OOO Burovoya Kompaniya Eurasia (BKE) is the largest onshore drilling contractor in Russia
, February 22, 2016
Update on Dissenters pursuant to Merger
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION
22 February 2016
EURASIA DRILLING COMPANY LIMITED
UPDATE ON DISSENTERS PURSUANT TO MERGER
Eurasia Drilling Company Limited (the "Company") announces an update on the process it is involved in, with those parties that dissented to the merger completed by the Company on 16 November 2015 ("Merger"), and who instead opted to have the Grand Court of the Cayman Islands (the "Court") reach its determination as to the fair value of the shares held by them ("Dissenters").
On 3rd February 2016, and in accordance with its obligations under the Companies Law of the Cayman Islands (2013 Revision) the Company issued a petition in the Court which has commenced proceedings with those Dissenters who had not reached a settlement with the Company at that time (the "Respondents"). The Respondents held a total of 7,319,426 GDRs equating to 4.6% of total issued and outstanding shares in the Company prior to the Merger. The Respondents are able to settle with the Company at any time during the Court process, which could take up to a year.
Eurasia Drilling Company Limited
Tom O'Gallagher, VP Investor Relations
+44 (0) 207 717 9707
Hudson Sander (media enquiries for the Company)
Andrew Hayes / Elena Garside
+44(0) 20 7796 4133
Previous: 29 January 2016: Update on Dissenters pursuant to Merger