En+ Board approves plan to take company out of sanctions, including domicile change

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MOSCOW, November 2. /TASS/. The Board of Directors of the Russian energy company En+ approved measures to take company out of US sanctions and redomicile it from Jersey, the company said on Friday.

The Board has resolved to instruct the Company’s management to prepare the materials required for the convocation of a general meeting of shareholders of the Company in order for the shareholders of the Company to acknowledge the Barker Plan [the plan to take the company out of sanctions – TASS] and to provide to Lord Barker any authorizations (as well as ratifications, to the extent necessary) required for its implementation, including the appointment of new directors and the implementation of certain governance structures as discussed with the Office of Foreign Assets Control of the Department of the Treasury of the United States of America (“OFAC”),” EN+ said.

The En+ Board also resolved after the domicile analysis to redomicile the company, taking into consideration sanctions against the company and the change in Russian policy in respect of companies redomiciling from offshore zones.

“The Board has resolved that it would be in the best interests of the Company (i) not to pursue further any steps towards redomiciliation of the Company from Jersey to Cyprus; and (ii) to approve the continuance of the Company as a legal entity incorporated under the laws of the Russian Federation (the “Continuance to the Russian Federation”), subject to compliance with applicable legal and regulatory requirements,” En+ said. The domicile change will be subject to obtainment of the consent of Company’s shareholders at a general meeting, the company noted.

The US Treasury slapped sanctions against a number of Russian officials, businessmen and companies on April 6. Among them were several enterprises belonging to Oleg Deripaska. The restrictions imply that the US assets of those companies are frozen. They also ban American citizens from doing any business with the companies.

On September 22, the US extended the expiration date of certain general licenses related to En+ Group, Rusal and EuroSibEnergo until November 12. Previously, the deadline was set for October 23.

En+ is an integrated producer of aluminum and electric power. Its power plants have an aggregated output of 19.7 gigawatts, while the capacity of aluminum factories (owned through a controlling stake in Rusal) stands at 3.9 mln tonnes per year.

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