The quotation of Sibir's ordinary shares on the London Stock Exchange has been suspended today at the request of Sibir. Sibir's Nominated Adviser, Strand Partners Limited, was informed late on February 18, 2009 that the two circulars recently published by Sibir on December 2, 2008 and February 11, 2009 were not correct in that various Tchigirinski interests are currently indebted to Sibir in an amount of approximately $325 million and not approximately $115 million as set out in the latest circular.
The Board of Sibir will now assess the effect of this increase in the indebtedness on Sibir's ability to recover the indebtedness and the consequent impact on Sibir's financial position. The Board of Sibir will in conjunction with the major Russian shareholders who control approximately 67% of the share capital of Sibir conduct an enquiry as to how this has happened.
A full statement detailing all the facts and circumstances (including the recoverability of this indebtedness) will be made as soon as possible.
The General Meeting of Sibir scheduled for February 27, 2009 will be postponed until further notice.
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