Xavier Rolet Refuses To Quit Russian Fertiliser Company
In the event that such redemption right was triggered, we would be required to issue a notice within five calendar days informing the holders of the notes of their redemption rights," Yandex said in a statement. "The current principal amount outstanding is $1.25 billion.
JOHANNESBURG, March 7 (Reuters) - Russian gold miner Nord Gold plc said four board members left the company on Monday, the latest in a string of exits of foreigners from the boards of Russian companies.
Trustees, who showed huge reluctance towards the plan anyway, remain on stand-by if the proposed sale collapses, but the stewardship plan has now been described as being 'dead in the water' in its current format.
On Tuesday, Sportsmail revealed trustees would have insisted on an indemnity policy before agreeing to Abramovich's original plans, given the sheer responsibility of playing such a key role within a business that turned over £434.8million for the previous financial year.
Yandex said that a suspension of trading of its Class A shares on Nasdaq of more than five trading days would give holders of those notes the right to require Yandex to redeem them at par plus accrued interest under the terms of its 0.75% convertible notes due in 2025.
But the announcement yesterday follows weekend reports that the company is considering spinning off its international business into a separate group - which it is thought he might lead. Barker had insisted last week he would not resign.
MOSCOW, March 4 (Reuters) - Russian internet giant Yandex on Friday warned that a trading suspension on its Nasdaq-listed shares could trigger a redemption right on a convertible bond that it does not have the resources to cover.
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Abramovich rejected an offer of £2.2bn from Boehly three years ago, but the Russian was not an active seller at that time and he may now have to accept an even lower figure due to the lack of alternative bidders, and the on-going threat of Government sanctions.
Last night Roger Barker, director of policy and corporate governance at the Institute of Directors (IoD), said: ‘It is great to see that so many British directors have taken the decision to relinquish their positions on Russian boards.
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So, provided that the information is easily digestible, easily understandable, gives us all the right answers, it could be done relatively quickly.' 'I think the quickest one (owners and directors test) we've ever done is 10 days. But, normally, it would take a number of weeks, and it all depends on the complexity of the deal and the number of potential owners. That's not to say that record can't be beaten.
Abramovich is also facing questions about his pledge to donate the 'net proceeds' from the sale to victims of the war in Ukraine after the Charity Commission said on Thursday that it had not yet received any registration application for a new charity.
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'I think it's the right decision,' Masters said at the Financial Times Business of Sport summit. 'The situation has escalated incredibly quickly over the last seven days and he's come to the right conclusion that it is unsustainable.
Everton owner Farhad Moshiri has left the board of USM Holdings, the company where Usmanov was his partner. On Thursday night, the Government announced they have frozen the assets of Alisher Usmanov, the Uzbek oligarch who was an investor in Everton until the club cut ties with him on Wednesday.
At least two of those were almost certain to drop out. The trustees include: Chelsea chairman Bruce Buck, John Devine, a partner at the law firm Muckle LLP, club director of finance Paul Ramos, women's head coach Emma Hayes, executive director of anti-discrimination group Fare, Piara Powar, and the chairman of the British Olympic Association, Sir Hugh Robertson.
Damian Hinds, the security minister, said it was not clear what Abramovich meant by his pledge to donate money from the sale, while others have questioned whether the funds would go to Ukrainians or Russians, which was not addressed in his statement.
