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NOVY NEFT LIMITED - Repurchase and Cancellation of Shares
Hamilton, Bermuda: 26 August 2005 -Further to the announcement of 27 July 2005, the Directors of Novy Neft Limited (the "Company"), wish to advise that 1,981,768 Shares were tendered for repurchase and cancellation by Shareholders wishing to participate in the buy-back. As the number of Shares tendered was over the permitted maximum of 1,979,999 (representing 13.20% of the total number of Shares in issue as at 19 August 2004) the Shares will be repurchased pro rata.
The Share Register Record Date is 19 August 2005. The Transaction Date for the repurchase and cancellation of the 1,981,768 Shares is 24 August 2005. To allow time for the Company to realise sufficient underlying assets to finance the repurchase of Shares, payment of repurchase proceeds will be c. 16 September 2005.
The effective price at which the tendered Shares will be repurchased and cancelled will be announced within the next few days.
For further information on Novy Neft Limited please contact:
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Stephen Davies Butterfield Securities (Bermuda) Limited Tel: (441) 298 4764 Fax: (441) 295 6759 Email: meganwoloshyn@bntb.bm |
Christopher Fitzwilliam-Lay Charlemagne Capital (UK) Limited Tel: (44 207) 518 2100 Fax: (44 207) 518 2199 Email: chris.fitzwilliamlay@charlemagnecapital.com |