Business
Zhaikmunai receives Article 7
Zhaikmunai receives Article 7.
About this update from Nostrum Oil & Gas Plc
[{"type":"text","content":"\n RNS Number : 8134Y Zhaikmunai LP 10 September 2009 \n \n \n NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR into AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES\n\n\nZHAIKMUNAI L.P.\n\nZhaikmunai receives Article 71 Waiver \n \nLondon, 10 September 2009: Zhaikmunai L.P. (LSE:ZKM) ('Zhaikmunai'), the oil and gas exploration, development and production business based in northwestern Kazakhstan, today announces that it has received all necessary regulatory approvals from the Kazakh authorities required for its placing to raise US$300 million through the sale of 75,000,000 new common units (the 'Placing') in the form of global depositary receipts ('GDRs'). \n\nThe relevant Kazakh authorities have confirmed to Zhaikmunai that they do not intend to exercise their priority right to purchase the GDRs in accordance with Article 71 of the Kazakh Subsurface and Subsurface Use Law and that they approve the Placing. The Placing was conditional upon, inter alia, the receipt of such regulatory approval.\n\nAs previously announced, on 27 August 2009 Zhaikmunai signed an amendment agreement with BNP Paribas pursuant to which Zhaikmunai's existing loan facility will be amended and the outstanding defaults under the facility will be waived, subject to the satisfaction of certain conditions including completion of the Placing. \n\nZhaikmunai expects that all remaining conditions to the Placing will be satisfied and that the closing of the Placing and admission of the GDRs to the Official List of the UK Financial Services Authority and admission to trading of the GDRs on the main market of the London Stock Exchange will occur on 15 September 2009. \n\n\nFurther enquiries \n \nZhaikmunai [email protected] \n \nBrunswick +44 (0)20 7404 5959 \nMichael Harrison\nCarole Cable \n \n \nAbout Zhaikmunai \n \nZhaikmunai L.P. is a limited p...