KEYFACT Energy
Urals Energy announces that Andrew Shrager, Leonid Dyachenko and Stephen Buscher have resigned as directors of the Company with effect from the close of business today.
In addition, Allenby Capital Limited has, with effect from the close of business today, resigned as the Company's financial adviser.
Andrew Shrager, outgoing Chairman of the Company commented:
"The Board's decision to resign was made inevitable by the failure of Adler Impex to support the Board in its pursuit of the repayment of the Group's funds that were misused by and on the authority of Mr Sergey Kononov, President of the Company's 98.56% owned Petrosakh subsidiary, and his failure to resign his role at Petrosakh. I trust that the new Board that is likely to be elected tomorrow will be able to succeed in these respect and secure the necessary additional working capital for the Company. We have ensured that the new Board have been made fully aware of all the information available to us. The Company has the potential to be successful, and we wish the new Board well."
Urals Energy Announces Resignation of Directors
Urals Energy announces that Andrew Shrager, Leonid Dyachenko and Stephen Buscher have resigned as directors of the Company with effect from the close of business today.
In addition, Allenby Capital Limited has, with effect from the close of business today, resigned as the Company's financial adviser.
Andrew Shrager, outgoing Chairman of the Company commented:
"The Board's decision to resign was made inevitable by the failure of Adler Impex to support the Board in its pursuit of the repayment of the Group's funds that were misused by and on the authority of Mr Sergey Kononov, President of the Company's 98.56% owned Petrosakh subsidiary, and his failure to resign his role at Petrosakh. I trust that the new Board that is likely to be elected tomorrow will be able to succeed in these respect and secure the necessary additional working capital for the Company. We have ensured that the new Board have been made fully aware of all the information available to us. The Company has the potential to be successful, and we wish the new Board well."