En+ Group requests OFAC to extend General License No.13 beyond deadline of 7 May 2018
27 April 2018 - EN+ GROUP PLC (the "Company" or "En+ Group") (LSE: ENPL, MOEX: ENPL) announces that:
- On 26 April 2018, the Company submitted a formal request to the Office of Foreign Assets Control ("OFAC") of the Department of the Treasury of the United States of America to extend the authorization period under OFAC's General License No.13 to 31 October 2018 or such a date that OFAC considers appropriate. OFAC's General License No. 12 was also referenced in the Company's request.
- OFAC issued General License No.13 on 6 April 2018 authorizing U.S. persons to engage in certain limited activities and transactions involving the Company for a specified period. General License No.13 has a current deadline of 7 May 2018 for all transactions and activities that are ordinarily incident and necessary to divest or transfer debt, equity, or other holdings in the Company to a non-US person, or to facilitate the transfer of debt, equity or other holdings in the Company.
- The Company is seeking an urgent response to the formal request submitted to OFAC and recognizes that without an extension of the authorization period for General License No. 13, the ability of the Company to maintain its GDR listing on the London Stock Exchange will be materially impacted.
- The Company continues to work to protect the interests of its investors, including those holding a minority position, and will make further announcements as soon as possible.
- The Company is also aware that, following a series of discussions with the Company's independent chairman, Lord Barker of Battle, Mr Oleg Deripaska has agreed in principle to the chairman's request that Mr Deripaska reduce his shareholding in the Company to below 50%.
- In addition, in conjunction with efforts to engage with OFAC as described above, Mr. Deripaska has agreed with the chairman's proposal that he will resign from the Board and consent to the appointment of certain new Directors such that the Board will comprise a majority of new independent directors.
This announcement may include statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements may be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "plans", "projects", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements reflect the Company's current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Group's business, results of operations, financial position, liquidity, prospects, growth or strategies. Forward-looking statements speak only as of the date they are made.