Market Update and Cancellation of AIM Listing


 

TIDMTMAN 
 
RNS Number : 0980E 
Timan Oil & Gas Plc 
15 December 2009 
 

 
 
TIMAN OIL AND GAS PLC 
("Timan" or the "Company") 
 
 
Market Update and Cancellation of AIM Listing 
 
 
Further to previous announcements, the Board of Timan (the "Board") announces 
that Kamanisk Holdings ("Kamanisk") retains the title to the Company's former 
subsidiaries Neftegazopromyslovye Tekhnologii Limited ("NGPT"), Komineftegas 
Limited Liability Company ("KNG") and Timan Management Limited Liability Company 
("Timan Management") (the "Subsidiaries"). The Board is committed to restoring 
ownership of the Subsidiaries, however, Kamanisk's conditions relating to the 
return of the Subsidiaries substantially increase the cost of such a transaction 
and delay the prospect of its completion. This severely limits the ability of 
the Company to raise any funding, which further undermines the operational and 
financial situation in the Company. 
The situation outlined above has hindered the Company's ability to satisfy the 
necessary requirements to support its AIM admission, including engagement of a 
Nominated Adviser and development of a timetable by which the audit might be 
completed. Further to the announcement of 24 November 2009, the Company 
announces that Timan's AIM admission will be cancelled at 8 am on 15 December 
2009. 
 
 
The Board has reached an agreement with Alexander Lebedev in respect of the 
principles for financing of the Company and strengthening of the Board with 
appropriate, experienced executive Directors.  The negotiations are expected to 
be finalised in the near term. 
 
 
The Board remains open for appropriate candidates to be nominated to the Board. 
Particularly, the Board has invited several minority shareholders to join the 
Board, but so far none has decided to join due to the perceived legal and 
reputational risks. 
 
 
 
 
Enquiries: 
 
 
Timan Oil & Gas plc 
Vitaly Belik, Non-Executive Director 
Dmitry Soloviev, Non-Executive Director 
+7 495 287 32 78 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCILFLDFFLSLIA

Timan (LSE:TMAN)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024