Stockholm, 2015-11-06 08:00 CET (GLOBE NEWSWIRE) --
> The Company was incorporated on May 28, 2015. There were no business activities in the Company between May 28, 2015 and June 9, 2015.
> A Special General Meeting of the shareholders of Vostok New Ventures Ltd (VNV) on June 9, 2015 resolved in accordance with the Board of Directors’ proposed transfer of the Company’s holding in Tinkoff Bank to the shareholders through the formation and spin-off of the new company Vostok Emerging Finance Ltd (VEF).
> Net result for the period was USD -8.16 million (mln). Earnings per share were USD -0.11.
> Net result for the quarter was USD -7.65 million (mln). Earnings per share were USD -0.10.
> The net asset value of the Company was USD 18.90 mln on September 30, 2015, corresponding to USD 0.26 per share. Given a SEK/USD exchange rate of 8.3882 the values were SEK 158.54 mln and SEK 2.16, respectively.
> The Company’s net asset value per share in USD decreased by 30% over the period June 9, 2015–September 30, 2015. During the same period the MSCI Emerging Markets index decreased by 18%.
> Trading in the SDRs of VEF on Nasdaq First North commenced on July 16, 2015 with the ticker VEMF SDB.
> During the period the Company has made an investment in two of Russia’s innovative and fastest growing Fintech companies by taking a 12.5% stake in each of REVO and Sorsdata for a total amount of 2.5 MUSD.
> In line with the share-based incentive program, that was authorised by a Special General Meeting in Vostok New Ventures Ltd on June 9, 2015, a total of 750,000 options with strike price SEK 3.70 have been granted to the Managing Director, David Nangle.
> On October 22, the Board of the Company has convened a Special General Meeting to be held on November 9, 2015 to resolve on a rights issue in the amount of up to approximately SEK 588 million (USD 71 million) on the principal terms as further set out in the notice.
> In October 2015, Vostok Emerging Finance invested USD 4 mln in Jumo, which is a mobile money marketplace for people, small businesses and mobile network operators in Africa. Jumo currently operates in three markets, Kenya, Tanzania and Zambia, with several additional markets in pipeline and has disbursed 5 million loans to more than 2 million unique customers to date.
> The Company’s estimated net asset value per share as of October 31, 2015 was USD 0.36, corresponding to SEK 3.11 per share. The number of outstanding shares as of October 31, 2015 was 73,499,555.
The Company will hold a telephone conference with an interactive presentation at 16:00 CET (10:00 a.m. EST) Friday November 6. For call-in details, see separate press release issued Thursday, November 5, 2015 at www.vostokemergingfinance.com .
