OREANDA-NEWS. May 30, 2011. OJSC Uralkali ("Uralkali") informs the market that as a result of the court hearing held on 27 May 2011, the Perm Territory Arbitration Court rejected the claim filed 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 Board of Directors of Silvinit and the Extraordinary General Shareholders Meeting ("EGM") of Silvinit, and the merger agreement entered into between Uralkali and Silvinit.

In January 2011, OJSC Acron and LICONA (INTERNATIONAL) LIMITED filed a claim against Silvinit in the Perm Territory Arbitration Court seeking to invalidate the decision of the Board of Directors of Silvinit taken on 20 December 2010 in relation to the proposed merger with Uralkali.

In February, OJSC Acron, Licona (International) Limited, ROF (Cyprus) Limited and Medvezhonok Holdings Limited filed a claim against Silvinit and Uralkali seeking  to invalidate decisions approved by the EGM of Silvinit on 4 February 2011, and the merger agreement entered into between Uralkali and Silvinit.

Later both claims were combined into one judicial proceeding. Therefore on 27 May 2011 the Perm Arbitration Court rejected all above mentioned claims in full.

The combination between Uralkali and Silvinit will be completed upon registration of the reports on results of Uralkali additional share issuances by the Russian Federal Service for Financial Markets (“FSFM”), which may take up to two weeks after filing of the reports. Upon the registration of the share issuance reports with the FSFM, Uralkali will also apply for a new admission of Uralkali global depositary receipts (“GDRs”) to the Official List of the UKLA and to trading on the regulated market of the International Order Book of the London Stock Exchange and newly issued shares of Uralkali will then become eligible for deposit into the GDR programme of Uralkali.