Aurora Russia has sold its interest in OJSC Flexbank for RUR189.1m (£3.2m) gross = RUR172.2m (£2.9m) after expenses. At the same time mortgages held by Flexbank with a nominal value of £2.4m have been transferred to another Aurora Russia subsidiary, Kreditmart Finance Limited and these will be sold in due course (possibly at a discount to their nominal value).
The value of these assets was £6.3m at 30 September 2013 and so Aurora Russia’s net asset value will fall.