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Tuesday 16 March, 2010

Temirbank JSC

Adjourment of Noteholders' an

RNS Number : 6884I
Temirbank JSC
16 March 2010
 



PRESS RELEASE

(for immediate release)

 

JSC TEMIRBANK

TEMIR CAPITAL B.V.

 

16 MARCH 2010

JSC TEMIRBANK'S RESTRUCTURING -

ADJOURMENT OF NOTEHOLDERS' AND CREDITORS MEETINGS TO 31 MARCH 2010

 

1          Notice is hereby given that the International Noteholders' Meetings held on 16 March 2010 were inquorate.  The International Noteholders' Meetings held on 16 March 2010 were therefore adjourned and will be reconvened on Wednesday 31 March 2010 at 8.30 a.m. (London time) in respect of the 2011 Notes and at 9:00 a.m. (London time) (or sooner if the Noteholders' Meeting in respect of the 2011 Notes concludes earlier) in respect of the 2014 Notes at the offices of Denton Wilde Sapte LLP at 1 Fleet Place, London EC4M 7WS, United Kingdom.

2          As of 11.30 am today, Voting Instructions in respect of US$202,772,000 in Principal Amount of the 2011 Notes and US$323,092,000 in Principal Amount of the 2014 Notes have been received, approximately 92 per cent of which in respect of each series are in favour.

In neither case were sufficient votes received by the Voting Instruction Deadline to meet the 75% quorum required for the International Noteholders' Meetings held today but the quorum for the adjourned meetings is 25%.  Subject to changes between now and the date of the adjourned meetings, the Bank currently expects that the adjourned meetings will be quorate and that the Extraordinary Resolutions will be approved by the required percentages of those voting (75% in relation to the 2011 Notes and 66.66% in relation to the 2014 Notes).

 

Please note that the update above represents the current position as the date of this press release but is not an assurance of the eventual outcome of the adjourned International Noteholders' Meetings or Creditors' Meetings as Restructuring Creditors can revoke the instructions already submitted.  The Bank urges all Restructuring Creditors to maintain their support for the Restructuring Plan.

3          The Voting Instruction Deadline in respect of the adjourned International Noteholders' Meetings is Tuesday 30 March 2010, 8.30 a.m. (London time) in respect of the 2011 Notes and 9.00 a.m. (London time) in respect of the 2014 Notes although International Noteholders should note that their clearing systems, custodians and/or direct participants may impose their own, earlier, deadlines.

4          International Noteholders should note that Voting Instructions given in respect of the International Noteholders Meetings' held on 16 March 2010 remain valid for the applicable adjourned meeting (unless revoked prior to the applicable Voting Instruction Deadline for the relevant adjourned International Noteholders' Meeting).  International Noteholders who have already voted therefore need take no further action in respect of the adjourned International Noteholders' Meetings (unless they wish to revoke their previous Voting Instructions).

5          As the International Noteholders' Meetings were inquorate, notice is also given that the Creditors' Meeting to be held at 4.30 p.m. (Almaty time) on Wednesday 17 March 2010 will be adjourned to 4.30 p.m. (Almaty time) on Wednesday 31 March 2010 (with the Claims Submission Deadline, Voting deadline for submission of Forms of Proxy and registration deadlines in respect of the Creditors' Meetings being extended accordingly).  Claim Forms and Forms of Proxy previously submitted in respect of the Creditors' Meeting on 17 March 2010 remain valid and any Restructuring Creditor who has already submitted a Claim Form and Form of Proxy need take no further action in respect of the adjourned Creditors' Meeting (subject to the relevant power of attorney and any signing authorities remaining valid up to and including 31 March 2010). JSC Temirbank confirms that International Noteholders do not need to submit a Claim Form or Form of Proxy as these will be submitted by trustee of the relevant series (assuming the Extraordinary Resolutions are passed at the adjourned International Noteholder's Meetings).

Restructuring Creditors are referred to the Information Memorandum, Supplemental Information Memorandum dated 9 March 2010 and the Second Supplemental Information Memorandum dated 11 March 2010 for a full description of the Restructuring.  Capitalised terms used in this press release and not otherwise defined in it shall have the meanings given to them in the Information Memorandum, the Supplemental Information Memorandum and the Second Supplemental Information Memorandum.

Nothing in this press release should be relied on for any purpose. In particular and without limitation, nothing in this press release, the Information Memorandum, the Supplemental Information Memorandum or any other document issued with or appended to it should be relied on in connection with the purchase of any shares, securities or assets of the Bank (including but not limited to the Amended Notes). This press release is not an offer of securities in the United States.  Securities may not be offered or sold in the United States absent registration or an exemption from registration.

 

Restructuring Creditors may direct any queries they have regarding the restructuring to either:

The International Department of the Bank by email at [email protected] or by telephone at +7 727 259 0528 or +7 727 258 7829; or

The Information Agent: Thomson Reuters by email at [email protected] or by telephone to any of Ellis Farrell + 44 207 542 8775, Christina Mermiga + 44 207 542 5836 or Melina Bobbio + 44 207 542 9013 or by post to Thomson Reuters, 30 South Colonnade, Canary Wharf, London, UKE14 5EP.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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