to an unaudited net asset value of 52.7056p per Share as at 31 March 2013 and after deducting 0.4008p per Share of costs of the Tender Offer. The Unaudited Net Asset Value has been prepared in good faith solely for the purposes of calculating the Repurchase Price and is based, inter alia, on the Directors' estimate as at the date of this document of the fair value of the Company's assets (including the contingent elements of the consideration for the sale of OSG as further detailed below) and on the Company's cash holding as at 31 March 2013 of £23.1 million (which includes receipt of £21.6 million of cash consideration received on the closing of the sale of OSG).\n \nThe remainder of the Company's cash reserves will be retained by the Company for on-going working capital purposes, although the Board intends to make further returns of capital to Shareholders as and when realisations from the Company's portfolio so permit. \n \nFurther detail of the Tender Offer is set out at the end of this announcement and in a circular which is expected to be posted to Shareholders today.\n \n \nExpected Timetable of Events\n \n\n\n\n\n\n\n\n2013\n\n\n\n\nRecord Date for the Tender Offer\n\n\nClose of business on 6 May\n\n\n\n\nLatest time and date for receipt of Forms of Proxy\n\n\n11.00 a.m. on 27 May\n\n\n\n\nLatest time and date for receipt of Tender Forms and TTE Instructions\n\n\n1.00 p.m. on 27 May\n\n\n\n\nGeneral Meeting \n\n\n11.00 a.m. on 29 May\n\n\n\n\nResults of the Tende...