Russian Real Estate Investment Company AB: Business description, financial summary, 3yr and interim financials, key statistics/ratios and historical ratio analysis.
Provider: Reuters Investment Profile
Provider: Wright Reports
Russian Real Estate Investment Co AB's EGM to Decide on Liquidation
Russian Real Estate Investment Co AB (Ruric) announced that the Company's Extraordinary General Meeting (EGM) scheduled for June 28, 2013 is to determine whether the Company shall go into liquidation. The Board of Directors' (the Board's) primary proposal is that the Company should not go into liquidation but continue its business operations. The key grounds for the primary proposal are that the Saint-Petersburg real estate market, which is the venue for Ruric's core business, continues to grow. It is the board of directors' view that there is considerable unrealized development potential in its real estate projects in that market. The Board’s secondary proposal is liquidation. The Board is notwithstanding its primary proposal to continue business operations required pursuant to the Swedish Companies Act to establish a complete proposal for a decision on liquidation to be presented to the initial meeting for liquidation purposes. Accordingly, and under the assumption that the initial meeting for liquidation purposes does not determine to continue business operations, the board of directors present, as a secondary proposal, that the Company shall enter into liquidation. If the initial meeting for liquidation purposes votes in favor of theBoard's secondary proposal, the Board suggests that the liquidation of the Company shall be effective from the date when the liquidation is registered with the Swedish Companies Registration Office.
Latest Developments for Russian Real Estate Investment Co AB
- Russian Real Estate Investment Co AB completes restructuring of bond loan and transfers St Petersburg Property Company AB to bondholders
- Russian Real Estate Investment Co AB Announces Outcome of Initial Meeting for Liquidation Purposes
- Russian Real Estate Investment Co AB Agrees Preliminary Term Sheet for Restructuring of Bond Loan; to Conduct Directed Share Issue and Divest Certain Holding Companies
- Russian Real Estate Investment Company AB Appoints Ilya Sosnov as New Chairman of the Board
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