UEN Urals EN.

 

TIDMUEN 
 
RNS Number : 9739B 
Urals Energy Public Company Limited 
04 November 2009 
 

4 November 2009 
 
 
Urals Energy Public Company Limited 
("Urals" or the "Company") 
 
 
Appointment of CEO 
 
 
 
 
Urals is pleased to announce today the appointment of Alexei Maximov to the 
Board of Directors (the "Board") and as the new CEO of the Company with 
immediate effect. Leonid Dyachenko will remain on the Board and continue his 
role as the Company's Executive Chairman. 
 
 
Alexei Maximov, 50, is one of the founding shareholders of the group that became 
Urals Energy. He holds a BA in Economics and a MBA and has a background in 
venture capital, direct investments and turnaround situations in both Russia and 
the USA. During the period 2001 to 2005 Mr Maximov was involved with certain M&A 
activities of the Urals Group. He has followed closely the development of Urals 
and has a keen understanding of the challenges which the Company now faces. 
 
 
As stated in the 9 October Press announcement, the Company continues to work on 
its long-term strategy and intends to operate the remaining assets of the 
Company after completion of the previously announced Sberbank transaction. The 
closing of the Sberbank deal is dependent on third party approvals. Whilst the 
Directors anticipate these third party approvals in the coming weeks, they are 
also examining whether the 2008 annual and 2009 interim reports could be 
published and trading of its shares on AIM could be resumed ahead of completion 
of the Sberbank transaction. The Directors also reiterate the terms of the 
agreement with Limenitis announced on 24 July 2009 whereby the Limenitis' Put 
Option will be terminated on completion of the Sberbank transaction for nil 
consideration. 
 
 
Leonid Dyachenko, Chairman, commented: 
 
 
"I am pleased to announce Alexei's appointment as the new CEO. The Directors 
believe his experience and knowledge of the company will prove beneficial in 
completing our loan restructuring and taking the company forward. We look 
forward to his contribution." 
 
 
Alexei Maximov, CEO, commented: 
"I recognize the challenges that the company is facing in its present situation 
and am confident that by taking a prudent and commercial approach the Board will 
succeed in bringing the company to the next level. 
 
 
I believe that currently the company needs to return to basics, finalise the 
imminent deal with Sberbank, cut costs, optimize existing operations, 
restructure its other existing obligations and cautiously explore emerging 
growth opportunities. In addition, we are aware of the concerns of the 
shareholders and are planning to address these within the shortest period of 
time. 
 
 
I would like to thank Mr. Dyachenko and the Board for their support" 
 
 
 
 
Mr Maximov is or has been a director of the following companies within the past 
five years: 
 
 
Current directorships 
Rosarium Plantations Limited 
 
 
 
 
There is no further information required to be disclosed by Schedule 2 (g) of 
the AIM Rules. 
 
 
 
 
Enquiries: 
 
 
+-----------------------------------------+---------------------------------------+ 
| Allenby Capital Limited                 | +44 (0)20 3288 5656                   | 
+-----------------------------------------+---------------------------------------+ 
| Rod Venables/James Reeve                |                                       | 
+-----------------------------------------+---------------------------------------+ 
|                                         |                                       | 
+-----------------------------------------+---------------------------------------+ 
| Pelham PR                               | +44 (0)20 7337 1500                   | 
+-----------------------------------------+---------------------------------------+ 
| Mark Antelme                            |                                       | 
+-----------------------------------------+---------------------------------------+ 
| Evgeniy Chuikov                         |                                       | 
+-----------------------------------------+---------------------------------------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 BOAILFSELSLSIIA 
 

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