Mriya Agro Holding / Key word(s): Liquidity Problem
13.08.2014 11:59

Dissemination of a Corporate News, transmitted by EquityStory.RS, LLC - a company of EQS Group AG.
The issuer / publisher is solely responsible for the content of this announcement.

---

THIS NOTICE CONTAINS IMPORTANT INFORMATION THAT IS OF INTEREST TO THE REGISTERED AND BENEFICIAL OWNERS OF THE SUBJECT SECURITIES. IF APPLICABLE, ALL DEPOSITORIES, CUSTODIANS AND OTHER INTERMEDIARIES RECEIVING THIS NOTICE ARE REQUESTED TO EXPEDITE THE RE-TRANSMITTAL TO BENEFICIAL OWNERS OF THE SECURITIES IN A TIMELY MANNER. IF NOTEHOLDERS ARE IN ANY DOUBT AS TO THE ACTION THEY SHOULD TAKE, IF ANY, THEY SHOULD PROMPTLY CONSULT THEIR OWN INDEPENDENT PROFESSIONAL ADVISERS AUTHORISED UNDER THE FINANCIAL SERVICES AND MARKETS ACT 2000 (IF THEY ARE IN THE UNITED KINGDOM) OR ANOTHER APPROPRIATELY AUTHORISED INDEPENDENT FINANCIAL ADVISER AND TAKE SUCH OTHER ADVICE FROM THEIR OWN PROFESSIONAL, TAX AND LEGAL ADVISERS AS THEY DEEM NECESSARY.

Notice to Noteholders

MRIYA AGRO HOLDING PUBLIC LIMITED

U.S.$400,000,000 9.45 PER CENT. NOTES DUE 2018

ISINs: XS0916902256/ US62476KAB61

MRIYA AGRO HOLDING PUBLIC LIMITED

U.S.$250,000,000 10.95 PER CENT. NOTES DUE 2016

ISINs: XS0559140875/ US62476KAA88

 13 August 2014

Financial condition of the Issuer and its subsidiaries - UPDATE
Reference is made to the notice to Noteholders dated 1 August 2014 (the "Previous Notice") in which the Issuer provided to Noteholders certain information concerning the financial condition of the Issuer and its subsidiaries (the "Group"). This is an update to the Previous Notice.
Reference also is made to the trust deed dated 19 April 2013 and 30. March April 2011 (the "Trust Deeds") made between, inter alia, BNY Mellon Corporate Trustee Services Limited as note trustee (the "Note Trustee") and Mriya Agro Holding Public Limited (the "Issuer" or "Mriya") pursuant to which the Issuer issued the notes referred to above (the "Notes").
Capitalised terms used and not defined in this notice shall have the meanings set out in the Prospectus dated 17 April 2013.
Additional Information related to overdue payments in connection with certain Group debt obligations and guarantees provided by the Issuer
In the Previous Notice we stated that "the Group has not made interest and amortisation payments on certain of its debt obligations and it is in active discussions with the relevant lenders." To date, Mriya has missed approximately US$9 million in interest payments and approximately US$120 million in amortisation payments and principal repayments. Mriya is evaluating its ability to make further payments of interest, amortisation or principal under the current circumstances.

In addition, Mriya has provided corporate guarantees of approximately US$200 million in debt obligations with respect to certain affiliated entities. Those guarantees primarily support affiliated entities with whom Mriya has key operational business relationships, including Laosme Finance Limited and its subsidiaries (together "T-Sugar") to which Mriya sells its sugar beets, and newly created Logistgroup Limited and its subsidiaries (together "Logist"), which provides transportation services to Mriya. To date, T-Sugar and Logist have missed approximately US$3 million in interest payments and approximately US$55 million in amortisation payments and principal repayments. A significant majority in missed amortisation payments and principal repayments relate to local short-term working capital facilities that in the normal course of business would have been extended at maturity, but this was not possible primarily due to the current economic and financial situation in Ukraine.
Reorganisation of the Group's finance department; recent resignations and independent business review

The Group announces that Andriy Buryak has resigned from his role as Chief Financial Officer. Mr. Buryak will remain a member of the board until the next Group extraordinary shareholder meeting, which will be held on August 26, 2014. The Group has retained Pedersen & Partners, a leading executive search firm, to assist in finding a new chief financial officer with the experience and capabilities required to address the financial challenges the Group is currently facing. The Group also intends to use this opportunity to strengthen its finance department by selectively adding to its accounting, control, and treasury functions. The Group is well advanced in its search process but final candidates have not yet been selected.
The Group announces that two independent directors of Mriya, Dr. Thomas Pütter and Hans Christian Jacobsen, have resigned from the board, with such resignations to be confirmed at the extraordinary shareholder meeting to be held on August 26th. The Group retained Kincannon & Reed, a leading executive search firm focusing on the agricultural industry, to assist in finding new independent directors with relevant experience and capabilities.

In addition, the Group will shortly finalise the retention of a leading "Big 4" accounting firm to conduct an independent business review of the Group and its affiliated companies.

*************************

Queries may be addressed to


This notice is given by
MRIYA AGRO HOLDING PUBLIC LIMITED
as Issuer


13.08.2014 The EquityStory.RS, LLC Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de

---

 
Language:     English
Company:      Mriya Agro Holding
19/21a Bogdana Khmelnytskogo St., 15th floor               01030 Kyiv
              Ukraine
Phone:        +38 044 393-47-93
Fax:          +38 044 393-47-93
E-mail:       info@mriya.ua
Internet:     www.mriya.ua
ISIN:         US62476F2002
Listed: Frankfurt in Open Market (Entry Standard) ; London  
End of Announcement EquityStory.RS, LLC News-Service  

---