Farimex Withdraws Claim Against Telenor and Tyumen Court Cancels Omsk Ruling and Terminates All Proceedings
(Thomson Reuters ONE) -
(Fornebu, Norway, and Tyumen, Russia - 16 April 2010) Farimex Products, Inc.
today withdrew its claim against Telenor East Invest AS, and the Federal
Arbitrazh (Business) Court of the West Siberian District, in Tyumen, cancelled
the ruling of the Eighth Arbitrazh Appellate Court in Omsk holding Telenor East
Invest AS liable for US$1.73 billion in damages and terminated all proceedings.
At today's hearing, Farimex filed a motion withdrawing its claim against Telenor
East Invest AS and the other defendants. The court accepted that motion and
issued a ruling cancelling the Omsk court's ruling and terminating all
proceedings in the case.
"Farimex's withdrawal of its claim today and the cancellation of the Omsk ruling
are steps in the right direction," said Jan Edvard Thygesen, Telenor Executive
Vice President and the Head of Telenor's operations in Central and Eastern
Europe. "This case never had any merit, and we are pleased it has been
withdrawn. However, the decision of the Tyumen court is appealable. Before
closing can occur there are still enforcement proceedings to be withdrawn by the
bailiff."
The withdrawal and dismissal with prejudice of the Farimex case in Russia and
the withdrawal of all related orders and injunctions, including the withdrawal
of all enforcement proceedings issued by the Russian bailiffs service, without
any cost or loss to Telenor, is a condition to completion of the exchange offer
that will combine Open Joint Stock Company "Vimpel-Communications" ("OJSC
VimpelCom") (NYSE:VIP) and Kyivstar in VimpelCom Ltd. launched on 9 February
2010 (the "Exchange Offer") and the related Kyivstar share exchange transaction
between Telenor and Altimo.
Contact Information:
Dag Melgaard, Communication Manager, Telenor Group
Tel.: +47 901 92 000
E-mail: dag.melgaard(at)telenor.com
Anna Ivanova-Galitsina, PR and Communications Director, Telenor Russia
Tel: +7 (495) 937 9588
E-mail:anna.galitsina(at)telenor.com
Exchange Offer
Under the Exchange Offer, VimpelCom Ltd. is offering to holders of shares and
American Depositary Shares ("ADSs") of OJSC VimpelCom (NYSE: VIP) depositary
shares representing VimpelCom Ltd. shares ("DRs") or a nominal cash amount in
exchange for OJSC VimpelCom shares and ADSs.
Important Additional Information
In connection with the Exchange Offer by VimpelCom Ltd. to acquire all
outstanding shares of OJSC VimpelCom (including those represented by ADSs),
VimpelCom Ltd. has filed with the United States Securities and Exchange
Commission (the "SEC") a registration statement on Form F-4, which includes a
preliminary prospectus and related acceptance materials to register shares of
VimpelCom Ltd. (including those represented by DRs) to be issued in exchange for
OJSC VimpelCom shares held by U.S. persons and OJSC VimpelCom ADSs held by all
holders, wherever located. Holders of OJSC VimpelCom securities are urged to
carefully read the registration statement (including the preliminary prospectus)
and any other documents relating to the Exchange Offer filed with the SEC, as
well as any amendments and supplements to those documents, because they contain
important information. Free copies of the registration statement, including the
preliminary prospectus and related acceptance materials and other relevant
documents filed with the SEC, can be obtained at the SEC's website at
www.sec.gov
www.vimpelcomlimited.com. The preliminary prospectus and related Exchange Offer
acceptance materials are being mailed to eligible holders of OJSC VimpelCom
securities and a final prospectus also will be mailed to such holders when
available. Additional copies may be obtained for free from Innisfree M&A
Incorporated, the information agent for the Exchange Offer, at the following
telephone numbers: 1-877-800-5190 (for shareholders and ADS holders) and
1-212-750-5833 (for banks or brokers).
This announcement is not an offering document and does not constitute an offer
to sell or the solicitation of an offer to buy securities or a solicitation of
any vote or approval, nor shall there be any sale or exchange of securities in
any jurisdiction in which such offer, solicitation or sale or exchange would be
unlawful prior to the registration or qualification under the laws of such
jurisdiction. The solicitation of offers to exchange OJSC VimpelCom securities
for VimpelCom Ltd. DRs in the United States will only be made pursuant to the
preliminary prospectus and related acceptance materials that are being mailed to
U.S. holders of OJSC VimpelCom shares and all holders of OJSC VimpelCom ADSs,
wherever located. An investor may only exchange OJSC VimpelCom shares for
VimpelCom Ltd. DRs in the Exchange Offer in Russia if such investor is a
"qualified investor" under the applicable Russian rules and regulations. This
announcement is not for publication, release or distribution in or into or from
any jurisdiction where it would otherwise be prohibited.
VimpelCom Ltd. has the right to extend the acceptance period of the Exchange
Offer for the OJSC VimpelCom ADSs. Any extension will be announced not later
than the next business day after the previously scheduled expiration date of the
Russian Offer. VimpelCom Ltd. will announce any extension of the Exchange Offer
by issuing a press release and by publishing an announcement in newspapers in
the United States and Russia. In addition, VimpelCom Ltd. will file the
announcement with the SEC via the EDGAR filing system and post the announcement
on its website (www.vimpelcomlimited.com).
Cautionary statement regarding forward-looking statements
This announcement contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Forward-looking statements
are statements that are not historical facts, including statements concerning
the anticipated timing of filings and approvals relating to the proposed
transactions; the expected timing of the completion of the proposed
transactions; the expected benefits and costs of the proposed transactions;
management plans relating to the proposed transactions; the ability to complete
the proposed transactions in view of the various closing conditions; the
possibility that the proposed transactions may not be completed, any projections
of earnings, revenues, synergies, accretion, margins or other financial items;
any statements of operations, including the execution of integration plans; any
statements of expectation or belief; and any statements of assumptions
underlying any of the foregoing. Any statement in this announcement that
expresses or implies VimpelCom Ltd.'s intentions, beliefs, expectations or
predictions (and the assumptions underlying them) is a forward-looking
statement. Forward-looking statements involve inherent risks, uncertainties and
assumptions, including, without limitation, risks related to the timing or
ultimate completion of the proposed transactions; the possibility that expected
benefits may not materialize as expected; that, prior to the completion of the
proposed transactions, the business of OJSC VimpelCom or Kyivstar may not
perform as expected due to uncertainty; that the parties are unable to
successfully implement integration strategies or otherwise realize the synergies
anticipated for the proposed transactions; and other risks and uncertainties
that are beyond the parties' control. If such risks or uncertainties materialize
or such assumptions prove incorrect, actual results could differ materially from
those expressed or implied by such forward-looking statements and assumptions.
The forward-looking statements contained in this announcement are made as of the
date hereof, and VimpelCom Ltd. expressly disclaims any obligation to update or
correct any forward-looking statements made herein due to the occurrence of
events after the issuance of this announcement.
[HUG#1404404]
Unternehmensinformation / Kurzprofil:
Datum: 16.04.2010 - 08:05 Uhr
Sprache: Deutsch
News-ID 19152
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