PROPOSED US$6.2 MILLION DEBT CONVERSION
APPROVAL OF WAIVER OF OBLIGATIONS UNDER RULE 9 OF THE CITY CODE ON TAKEOVERS AND MERGERS
AND
NOTICE OF GENERAL MEETING
Caspian Sunrise, Kazakhstan based oil and gas exploration and production company, is pleased to announce that it will shortly be posting to Shareholders a Circular regarding a proposed Debt Conversion in respect of the Company’s Oraziman Family Loan of approximately US$6.2m, first announced in August 2021.
The Independent Directors have, subject to Independent Caspian Sunrise Shareholder approval and regulatory consent, agreed to convert the Oraziman Family loan of approximately US$6.2m into 139,729,446 Ordinary Shares in the Company to be issued to Aibek Oraziman and Aidana Urazimanova pursuant to the Debt Conversion, as detailed below.
This will result in the Oraziman Family Concert Party shareholding increasing from 45% to 48.41%.
Clive Carver, Chairman commented
“On completion of the Debt Conversion the Group will be free of debt and therefore better placed to further develop the Group’s assets and to commence dividend payments.”
Caspian Sunrise PLC
Clive Carver
Chairman +7 727 375 0202
