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Urals Energy Chair And CEO Leave On Failure To Get Working Capital

LONDON (Alliance News) - Urals Energy Public Co Ltd on Thursday said Chair Andrew Shrager, Chief ...

Alliance News 21 February, 2019 | 2:42PM
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LONDON (Alliance News) - Urals Energy Public Co Ltd on Thursday said Chair Andrew Shrager, Chief Executive Leonid Dyachenko and Non-Executive Director Stephen Buscher have resigned with immediate effect.

The oil company said it intends to propose resolutions for the appointment of alternative directors at its extraordinary general meeting tomorrow.

In addition, Urals Energy said its financial adviser Allenby Capital Ltd has resigned with effect from Thursday.

"The board's decision to resign was made inevitable by the failure of Adler Impex to support the board in its pursuit of the repayment of the group's funds that were misused by and on the authority of Sergey Kononov, president of the company's 98.56% owned Petrosakh subsidiary, and his failure to resign his role at Petrosakh," explained Shrager.

"I trust that the new board that is likely to be elected tomorrow will be able to succeed in these respect and secure the necessary additional working capital for the company," added Shrager.

Urals Energy shares were untraded on Thursday, last closing at 36.00 pence each.

By Evelina Grecenko; evelinagrecenko@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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