OREANDA-NEWS. March 23, 2011. OJSC Uralkali ("Uralkali") announces that as a result of the court hearing held on 18 March 2011 by the Perm Territory Arbitrage (Commercial) Court, the court partially lifted the injunction imposed in connection with the claim filed on 24 February 2011 by OJSC Acron, LICONA (INTERNATIONAL) LIMITED, ROF (Cyprus) Limited and Medvezhonok Holdings Limited against OJSC Silvinit ("Silvinit") and Uralkali seeking to invalidate  decisions approved by the Extraordinary General Shareholders Meeting ("EGM") of Silvinit on 4 February 2011, and the merger agreement entered into between Uralkali and Silvinit.

The court has lifted the injunction prohibiting Silvinit and its bodies from implementation of the decision on reorganization of Silvinit in the form of the merger with Uralkali, approved by Silvinit shareholders. The court has also rejected the injunction prohibiting  the implementation of the merger agreement and the registration of termination of Silvinit through entries into the unified state register of legal entities upon completion of the merger. The only measure remaining in force by the court relates to the prohibition on the FSFM from registering the Uralkali share issuance and report on results of share issuance to be placed as a result of conversion of Silvinit shares into Uralkali shares upon completion of the merger in accordance with the merger agreement.

The preliminary hearing on the merits of the claim is scheduled for 12 April 2011.

Uralkali and Silvinit believe that the injunction and the claim are entirely without merit and intend to contest them vigorously, in accordance with Russian law, in order to complete the merger, pursuant to previously announced timetable and in accordance with the terms announced and subsequently voted on by the overwhelming majority shareholders of both companies.