Acron has announced that 100,000 common shares of Silvinit held by Acron have been released from the custody of Sberbank.
In May 2008, Sberbank of Russia extended a RUB 13,441 million non-revolving credit facility to Acron for a period of 7 years, with a 100,000 shares of Silvinit deposited as collateral. The purpose of the facility was to extend financing to Verkhnekamskaya Potash Company, Acron’s subsidiary, to cover payments and charges associated with the subsoil license for the exploration and development of the Talitsky lot of the Verkhekamsky potash deposit (Perm region). To secure the facility, Acron pledged 634,000 shares of Silvinit, which represents 8.1 per cent of Silvinit’s common stock.
Background
Silvinit is one of the leading Russian potash companies. It is a strategic supplier of potash input for Acron’s Russian operations.
Acron owns a minority stake in Silvinit, which represents 6.08 per cent of Sivinit authorized capital (or 8.1 per cent of its voting shares).