LSE suspends trading of Smart Holding's Enwell Energy until release of annual accounts

MOSCOW. July 4 (Interfax) - Trading in the shares of Enwell Energy plc (formerly Regal Petroleum), a UK-based oil and gas company that is part of Ukraine's Smart Holding, was temporarily suspended on the Alternative Investment Market of the London Stock Exchange (AIM LSE) as of Monday morning pending publication of the company's annual audited accounts, Ukrainian media reported, citing the exchange.

Smart Holding founder Vadim Novinsky was hit by Ukrainian personal sanctions in early December 2022. The sanctions include a complete freeze on assets, ban on conducting trade operations and moving capital out of Ukraine, and the loss of all government awards and commendations.

In mid-January 2023, the group announced that Novinsky managed to transfer assets to Smart Trust and Step Trust in November 2022, shortly before the imposition of the sanctions.

Ukraine's Security Service searched the offices of Enwell Energy on April 10 in a criminal investigation into the circumstances of Smart Holding's reorganization. Ukraine's Justice Ministry subsequently restored Novinsky as the beneficiary in the registries of Smart Holding oil and gas companies, although the owners of the trusts said these actions were illegal.

In early May, the State Geological Survey of Ukraine suspended a number of Enwell Energy licenses due to the imposition of sanctions. Since the sanctions were imposed, Enwell Energy's share price has fallen by about half to 12.45 pence. The company's market capitalization is estimated at about GBP40 million.

Smart Holding's oil and gas division includes publicly listed Enwell Energy, Regal Petroleum Corporation (Ukraine) Limited and Ukrgazvydobutok.