OREANDA-NEWS. On 07 May 2009 was announced, that XXI Century Investments Public Limited (LSE: XXIC) wishes to give the following update.

Consent solicitation to implement 45 day payment deferral

On 23 April 2009, the Company held a conference call, in which all holders of its USD175 million 10% Guaranteed Secured Notes due 2010 (the "Notes") were invited to participate, to discuss its proposed restructuring of the Notes by means of an exchange offer and/or consent solicitation as previously announced by the Company (the "Restructuring Proposals"). On that call, participating Noteholders holding or representing a majority (in principal amount) of the Notes indicated that they desire further time to assess the Restructuring Proposals and proposed that the Company should seek a 45 day "standstill".

Considering the diversity of the Noteholder group, both geographically and by investor type, the Company has determined that the most expeditious method to implement an effective standstill is to seek the consent of Noteholders, by means of an extraordinary resolution, to the amendment to terms of the Notes to defer for a period of 45 days (to 8 July 2009) the earliest date on which payment is due on the exercise of the Noteholder put option under the Notes (being currently 24 May 2009) and the interest payment on the Notes currently falling due on 24 May 2009 (the "Proposed Amendments"). No other terms of the Notes are being amended via the extraordinary resolution.

The Company has today launched a consent solicitation process and issued a notice of meeting of Noteholders convening the meeting at which the proposed extraordinary resolution will be considered.  The meeting of Noteholders is to be held at 9.00 a.m. (London time) on 21 May 2009 at 100 New Bridge Street, London EC4V 6JA. The notice of the meeting and a solicitation statement containing details of the Proposed Amendments will be delivered to Noteholders via the clearing systems Euroclear Bank S.A./N.V. and Clearstream Banking, societe anonyme. The notice of the meeting can be accessed on the Company's website, www.21.com.ua and the website of the Luxembourg Stock Exchange, www.bourse.lu.

The Company currently intends to continue its discussions with Noteholders in order to finalise the Restructuring Proposals and, thereafter, to formally present such proposals to Noteholders by means of an exchange offer and/or further consent solicitation. It is currently envisioned that the commencement of the exchange offer and/or further consent solicitation would be timed to enable the restructuring of the Notes to take effect before the revised put option date and interest payment date. Whether or not the Proposed Amendments take effect, the Company remains at substantial risk that it would not be able to meet its obligations to redeem Notes pursuant to the put option and to pay the next interest payment date when it falls due. However, the Company assumes no obligation to proceed with the Restructuring Proposals on their current terms or at all.

Put notices

As of the close of business on 28 April 2009, Noteholders representing U.S.USD 134.91 million in the aggregate principal amount of the Notes outstanding have submitted notices indicating their intention to exercise the put option in respect of their Notes.

Other documents available on website

As announced previously by the Company, drafts of certain transactions documents in connection with the Restructuring Proposals have been made available on the Company's website. These draft transaction documents are subject to change.

In addition, certain summary data with regard to the Company's asset portfolio as at 29 April 2009 has been posted on the Company's website.