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14.12.2018 18:42


UC RUSAL PLC (UCR)

Сведения, раскрываемые иностранным эмитентом иностранным инвесторам. Сообщение о связанных сделках.


Сообщение о связанных сделках. Эксплуатация Ондской ГЭС
1. Общие сведения
1.1. Полное фирменное наименование эмитента: Юнайтед Компани РУСАЛ Плс (United Company RUSAL Plc)
1.2. Сокращенное фирменное наименование эмитента: -
1.3. Место нахождения эмитента: 44 Эспланэйд, Сент-Хелиер, Джерси, JE4 9WG (44 Esplanade, St. Helier, Jersey JE4 9WG)
1.4. ОГРН эмитента: Регистрационный номер юридического лица 94939
1.5. ИНН эмитента: Не присвоен.
1.6. Уникальный код эмитента, присвоенный регистрирующим органом: Не присвоен.
1.7. Адрес страницы в сети Интернет, используемой эмитентом для раскрытия информации: http://rusal.ru/investors/info/moex/; http://e-disclosure.ru/portal/company.aspx?id=35101
2. Содержание сообщения
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
UNITED COMPANY RUSAL PLC
(Incorporated under the laws of Jersey with limited liability)
(Stock Code: 486)
CONTINUING CONNECTED TRANSACTIONS
OPERATION OF ONDSKAYA HYDRO POWER STATION
The Company announces that on 13 December 2018, JSC RUSAL Ural, a member of the Group, as the lessee, and EuroSibEnergo — Thermal Energy LLC, an associate of En+, as the lessor, entered into the Lease Addendum.
The Company also announces that, on 13 December 2018, JSC RUSAL Ural, as the customer, and EuroSibEnergo — Thermal Energy LLC, as the contractor, entered into the Operation and Maintenance Addendum.
THE LEASE ADDENDUM
The Company announces that, on 13 December 2018, JSC RUSAL Ural (formerly JSC “Siberian and Urals Aluminium Company”), a member of the Group, as the lessee, and EuroSibEnergo — Thermal Energy LLC, an associate of En+, as the lessor, entered into an addendum to the lease dated 11 November 2016 (as disclosed in the Company’s announcement dated 14 November 2016) pursuant to which the movable and immovable property of Ondskaya Hydro Power Station is to be leased to JSC RUSAL Ural from 1 January 2019 to 31 December 2021 (the “Lease Addendum”).
The key terms of the Lease Addendum are set out below:
Contracting parties: JSC RUSAL Ural, as the lessee; EuroSibEnergo — Thermal Energy LLC, as the lessor
Subject matter of the lease: Movable and immovable property of Ondskaya Hydro Power Station
Term: From 1 January 2019 to 31 December 2021
Rent (excluding VAT): For the financial year ending 31 December 2019: USD4 090 909
For the financial year ending 31 December 2020: USD4 090 909
For the financial year ending 31 December 2021: USD4 090 909
Total: USD12 272 727
Terms of payment: 50% of the monthly payment to be paid before the 20th of the current lease month; the remaining 50% of the monthly payment to be paid before the 5th of the month following the lease month
THE OPERATION AND MAINTENANCE ADDENDUM
The Company announces that, on 13 December 2018, JSC RUSAL Ural, as the customer, and EuroSibEnergo — Thermal Energy LLC, as the contractor, entered into an addendum pursuant to which EuroSibEnergo — Thermal Energy LLC agreed to provide operation and maintenance services to JSC RUSAL Ural in relation to the Ondskaya Hydro Power Station for from 1 January 2019 to 31 December 2021 (the “Operation and Maintenance Addendum”) for a consideration of approximately USD7 563 636 for three years excluding VAT (approximately USD2 521 212 per year excluding VAT). Under the Operation and Maintenance Addendum, an advance payment amounting to 50% of the monthly payment will be made by the 30th of the current month and the remaining 50% of the monthly payment will be made within 10 calendar days after the customer and the contractor have signed a bilateral acceptance certificate to confirm that the rendered services meet the terms of the addendum.
THE ANNUAL AGGREGATE TRANSACTION AMOUNT
Each of the rent payable under the Lease Addendum and the consideration payable under the Operation and Maintenance Addendum has been determined with reference to the market price and on terms no less favourable than those prevailing in the Russian market for the property and services of the same type and quality and those offered by the associates of En+ to independent third parties. The basis of calculation of payments under the Lease Addendum is the rent offered by EuroSibEnergo — Thermal Energy LLC, which is based on the property taxes, cost of depreciation and credit interests spent by the lessor to acquire the property of Ondskaya Hydro Power Station. The basis of calculation of payments under the Operation and Maintenance Addendum is the contract price offered by EuroSibEnergo — Thermal Energy LLC, which is based on the cost of operating Ondskaya Hydro Power Station in terms of the salaries, maintenance and repair of equipment, service scheduling and other general expenses.
Based on the terms of the Lease Addendum and the Operation and Maintenance Addendum, the annual aggregate transaction amount to be paid by the Group to EuroSibEnergo — Thermal Energy LLC for each of the financial years ended 31 December 2019, 31 December 2020 and 31 December 2021 will be approximately USD6 612 121 million, USD6 612 121 million and USD6 612 121million respectively.
The annual aggregate transaction amount is estimated by the Directors based on the contract price under the Lease Addendum and the Operation and Maintenance Addendum.
THE AGGREGATION APPROACH
Pursuant to Rule 14A.81 of the Listing Rules, the continuing connected transactions contemplated under the Lease Addendum and the Operation and Maintenance Addendum should be aggregated, as they were entered into between the same parties, and the subject matter of each of the contracts relates to each other.
REASONS FOR AND BENEFITS OF THE TRANSACTIONS
The Directors consider that the Lease Addendum and the Operation and Maintenance Addendum are for the benefit of the Company, as EuroSibEnergo — Thermal Energy LLC possesses the necessary experience and expertise for the operation and maintenance of hydro installations and power generating equipment in Russia. Other alternative service providers would require the Company to hire additional personnel and incur costs on obtaining additional licences and permits which are not currently available.
The Directors (including the independent non-executive Directors) consider that the Lease Addendum and the Operation and Maintenance Addendum have been negotiated on an arm’s length basis and on normal commercial terms which are fair and reasonable and the transactions contemplated under the Lease Addendum and the Operation and Maintenance Addendum are in the ordinary and usual course of business of the Group and in the interests of the Company and its shareholders as a whole.
None of the Directors has a material interest in the transactions contemplated under the Lease Addendum and the Operation and Maintenance Addendum, save for Mr. Vyacheslav Solomin, Mr. Timur Valiev and Mr. Philippe Bernard Henri Mailfait, who are directors of En+, being the holding company of EuroSibEnergo — Thermal Energy LLC. Accordingly, Mr. Vyacheslav Solomin, Mr. Timur Valiev and Mr. Philippe Bernard Henri Mailfait did not vote on the Board resolution approving the Lease Addendum and the Operation and Maintenance Addendum.
LISTING RULES IMPLICATIONS
EuroSibEnergo — Thermal Energy LLC is directly or indirectly held by En+ as to more than 30% of the issued share capital and is therefore an associate of En+ which is a substantial shareholder of the Company and thus is a connected person of the Company under the Listing Rules.
The estimated annual aggregate transaction amount of the continuing connected transactions under the Lease Addendum and the Operation and Maintenance Addendum for the financial years ending 31 December 2019, 31 December 2020 and 31 December 2021 is more than 0.1% but less than 5% under the applicable percentage ratios. Accordingly, pursuant to Rule 14A.76 of the Listing Rules, the transactions contemplated under these contracts are only subject to the announcement requirements set out in Rules 14A.35 and 14A.68, the annual review requirements set out in Rules 14A.49, 14A.55 to 14A.59, 14A.71 and 14A.72 and the requirements set out in Rules 14A.34 and 14A.50 to 14A.54 of the Listing Rules. These transactions are exempt from the circular and shareholders’ approval requirements under Chapter 14A of the Listing Rules.
Details of the Lease Addendum and the Operation and Maintenance Addendum will be included in the relevant annual report and accounts of the Company in accordance with Rule 14A.71 of the Listing Rules where appropriate.
PRINCIPAL BUSINESS ACTIVITIES
The Company is principally engaged in the production and sale of aluminium, including alloys and value-added products, and alumina.
EuroSibEnergo — Thermal Energy LLC is principally engaged in the owning and operating power generating assets.
DEFINITIONS
In this announcement, the following expressions have the following meanings, unless the context otherwise requires:
“associate(s)” has the same meaning ascribed thereto under the Listing Rules.
“Board” the board of Directors.
“Company” United Company RUSAL Plc, a limited liability company incorporated in Jersey, the shares of which are listed on the main board of the Stock Exchange.
“connected person(s)” has the same meaning ascribed thereto under the Listing Rules.
“continuing connected transactions” has the same meaning ascribed thereto under the Listing Rules.
“Director(s)” the director(s) of the Company.
“En+” En+ Group Plc, formerly En+ Group Limited, a company incorporated in Jersey, a substantial shareholder of the Company.
“Group” the Company and its subsidiaries.
“Listing Rules” the Rules Governing the Listing of Securities on the Stock Exchange.
“percentage ratios” the percentage ratios under Rule 14.07 of the Listing Rules.
“Stock Exchange” The Stock Exchange of Hong Kong Limited.
“substantial shareholder” has the same meaning ascribed thereto under the Listing Rules.
“USD” United States dollars, the lawful currency of the United States of America.
“VAT” value added tax.
By Order of the Board of Directors of
United Company RUSAL Plc
Aby Wong Po Ying
Company Secretary
14 December 2018
As at the date of this announcement, the executive Directors are Mr. Evgenii Nikitin, Mr. Sergei Popov and Mr. Evgenii Vavilov, the non-executive Directors are Mr. Marco Musetti, Mr. Vyacheslav Solomin and Mr. Timur Valiev, and the independent non-executive Directors are Mr. Matthias Warnig (Chairman), Dr. Elsie Leung Oi-sie, Mr. Dmitry Vasiliev, Mr. Bernard Zonneveld, Mr. Philippe Bernard Henri Mailfait and Mr. Jean-Pierre Thomas.
All announcements published by the Company are available on its website under the links http://www.rusal.ru/en/investors/info.aspx and http://rusal.ru/investors/info/moex/ respectively.
3. Подпись
3.1. Менеджер
Юнайтед Компани РУСАЛ Плс по доверенности №РГМ-ДВ-18-0491 от 17 августа 2018 г.
Д. Сидаркевич
3.2. Дата: «14» декабря 2018 г.
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