On 26 August 2008, OVL and Imperial Energy announced the terms of a recommended pre-conditional cash offer to be made by Bidco for the entire issued and to be issued share capital of Imperial Energy (the “Offer”).
On 5 September 2008, OVL announced that it had submitted filings, seeking the approvals required to satisfy the Pre-Conditions to the Offer, to (i) the Governmental Commission of the Russian Federation in respect of the restrictions on the ownership of Russian entities by entities controlled by a foreign government; and (ii) the Federal Anti-Monopoly Service (“FAS”) of the Russian Federation in respect of anti-monopoly regulations.
Anti-monopoly approval
Further to an announcement earlier today, OVL has now received the approvals from the FAS in respect of the anti-monopoly regulations. Therefore, Pre-Condition (ii) referred to above has been satisfied.
As announced by OVL on 7 November 2008, in connection with Pre-Condition (i), OVL has applied for the approval in respect of the ownership of Russian entities by entities controlled by a foreign government. Such approval has, as yet, not been received and OVL is seeking clarification from the FAS regarding the status of this approval. Accordingly, at the time of this announcement Pre-Condition (i) remains to be satisfied and a further announcement regarding this Pre-Condition will be made in due course.
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