RURIC SEEKS BONDHOLDERS APPROVAL OF THE SCORPIO TRANSACTION
Stockholm, 3(rd) May, 2012
Ruric clarifies certain issues asked for by the bondholders.
As has been previously communicated Ruric has agreed with its partner in the
Fontanka 57 property, Scorpio Real Estate ltd, to buy out Scorpio from the
The transaction requires the bondholders' consent because the debt is
restructured and secured by a pledge in the target company's shares.
The transaction was previously disapproved by the bondholders, who required
certain additional information. This information is now published on the
company's website and will be sent to each bondholder by mail.
Adam Fischer, CEO of Ruric, says that "obtaining the full ownership of the
company holding Fontanka 57 is one of the keys to turning Ruric around. Only
then can we attract new investors to the project and transform Fontanka 57 to an
income-producing asset. We need the bondholders to approve the transaction
before we hold the Annual General Assembly, because we are concerned that
afterwards the counterparty will refuse from the transaction."
For any additional information, please contact:
Adam Fischer, VD Ruric
Tel Â Â Â Â Â Â Â Â +46 8 509 00Â 101
emailÂ Â Â Â email@example.com
webÂ Â Â Â Â Â www.ruric.com
Ruric's business strategy is to manage real estate in the centre of St
Petersburg. In addition Ruric shall also acquire real estate and implement value
creating additional investments at attractive conditions. Through professional
management and good tenant relations spaces of high class are offered to tenants
looking for possible spaces in central locations willing to pay for it. Ruric
offers primarily office- and retail premises.
Ruric's Certified Advisor at First North is Erik Penser Bankaktiebolag.
Press Release Bondholder Eng:
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Russian Real Estate Investment Company via Thomson Reuters ONE