Black Earth Farming Ltd.: Delisting of Black Earth Farming Ltd. - Last day of trading 13 December 2017

St Helier, Jersey, 2017-11-14 14:00 CET (GLOBE NEWSWIRE) --
                                                                                

Delisting of Black Earth Farming Ltd. - Last day of trading 13 December 2017

St Helier, Jersey, 2017-11-14 14.00 CET (GLOBE NEWSWIRE) --

On 11 August 2017 the Annual General Meeting of Black Earth Farming Ltd. (the
"Company") resolved to instruct the Board of Directors to apply to Nasdaq
Stockholm for delisting of the Company's Swedish Depository Receipts ("SDRs").
On the same date an application for delisting of the Company's SDRs was
submitted to Nasdaq Stockholm by the Board. 

Today Nasdaq Stockholm approved the Company's delisting application and has
determined that the last day of trading in the Company's SDRs is 13 December
2017. 

Winding up of the Company and entry into voluntary liquidation

Following the completion of the sale of the Russian operations on 22 May 2017
the Board of Directors has been committed to executing the winding up of the
Company as efficiently as possible and without any unnecessary costs. The
current members of the Board are not entitled to any fees for their work and
the few remaining management persons are performing their work on reduced
salaries. 

The Board of Directors intends to call an Extraordinary General Meeting to
resolve on the Company's entry into voluntary liquidation. The exact timing of
the Extraordinary General Meeting resolving on the liquidation is dependent on
an ongoing litigation in which the Company is a plaintiff in the United States
of America. 

Distribution of liquidation proceeds to SDR holders

Following completion of the contemplated voluntary liquidation, any remaining
funds in the Company (i.e. after liquidation costs and discharge of the
Company's liabilities) will be distributed to the SDR holders. Depending on the
outcome of the US litigation process, the Board of Directors estimates that the
liquidation proceeds to be distributed to SDR holders will be in the range of
USD 0.00135 to 0.00675, which corresponds to approximately SEK 0.011313 and SEK
0.056565 based on the USD to SEK exchange rate as per 13 November 2017. The
estimate is based on the Board of Directors' and its advisors' current
assessment regarding the expected costs related to the winding up of the
Company and the liquidation and the outcome of the litigation process. The
outcome of the litigation process is not easy to predict which is reflected in
the range as are the uncertainties related to unknown facts and unexpected
developments in regard to currency fluctuations, liquidation costs, other costs
as well as other factors that may arise during the winding up process. 

Q3 Report 2017

The Company intends to publish its Q3 Report 2017 on 30 November 2017. The
report will be prepared in accordance with Nasdaq Stockholm's Guidance for
preparing interim management statements, and hence not in accordance with IAS
34. In view of the Board of Directors intention to minimize costs, and also
taking into account the limited number of management persons remaining in the
Company, the report will be of a reduced format, the preparation and disclosure
of which will be done accordance with section 3.3.4 of the Nasdaq Stockholm
Rule book for Issuers and Nasdaq Stockholm's Guidance for preparing interim
management statements. The report will not include any financial statements for
the third quarter 2017. 

For additional information, please contact:

Richard Warburton, Chief Executive Officer, + 7 985 208 24 01, + 44 7899 064429
[e-mail] 

This information was submitted for publication, through the agency of the CEO
set out above, at 14.00 CET on 14 November 2017. 

About the Company:

Black Earth Farming Ltd. (Jersey) is a farming company that until recently
operated in Russia. Its shares are listed as depository receipts on Nasdaq
Stockholm. The Company has recently sold its agricultural land assets and the
Company has distributed the proceeds from the sale and remaining funds to its
shareholders. The Board intends to propose liquidation of the Company. 

Corporate website: www.blackearthfarming.com

For subscription to Company Announcements, please contact us at:
[e-mail] 

If you do not want to receive Black Earth Farming Ltd. announcements, please
send an e-mail to the same address.

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