Temirbank Bondholders & Creditors to Meet on March 31
OREANDA-NEWS. March 18, 2010. BTA Bank's subsidiary Temirbank (Almaty), listing on Kazakhstan Stock Exchange (KASE), provided KASE with a press release, reported the press-centre of KASE:
1. This announcement is made as the Bondholder meetings failed to have quorum. Therefore, international bondholder meetings were rescheduled and will be recurrently held March 31, 2010 at 8:30 a.m. (London time) - in regard of Bonds maturing in 2011, and at 9:00 a.m. (London time) (or earlier, if the meeting of holders of bonds maturing in 2011 end earlier) - on bonds maturing in 2014 in the office of Denton Wilde Sapte LLP at1 Fleet Place, London EC4M 7WS, United Kingdom.
2. As at 11:30 a.m.(London time) March 16, 2010, Instructions on voting were received in regard of the principal in the amount of USD202,637,000 from holders of Bonds maturing in 2011 and in regard of the principal in the amount of USD323,092,000 from holders of Bonds maturing in 2014, roughly 92 % of votes were for the restructuring plan.
Both meetings failed to see a 75 % quorum of international bondholders. However, quorum for recurrent meetings will be 25 %. Depending on changes in voting results, available currently and before recurrent meetings, the bank is suggesting the recurrent meetings will reach quorum and extraordinary decisions will be approved through a required number of votes (75 % in regard of Bonds maturing in 2011 and 66.6 % in regard of Bonds maturing in 2014).
The above mentioned data show the current situation, but do not guarantee a final outcome of recurrent meetings of international bondholders and creditors, as the creditors engaged in the restructuring may call off the prior submitted instructions. The bank is appealing to all creditors engaged in the restructuring render support in favor of the restructuring plan.
3. Instructions on voting for recurrent international bondholder meetings must be submitted on Tuesday, March 30, 8:30 a.m. (London time) - in regard of the bonds maturing in 2011, and 9:00 a.m. (London time) - in regard of the bonds maturing in 2014 (however, international bondholders must take into account that their clearing systems, custodians and (or) traders may set their own terms).
4. International bondholders must take to notice that the instructions on voting submitted in regard of meetings of international bonds held March 16, 2010 shall be valid in regard of corresponding recurrent meetings (unless called off before the term of submission of the instructions on voting for the recurrent corresponding meeting of bondholders). International bondholders that had already voted do not need to take additional steps in regard of recurrent meetings of international bondholders (unless they choose to call off their previous instructions on voting).
5. In connection with absence of a quorum at international bondholder meetings a notification was issued that the Creditors meeting that had to be held at 16:30 p.m. (Almaty time) Wednesday March 17, 2010 was rescheduled to 16:30 p.m. (Almaty time) Wednesday March 31, 2010 (with corresponding extension of terms for submission of requirements, terms of voting for submission of letters of trustee and registration terms in regard of creditors meetings). Forms of requirements and forms of letters of trustee sent earlier in regard of the creditor meetings, held March 17, 2010, shall remain valid, and no creditor engaged in the restructuring that had already submitted a form of requirement and a form of letter of trustee, must take any additional steps in regard of the rescheduled creditors' meeting (with account to a corresponding letter of trustee and authorities for signing, remaining in force through March 31, 2010 inclusively). Temirbank is confirming that international bondholders do not need to submit a form of requirement and a form of letter of trustee, as this will be done by a corresponding trust manager (suggesting that extraordinary decisions will be made at the rescheduled meetings of international bondholders).
To receive full description of the restructuring, the creditors engaged therein must refer to the information memorandum, additional information memorandum dated March 9, 2010 and the second additional information memorandum dated March 11, 2010.
Creditors engaged in the restructuring please contact:
International Unit - e-mail at ir@temirbank.kz or phone +7 727 259 0528 or +7 727 258 7829; or
Information Agent: Thomson Reuters at Disclosures_fisi@thomsonreuters.com or phone to Ellis Farrell + 44 207 542 8775, Christina Mermiga + 44 207 542 5836 or Melina Bobbio + 44 207 542 9013 or mail to Thomson Reuters, 30 South Colonnade, Canary Wharf, London, UKE14 5EP.
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