OFAC extends the authorisation date of General Licenses 13E, 14B and 16B to 12 December 2018
12 October 2018 — EN+ GROUP PLC (the “Company” or the “Group”) (LSE: ENPL, MOEX: ENPL) announces that on 12 October 2018, the Office of Foreign Assets Control (“OFAC”) of the Department of the Treasury of the United States of America extended the expiration date of certain general licenses related to the Company and United Company RUSAL PLC (“RUSAL”). These new General Licenses 13E, 14B, and 16B amend their previous versions by extending the expiration dates to 12 December 2018 (https://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20181012.aspx) for transactions related to the Company, RUSAL and their subsidiaries.
Following several months of intense work, Lord Barker of Battle, the Independent Chairman of the Group, has formally presented OFAC with a comprehensive plan to effect both a change of control and corporate governance reform.
However, it should be noted that there is no formal agreement with OFAC and there remains a significant amount of work to be done.
Lord Barker of Battle, independent Chairman, commented:
“We believe we now have a strong proposal before OFAC. There are as yet no guarantees of success, but I am increasingly optimistic that we can achieve the outcome that so many workers, shareholders and stakeholders are keen to see.”