Moscow-Uralkali reported last week that on March 18 the Perm Territory Arbitrage (Commercial) Court partially lifted the injunction imposed in connection with claims brought Feb. 24 by OJSC Acron, Licona International Ltd., ROF (Cyprus) Ltd., and Medvezhonok Holdings Ltd. against OJSC Silvinit and Uralkali. They are seeking to invalidate decisions approved by the Silvinit shareholders meeting Feb. 4 and the merger agreement entered into between Uralkali and Silvinit. Uralkali said the court has lifted the injunction prohibiting Silvinit and its bodies from implementing the decision on the 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 Federal Service for Financial Markets (FSFM) from registering the Uralkali share issuance and report on results of share issuance to be placed as a result of the 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 April 12. Uralkali and Silvinit believe that the injunction and the claim are entirely without merit and intend to contest them vigorously in order to complete the merger, pursuant to the previously announced timetable and in accordance with the terms announced and subsequently voted on by the overwhelming majority of shareholders of both companies.
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