Business
Unistream Acquisition Update
Unistream Acquisition Update.
About this update from Aurrigo International Plc
[{"type":"text","content":"\n Aurora Russia Limited\n13 April 2007\n\n\n13 April 2007\n\n Aurora Russia Limited completes first stage of investment in Unistream Bank\n\nAurora Russia Limited ('Aurora Russia' or the 'Company'), the AIM-quoted\ninvestment vehicle established to make equity or equity-related investments in\nsmall and mid-sized private companies in Russia, announces today that it has\ncompleted the first stage of its acquisition in Unistream Bank ('Unistream')\ninvesting $13.6 million (£6.9 million) for a 17.7% stake. Once the approval of\nthe CBR has been received for Aurora Russia to purchase more than 20% of a\nRussian bank, the Company will purchase an additional 8.3% stake for $6.4\nmillion (£3.3 million), thereby bringing its total shareholding to 26% as\nannounced on 30 November 2006. The funds will be used to finance Unistream's\nexpansion across Russia over the next few years. Management accounts show that\n$1.84 billion was transferred by Unistream in 2006 making it one of the leading\nmoney transfer companies in Russia.\n\nCommenting on the investment, James Cook and John McRoberts, two Directors of\nAurora Russia Limited, said:\n'The Russian money transfer market is showing extremely high rates of growth and\nis one of the fastest growing money transfer regions in the world. Unistream is\none of the market leaders in the money transfer business in Russia and is\ncontinuing to increase its share of the market putting it in an extremely strong\nposition to capitalise on the growth in this sector.'\n\nEnquiries\n\nAurora Russia Limited\nJames Cook, Moscow +7 495 644 1662\nJohn McRoberts, London +44 (0) 20 7839 7112\n\nFinancial Dynamics\nEd Gascoigne-Pees +44 (0) 20 7269 7132\nFelicity Murdoch +44 (0) 20 7269 7243\n\nNotes to editors:\n\nAurora Russia\n\nAurora Russia floated on the Alternative Investment Market of the London Stock\nExchange on 24 March 2006. The Company has been established to make equity or\nequity related investments in small and midsized private Russian companies\nfocused on the financial, business and consumer services sectors where the\nDirectors believe there is potential for growth together with viable exit\nopportunities within two to four years of making such investments. The Company\nintends to provide its investee companies with the necessary capital to continue\nto expand and develop. The Manager shall...