Other Matters

 

Scheme of arrangement to extend 2023 Notes maturities

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

VEON confirms date of Scheme Hearing is 30 January 2023 - 26.01.2023

VEON’s proposed Scheme approved by 97.59% of Scheme Creditors present and voting at Scheme Meeting - 24.01.2023

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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Intention to establish new parent holding company in the UK

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.

Further information

Press release - 03.02.2022


Exercise of the PUT option in Algeria: technical IFRS matters

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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Sale of Russian Towers

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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