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Rengaz Holdings Limited Advise of Amended Redemption Price
Hamilton, Bermuda, June 26, 2007 - In an announcement made to the Bermuda Stock Exchange (BSX) The Directors of Rengaz Holdings Limited (the "Company"), wish to advise the Company's shareholders of an amendment to the redemption price calculated for the compulsory redemption of 9,660 Series Two Shares (the "Shares") on 12 April 2007 (the "Redemption Date"). The price originally calculated for the redemption was $79.004194 per Share (the "Original Redemption Price"). The Directors have subsequently been advised that there was an error in the calculation of the Original Redemption Price, and that the correct price for the compulsory redemption on the Redemption Date was $77.882333 (the "New Redemption Price"). Thus the compulsory redemption of the Shares by the Company will take place at a price equal to the New Redemption Price per Share.
The redemption was completed in order to settle an imbalance between supply and demand of shares of the Company in issuance. Subject to the following paragraph, the Company is prepared, if and when necessary at its discretion, to approve further redemptions of its shares in issuance in an attempt to protect its shareholders from widening discounts and to facilitate as far 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 of the Company in issuance in accordance with such practices in order to ensure that the Company is not open-ended for taxation or regulatory purposes, and that accordingly shareholders of the Company cannot expect with any degree of certainty that any shares of the Company they may offer for re-purchase or redemption will be bought back or redeemed at any particular time.
In accordance with Regulation 6.30 of Section IV, Chapter 6, Part B of the BSX Listing Rules, the Company has advised the Bermuda Stock Exchange (the"BSX") of the repurchase from Renaissance Investment Management (Cyprus) Limited, an affiliate of the Renaissance Capital Investments Management Limited, Investment Manager,
For further information on the Company please contact:
Oleg Jelezko - 22 Voznesensky pereulok, 125009 Moscow, Russia
Anthony Tighe - 25 Eden Quay, Dublin 1, Ireland