2 Jun 2008 07:00
NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN
For immediate release
| 2 June 2008 | PRESS RELEASE | St. Petersburg |
The FFMS (the Federal Financial Markets Service of the Russian Federation) has registered the issue of and the prospectus for Series 02 bonds of OJSC LSR Group, one of the leading real estate developers and building materials producers in Russia (LSE: LSRG; MICEX, RTS: LSRG). The decision on placement of the bond was approved by the Board of LSR Group.
In accordance with the decision of the FFMS, LSR Group is authorised to issue interest-bearing non-convertible bearer Series 02 bonds to be placed by open subscription. A total of up to 5 million securities may be issued, with a nominal value per security of RUB 1,000, representing a total issue value of up to RUB 5 billion. Pre-emptive rights will not apply to the placement.
Commenting on the bond issue, Elena Tumanova, Chief Financial Officer and member of the Board of Directors LSR Group said:
"LSR Group has taken the decision to issue this bond in order to raise funds for implementing an extensive investment programme. We are not currently planning to place the bonds immediately but will consider making the issue when we judge market conditions to be most favourable."
NOTES TO EDITORS:
OJSC LSR Group is a diversified construction company founded in 1993 and operating in a number of complementary market segments. Its core business areas are building materials, construction and real estate development. The Group includes enterprises for extraction and processing of aggregates, production and transportation of building materials, and housing construction - from mass market large-panel housing to elite property built after designs made by leading domestic and foreign architects.
LSR Group has operations and offices in a number of cities in the Leningrad Oblast, in St. Petersburg, Moscow, Yekaterinburg, Lithuania, Latvia, Estonia, Ukraine and Germany. LSR Group employs over 15,000 people.
In 2005 and 2006, the revenues of LSR Group (according to IFRS statements) were $ 463 million and $ 777 million respectively. In 2007, the revenues amounted to $ 1,403 million.
In November 2007, OJSC LSR Group implemented an IPO, and now its GDRs are listed on the London Stock Exchange, and the shares - on MICEX and RTS.
LSR Group has a B1 rating, outlook - stable assigned by Moody's Investors Service in July 2007 and confirmed on 30 May 2008, and a B1 rating, outlook - stable assigned by Fitch Ratings on May 30 2008.
In 2007, LSR Group was bestowed a National Award in the field of business as 'The Company of the Year' in the 'Construction' category.
For more details please contact:
Press Service, LSR Group
Tel.: +7(812) 314-1044
press@lsrgroup.ru
www.lsrgroup.ru
Legal disclaimer:
NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN
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