Commodity Quest receives partial payment of 8.6 million from the liquidation of Tomsk Refining

As previously announced, the Commodity Quest’s portfolio holdings Tomsk Refining AB (“TRAB”) sold its business subsidiaries in Russia and the liquidation of the parent company TRAB has begun.

The liquidator of TRAB has announced that a partial payment will be paid on 31 August 2011 with 13.00 per share in TRAB. This amount was equivalent to 8.6 million for the Commodity Quest’s share. The remainder of the proceeds will be distributed in connection with the liquidation of the TRAB completed in early 2012 and is estimated at between 4.00 and 5.00 per share in the TRAB.

Commodity Quest took the decision to acquire 665,200 shares representing 2.6 per cent of the share capital of TRAB at the Company’s AGM on 19 May 2010. Purchase price was approximately 15 per share in TRAB paid with new shares in Commodity Quest for a value of 78 cents per share (after the Commodity Quest’s share).