Receipt of OSG Sale Proceeds

RNS Number : 1249W

Aurora Russia Limited

20 December 2013

 



Aurora Russia Limited (the "Company")

Payment of final proceeds from sale of OSG

Aurora 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.

From 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.

As 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.

For further information please contact:

Aurora Russia Limited

Gilbert Chalk   [phone]

Numis Securities Limited

Nominated Adviser: Hugh Jonathan [phone]

Corporate Broking: Rupert Krefting / Nathan Brown [phone]/1426

FTI Consulting

Paul Marriott [phone]

Jack Hickey [phone]

 

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