Some of the Russian mass media, particularly the Vedomosti Newspaper, regularly reports that Galina Weber, shareholder of Itera Group of Cyprus, continues to be at suit with the Company, contesting validity of an additional issue of shares in February of 2006. In view of the legal actions, some doubt is cast on IPO possibility for ITERA companies planned for 2008.
The Press-Service is authorized to state officially that the Russian companies of ITERA are hardly worried about legal proceedings in a Cyprus court in respect of Itera Group registered in Cyprus.
The additional issue of shares by Itera Group of Cyprus was accomplished in accordance with its Articles of Association and it was based on a shareholders’ majority vote. Galina Weber is trying to influence the situation by way of illegal actions: dissemination of incorrect information in the press. Itera Group has never been planning the placement of its shares with a stock exchange.
The plan of ITERA shareholders is to accomplish IPO only for assets of ITERA Oil and Gas Company and ITERA-Invest-story, a developer company, where Itera Group is one of shareholders (founders). The above situation cannot interfere with the placement of those Russian companies’ shares with a Stock Exchange.
07/11/2007
Press Service,
ITERA Oil and Gas Company
Tel.: (495) 411-8631 |
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