Acron has Announced that the last tranche of 154,000 common shares of Silvinit held by Acron has been released from the custody of Sberbank.
In May 2008, Sberbank of Russia extended a RUB 13,441 million non-revolving credit facility to Acron for a period of 7 years.
The purpose of the facility was to extend financing to Verkhnekamskaya Potash Company, a subsidiary of Acron, to cover payments and charges associated the exploration and development of the Talitsky lot of the Verkhnekamsky potash deposit (Perm region) under the terms of the subsoil license. To secure the facility, Acron pledged 634,000 shares in Silvinit, which represents 8.1 per cent of the common stock of the latter.
Background
Silvinit is one of the leading Russian potash companies. It is a strategic supplier of potash input for Acron’s Russian operations.
Acron owns a minority stake of 6.08 per cent in the authorized share capital of Silvinit (or 8.1 per cent of its voting shares).