On 24 November 2022 VEON Ltd. and VEON Holdings B.V., a global digital operator that provides converged connectivity and online services, announced the launch of a scheme of arrangement in England (the “Scheme”) via the issuance of a Practice Statement Letter to extend the maturity of the 5.95% notes due February 2023 and 7.25% notes due April 2023 issued by the Company (together, the “2023 Notes”) by eight months from their respective maturity dates.
Further information
RESULTS OF 2023 PUT OPTION – 20.04.2023
2023 put option event notice – 05.04.2023
VEON’s 2023 Notes are amended – 04.04.2023
VEON confirms that Scheme Amendment Conditions have been satisfied – 03.04.2023
VEON's Scheme becomes effective - 31.01.2023
VEON's Scheme approved by Court - 30.01.2023
VEON confirms date of Scheme Hearing is 30 January 2023 - 26.01.2023
VEON provides update on voting on Scheme - 17.01.2023
VEON issues amended Scheme - 11.01.2023
VEON Obtains OFAC License for Scheme Meeting – 26.12.2022
Results of Scheme Convening Hearing – 21.12.2022
Invitation to Submit Voting and Proxy Forms and Notice of Scheme Meeting – 21.12.2022
Notice of Scheme Convening Hearing – 16.12.2022
VEON issues supplemental Practice Statement Letter – 09.12.2022
VEON announces launch of scheme of arrangement to extend 2023 Notes maturities – 24.11.2022
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On 24 November 2022, VEON Ltd., a global digital operator that provides converged connectivity and online services, announced that following a competitive process, it has entered into an agreement to sell VEON’s Russian operations to certain senior members of the management team of PJSC VimpelCom (“VimpelCom”), led by its current CEO Aleksander Torbakhov.
Further information
VEON Announces Russian Regulatory Approval for Sale of Its Operations - 08.02.2023
VEON enters into agreement to sell its Russian operations - 24.11.2022
VEON has announced its intention to move its group parent company to the United Kingdom, with the introduction of a newly formed UK incorporated public limited company as the top holding company of the VEON Group (the “new UK Parent Company”). It is expected that the new UK Parent Company will replace VEON Ltd. (a Bermuda incorporated company) as the VEON Group’s ultimate parent company by way of a Bermuda court-approved scheme of arrangement.
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Following the exercise of the PUT option for our stake in Algeria on 1st July 2021, the Algerian business will, in line with the IFRS 5 requirements, become a discontinued operation, and will be accounted for as “Asset held for sale”.
This will imply that its operations will not contribute to the base performance of VEON for both the current and prior year, and from the balance sheet perspective, it will be measured at the lower of the carrying amount of the discontinued business and its fair market value less costs to sell. Any deviation from this value in respect of the final valuation would result in a gain/loss, which would be accounted for as a profit/loss from discontinued operations. The discontinued classification under IFRS means that results of discontinued operations will be presented separately in current and prior year income statements and will have no impact on prior year balance sheet amounts.
Further information
Press release - 01.07.2021
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On 1 December 2021 VEON announced the successful conclusion of the transaction for the sale of its Russian tower assets to Service-Telecom.
Further information
Press release - 01.12 2021
Press release - 06.09 2021
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