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Wednesday 30 June, 2010

Temirbank JSC

Further information and updat

RNS Number : 4923O
Temirbank JSC
30 June 2010
 



 

PRESS RELEASE

(for immediate release)

 

JSC TEMIRBANK

TEMIR CAPITAL B.V.

 

29 JUNE 2010

 

FURTHER INFORMATION ON RESTRUCTURING AND UPDATE ON TEMIRBANK

 

JSC Temirbank announces additional information for Restructuring Creditors.

CONFIRMATION OF ENTITLEMENTS:

The calculation of Entitlements to New International Notes per US$1,000,000 in Principal Amount of the existing International Notes shown on page 9 of the Restructuring Date Notice dated 1 June 2010 contained an error in relation to the number of Common Shares to be issued to Restructuring Creditors as the Principal Amount used to calculate such entitlements was 771,500,000 rather than the correct Principal Amount of 771,550,000.  The total number of Common Shares to be issued remains the same: 4 billion or 20% of all Common Shares outstanding. As a result of the corrected calculations, 336 fewer Common Shares will be allocated per US$1,000,000 of Principal Amount of International Notes than was stated in the Restructuring Date Notice.  As there is a ratio of 2,000 Common Shares per GDR, the amount of GDRs per US$1,000,000 in Principal Amount of International Notes was correctly stated in the Restructuring Date Notice.

The amount of New International Notes and cash Entitlements per US$1,000,000 in Principal Amount of International Notes was correctly stated in the Restructuring Date Notice.

For convenience, we have restated below the correct Entitlements per US$1,000,000 in Principal Amount (being the face value excluding any accrued interest) of International Notes.

Entitlements for 2011 Notes (rounded down to the $1, one Common Share or GDR as applicable):

 

19.70% cash:   US$197,000.00 per US$1 million Principal Amount of 2011 Notes;

 

7.87376% New International Notes: US$78,737.00 Principal Amount per US$1 million Principal Amount of 2011 Notes (using the initial nominal amount and excluding any future accretion); and

 

Common Shares: 5,184,369 Common Shares (or if so elected  2,592 GDRs at a ratio of 2,000 Common Shares to one GDR) representing 0.025921845% of the common equity in Temirbank (% ownership of the Common Shares - directly or through GDRs) in the Bank per $1 million Principal Amount of 2011 Notes.

 

Entitlements for 2014 Notes (rounded down to the $1, one Common Share or GDR as applicable):

 

20.0264% cash:   US$200,264.00 per $1 million Principal Amount of 2014  Notes;

 

7.87376% New International Notes: US$78,737.00 Principal Amount per US$1 million Principal Amount of 2014 Notes (using the initial nominal amount and excluding any future accretion); and

 

Common Shares: 5,184,369 Common Shares (or 2,592 GDRs at a ratio of 2,000 Common Shares to one GDR) representing 0.025921845% of the common equity in Temirbank (% ownership of the Common Shares - directly or through GDRs) in the Bank per $1 million Principal Amount of 2014.

Please see the Second Supplemental Information Memorandum dated 11 March 2010 (available via the website of the Information Agent: http://bonds.thomsonreuters.com/temirbank) on how fractional entitlements will be dealt with.

UPDATE ON PROVISIONS

Having reviewed the changes in the composition and the deterioration of the quality of the loan portfolio (since October 31, 2009 to June 1, 2010, the share of non-performing loans in the total loan portfolio increased by approximately 2.8%), the Board of the Bank has decided to increase provisions by FMSA provision accounting standards on 30 June 2010 by approximately 3.0% from the level of provisions reported at year end of 2009. The Bank is satisfied that it will still meet its regulatory capital requirements notwithstanding such increase in provisions. The impact of the increase in loan loss provisions is mitigated by the fact that, the evolving composition of the Bank's balance sheet in the last few months (for example as a result of the restructuring of some loans and loan prepayments being invested in more liquid assets), has resulted in the reduction of the risk weighted assets, which in turn, in conjunction with operating performance and other factors, allowed the Board to release some of the Bank's regulatory capital, sufficient to create additional loan loss provisions.

DISTRIBUTIONS TO CERTAIN RESTRUCTURING CREDITORS

The Bank understands that one or more Restructuring Creditors may be, or may be affiliated to, persons subject to Kazakhstan and/or English court orders or judgments in relation to amounts owed or alleged to be owed to JSC BTA Bank. The transmission of any Entitlements to any such person could result in a breach of such court orders or judgments. If any Beneficial Owner or custodian or other person receiving Entitlements has any reason to believe that a person to whom they would otherwise transmit Entitlements is or may be beneficially owned by or otherwise connected with Mukhtar Ablyazov or associates of his or the Russian company, Atta Ipoteka, they should urgently contact the Bank at [email protected] or by telephone at +7 727 259 0528 or +7 727 258 7829 before taking any action or transmitting Entitlements to such person.

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 First Supplemental Information Memorandum and the Second 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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