Sibir Energy (LON:SBE) - Sibir reduces its exposure to Real Estate, but governance uncertainties remain
Feb 11th 2009 - Fox Davies Capital today published a report on Sibir Energy (SBE.L, LSE:SBE, LON:SBE) entitled "Sibir Reduces Its Exposure To Real Estate, But Governance Uncertainties Remain". In summary, the report says:
Event Sibir announced a proposal to withdraw Real Estate Resolutions and cancel all major property acquisitions. The company had advanced a total of $115.4 million as partial payment for the purchase of two properties in Mr Tchigirinski's real estate portfolio. Mr Tchigirinski also obtained a loan of $192m from Orton Oil (owned by Mr Igor Kesaev, Sibir’s second large shareholder) secured by pledging his indirect approximate 23.3 per cent stake in Sibir by the end of January 2009. The debt to Sibir is due to be repaid within a period of 270 days from 15 January 2009 once Mr Tchigirinski properties are sold. Meanwhile Sibir will be responsible for funding all costs, fees and expenses of the properties and the...
Fox-Davies Capital Limited (FDC) has been advising and raising funds for the natural resource sector since February 2001. The firm specialises in assisting international resource companies to gain access to the UK, European and North American capital markets and has a substantial background in emerging markets particularly in Africa, Asia, Russia and the CIS. FDC enjoys a successful track record in advising and undertaking fundraising transactions for its clients ranging from private equity to IPO and secondary offerings and works with over 350 specialised institutional resource and emerging markets funds worldwide. FDC is authorised and regulated by the Financial Services Authority (FSA) and is a member firm of the London Stock Exchange (LSE). more »
