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Wednesday 31 March, 2010

Temirbank JSC

Restructuring plan approved a

RNS Number : 5500J
Temirbank JSC
31 March 2010
 



PRESS RELEASE

(for immediate release)

 

JSC TEMIRBANK

TEMIR CAPITAL B.V.

 

31 MARCH 2010

JSC TEMIRBANK'S RESTRUCTURING PLAN APPROVED AT CREDITORS' MEETING

 

1          JSC Temirbank (the "Bank") is delighted to announce that its Restructuring Plan was approved by the requisite majority of Restructuring Creditors at the Creditors' Meeting held today in Almaty.

2          Restructuring Creditors holding 93.71 per cent of the financial indebtedness voted in favour of the Restructuring Plan, exceeding the two-thirds threshold required under Kazakhstan's bank restructuring law.

3          The Restructuring Plan approved by the Creditors' Meeting was submitted today to the Agency of the Republic of Kazakhstan for the Regulation and Supervision of the Financial Market and Financial Organisations for their review. A hearing before the Specialised Financial Court on the approval of the Restructuring Plan is expected to occur shortly after the Agency of the Republic of Kazakhstan for the Regulation and Supervision of the Financial Market and Financial Organisations would have reviewed the Restructuring Plan.  All Restructuring Creditors are entitled to appear at this hearing. The exact time and date will be confirmed by an announcement on a Regulatory Information Service, on the Banks' website at www.temirbank.kz/info/investors/news (and its English language equivalent, en.temirbank.kz/investors) and on the Information Agent's website (http://bonds.thomsonretuers.com/temirbank) at least 14 days in advance of such hearing.

4          The Bank will give not less than 30 days notice of the Restructuring Date.  Information on the way in which Restructuring Creditors are to claim their Entitlements is contained in the section headed "Distribution Mechanics" in the Second Supplemental Information Memorandum published on 11 March 2010.

5          The Bank's management team very much appreciates the strong support shown by the Bank's creditors during this difficult time and looks forward to the successful completion of the Bank's restructuring.

6          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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