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AnAn International's owner receives statutory demand from VTB Bank for US$170.4m
FUEL oil trader AnAn International on Monday said its controlling shareholder AnAn Group (Singapore) has received a statutory demand from VTB Bank with regard to a claim of some US$170.4 million.
The claim by VTB is related to a global master repurchase agreement, and a repurchase transaction entered into between both parties in November last year, where AnAn Group agreed to sell certain global depository receipts (GDRs) to VTB, and agreeing to repurchase the GDRs at a later date. The GDRs are in respect of shares in EN+ Group plc, the company said.
The statutory demand states that if payment is not made or secured to the reasonable satisfaction of VTB within 21 days of the statutory demand issued on July 23, AnAn Group shall be deemed to be unable to pay its debt, and VTB will be entitled to present a winding up application in the High Court of Singapore to pursue reliefs and remedies entitled by law.
According to an exchange filing, AnAn Group has objections to the statutory demand, including the fact that the amount claimed was formulated by VTB independently.
The company added that it has invested US$500 million in EN+ Group plc during its listing on the London Stock Exchange, and that as a result of US governmental sanctions made against EN+ Group plc and its ultimate controlling shareholder on April 6, the GDRs have suffered great downward price movement.
AnAn Group is seeking legal advice with respect to the statutory demand by VTB, and will make further announcements where there are important developments, the company said.
Shares in AnAn International last traded flat at 0.4 US cent on July 24.