The regulator approved the deal redemption Eurasia Drilling shareholders

Moscow. November 17. The regulator of the Cayman Islands approved a deal buyout of Eurasia Drilling Company (EDC), its major shareholders, said in a statement. Trades GDR of the company on the London stock exchange (LSE), as expected, will be discontinued as of November 18.

Earlier, the shareholders of EDC approved the scheme, it suggests a merger with EDC Acquisition Company Limited (EACL) is a structure formed by the main shareholders of Eurasia Drilling.

About the proposed deal was announced on 8 October, shortly after the refusal from the purchase of Schlumberger Eurasia Drilling. Major shareholders are offered the minority shareholders to sell their shares at $10 apiece, and later the price was raised to $11,75 per share.

It is anticipated that the Depositary Bank for the GDR programme Eurasia Drilling – The Bank of New York Mellon will make payments to the holder of receipts on November 20. For financing transactions the company has attracted three-year loan of $150 million at LIBOR+3.6% and an annual credit of $150 million at LIBOR+3,8%. The remaining amount the company will pay from its own funds.

It is expected that the GDR program will be closed on November 16, EDC GDRs will cease to be traded on the LSE tentatively on November 18.

The largest shareholders are Eurasia Drilling CEO Alexander Djaparidze (30,2%), his partner – former head of “Rosneft” Alexander Putilov (22.4 percent). It is also known that 3% of the shares belongs to the head of “LUKOIL” Vagit Alekperov, who owns shares of oilfield services company through funds. Free float is 30%.