Vostok Nafta Investment Ltd. Six Months Report Covering

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News Desk 2018
Vostok Nafta Investment Ltd. Six Months Report Covering the Period January 1, 2013–June 30, 2013

Stockholm, 2013-08-14 08:00 CEST (GLOBE NEWSWIRE) --

- Net result for the period was USD –24.68 million (mln) (January 1, 2011–June 30, 2012: 31.27). Earnings per share were USD –0.28 (0.33). Net result for the quarter was USD –48.47 mln (–13.20). Earnings per share for the quarter were USD –0.55 (–0.14).

- The net asset value of the Company was USD 239.99 mln on June 30, 2013 (December 31, 2012: 329.58), corresponding to USD 2.72 (December 31, 2012: 3.67) per share. Given a SEK/USD exchange rate of 6.7136 the values were SEK 1,611.19 mln (December 31, 2012: 2,147.43 mln) and SEK 18.27 (December 31, 2012: 23.94), respectively.

- The group’s net asset value per share in USD decreased by 25.94% or by 7.35% excluding the effect of the distribution of shares held in Black Earth Farming Ltd and RusForest AB over the period January 1, 2013–June 30, 2013. During the same period the RTS index decreased by 16.47% in USD terms. During the quarter April 1, 2013–June 30, 2013 the group’s net asset value per share in USD decreased by 31.18% or by 13.90% excluding the effect of the distribution of shares held in Black Earth Farming Ltd and RusForest AB (RTS index: –12.64%).

- The number of outstanding shares at the end of the period was 88,210,000.

- The reported net asset value per share of Vostok Nafta as of July 31, 2013 was USD 2.71 (SEK 17.67).

- On May 21, 2013 Vostok Nafta announced that the Company’s largest shareholders, Lorito Holdings (Guernsey) Limited (”Lorito”) and Zebra Holdings and Investments (Guernsey) Limited (”Zebra”) had sold all of their SDRs in Vostok Nafta, representing 31.1% of the total number of SDRs in the Company. All of the SDRs sold by Lorito and Zebra were acquired by Luxor Capital Group, L.P. (“Luxor”), a New York-based investor. After the above described transaction Luxor controls 33.69% of the total number of outstanding SDRs in Vostok Nafta.

- A Special General Meeting in Vostok Nafta held on May 24, 2013 approved the distribution of shares held in Black Earth Farming Ltd and RusForest AB through a share split with a mandatory redemption programme. The distribution took place on June 26, 2013 for a total amount of USD 60.25 mln net of transaction costs.

- On May 27, 2013 Vostok Nafta announced that Lukas H. Lundin and C. Ashley Heppenstall had notified the Company that they resign from the board of directors of Vostok Nafta. Lars O Grönstedt has been appointed interim chairman. 

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