FOR IMMEDIATE RELEASE June 11, 2015
Statement re: European Bank for Reconstruction and Development Loan ("EBRD")
Ukrproduct (AIM: UKR), one of the leading Ukrainian producers and distributors of branded dairy foods and beverages (kvass), announces that it has not made the second principal amount payment of EUR 300 thousand due on June 10, 2015 under the terms of its loan agreement with the European Bank for Reconstruction and Development dated March 31, 2011 (the "Loan Agreement") due to the more than three-fold hryvnia devaluation. The Company continues to make the interest payments due under the Loan Agreement. As at the date of this announcement, EBRD has not exercised any of its rights arising from the Loan Agreement in the events of default.
Although Ukrproduct progresses in the negotiations with EBRD to restructure the terms of the loan it is unlikely that this process will be finalized before June 30, 2015.
The Company shall publish the annual results for the year ended 31 December 2014 in the second half of this month.
For further information contact:
Ukrproduct Group Ltd |
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Jack Rowell, Non-Executive Chairman |
Tel: +380 44 232 9602 |
Sergey Evlanchik, Chief Executive Officer |
www.ukrproduct.com |
ZAI Corporate Finance Ltd. |
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Nominated Adviser and Broker Richard Morrison, Irina Lomova |
Tel: +44 20 7060 2220 www.zaicf.com |
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Ukrproduct Group Ltd is one of the leading Ukrainian producers and distributors of branded dairy products and kvass, a traditional fermented beverage. The Group's product portfolio includes processed and hard cheese, packaged butter, skimmed milk powder (SMP) and kvass. Ukrproduct has built a range of recognisable product brands ("Our Dairyman", "People's Product", "Creamy Valley", "Molendam", "Farmer's") that are well known and highly regarded by consumers. The Group reported total assets of approximately GBP 21.1 million as at June 30, 2014 and consolidated revenues of approximately GBP 17.2 million for the six months ended June 30, 2014. Ukrproduct's securities are traded under the symbol "UKR" on AIM, a market operated by the London Stock Exchange.
Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of the Group. You can identify forward looking statements by terms such as "expect," "believe," "anticipate," "estimate," "intend," "will," "could," "may" or "might" the negative of such terms or other similar expressions. These statements are only predictions and they may differ materially from the actual events or results. We do not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in such projections or forward-looking statements, including, among others, general economic conditions, our competitive environment, risks associated with operating in Ukraine, rapid technological and market change in our industry, as well as many other risks specifically related to the Group and its operations.
