Agrokultura and Steenord give further information regarding common intentions
Agrokultura AB (First North Stockholm: AGRA, “Agrokultura” or “the Company”), the producer of agricultural commodities in Russia and Ukraine, and Steenord, an investment company, reports an agreement of mutual confirmations.
Following the announcements made in the past weeks and following dialogue with the new major shareholder Steenord and the subsequent annulment of the proposed EGM and share issuances, the Company and Steenord together want to give further information regarding their relationship and common intentions.
Steenord, which is registered in the British Virgin Islands, has in the past days become a major shareholder of Agrokultura amassing approximately 47 per cent of the outstanding shares. Steenord is an investment company controlled by Nikolay Fartushnyak, a successful Russian sports retail entrepreneur born in Ukraine.
Steenord is supportive of the current strategy which the Board of Directors has been following. This strategy with focus on the operational turnaround of the business together with the investigation whether the assets might deliver a better return through an outright sale, was put in place in order to maximise shareholder value.
Steenord has appointed Achim Lukas, a German citizen, as its representative for dealings with Agrokultura. Mr Lukas until December 2012 was the CEO of Prodimex, one of the largest corporate farmers in Russia and a major participant in the sugar refining industry in Russia. He also has 15 years experience in senior management of Nordzucker AG, Europe’s second largest sugar manufacturer.
As an interim measure Achim Lukas will attend Board meetings in the capacity of an observer pending an EGM to nominate him to the Board.
As has been previously communicated, Steenord has committed to the Board to adhere to the rules of the stock exchange including making a mandatory offer as and when required and acknowledges the need and importance of equal treatment of all shareholders.
The Board of Agrokultura is content with the intentions communicated by Steenord as well as the concrete actions by Steenord supporting these communicated intentions. Steenord brings stability and industrial competence giving the Company an improved ability to execute the chosen strategy from an operations, financing and asset divestiture perspective.
Stockholm 12 August 2014
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About Agrokultura AB (publ)
Agrokultura invests in farmland and produces agricultural commodities in Russia and Ukraine. The Group aims to generate an attractive return on invested capital by optimally utilizing its agricultural land bank through crop production, livestock and related operations. Shares in Agrokultura are listed in Sweden on the Nasdaq OMX First North exchange under the ticker AGRA and the Group’s Certified Adviser is Remium Nordic AB.