OREANDA-NEWS. October 12, 2011. OJSC PIK Group (“PIK Group” or “the Company”) today informs that it has received a notification from Holborner Services Limited (“Holborner”) informing  that on 30 September 2011, a Cypriot court issued an injunction against Holborner following an ex parte application filed by Forienst Investment Limited (“Forienst”).

The injunction concerns an 8.29% stake in OSJC PIK (“PIK”) owned by Holborner and in relation to which Forienst has a call option right (exercisable during a two year period from 16 March 2012).

PIK-Group was informed by Holborner that there is no basis for the injunction obtained by Forienst (indeed, the injunction merely confirms the contractual position between the parties). Holborner has fully observed its obligations to Forienst and rejects any allegation of wrongdoing on its part.

Holborner will seek prompt discharge of the injunction (and will vigorously defend any related claim which may be brought by Forienst).