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Rengaz Holdings Limited Announces Share Repurchase
Hamilton, Bermuda: May 19, 2005 - The Directors of Rengaz Holdings Limited (the "Company") wish to announce that the Company has purchased for cancellation 5,500,000 shares at US$12.969 per share. The repurchase was completed in order to address increasing and continuing imbalances between the supply and demand for the Company's Shares. The Company is prepared, if and when necessary at its discretion, to approve further repurchases of shares in an attempt to protect shareholders from widening discounts and to facilitate as much as possible demand from the Company's shareholders to reduce their Gazprom exposure during times of volatile market conditions.
The Directors wish to note that they will use their reasonable discretion to buy-back or redeem Shares in accordance with practices to ensure that the Company is not open-ended for taxation or regulatory purposes and that accordingly shareholders cannot expect with any degree of certainty that any of the Shares they may offer for re-purchase or redemption will be bought back or redeemed at any particular time.
The Company has advised the Bermuda Stock Exchange (the "BSX") of the repurchase from the Renaissance Capital group of companies, a connected party of the Investment Manager, Renaissance Capital Investments Management Limited in accordance with Regulation 6.30(3) of Section IV, Chapter 6, Part B of the BSX Listing Rules.
For further information on Rengaz Holdings Limited, please contact:
Anthony Tighe Custom House Administration & Corporate Services Ltd., Tel: +353-1-878-0807, e-mail: anthony.tighe@customhousegroup.com
Oleg Jelezko, Renaissance Capital, Tel: +7-095-725-5274, e-mail: ojelezko@rencap.com
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