Holding(s) in Company
March 26 2008 - 7:30AM
UK Regulatory
RNS Number:8085Q
Oriel Resources PLC
26 March 2008
AIM: ORI
TSX: ORL
PRESS RELEASE
26 March, 2008
Oriel Resources Plc ("Oriel" or the "Company")
Holding(s) in Company and Share Trade
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Oriel Resources Plc ("Oriel", or the "Company"), the London-based chrome and
nickel mining and processing company, announces that it became aware on 20 March
2008, that on 3 March 2008, Baran-Alrig Limited ("Baran-Alrig") had entered into
a conditional agreement with Platinum Bow Limited to sell 32,366,232 Oriel
Shares representing 5.08% of the total issued share capital of Oriel, and
representing Baran-Alrig's entire shareholding in the Company. Oriel was
notified on 26 March 2008 that 9,709,870 shares representing 30% of
Baran-Alrig's Oriel shareholding were transferred on 25 March 2008.
Baran-Alrig's remaining Oriel shareholding is expected to be transferred upon
its release from the escrow arrangement in effect since the IPH Polychrom
Holdings B.V. acquisition by Oriel in December 2006, such release date expected
to be not later than 6 June 2008.
Mr Ehud Rieger, a director of Baran-Alrig is also a Non-Executive Director of
Oriel and currently holds a beneficial interest of 4,979,420 ordinary shares or
approximately 0.78% of the total issued ordinary share capital of the Company.
The Company further announces that it became aware on 26 March 2008, that on 3
March 2008, Baran Group Limited ("Baran Group") entered into a conditional
agreement with Platinum Bow Limited to sell 14,938,261 Oriel shares representing
2.34% of the total issued share capital of Oriel, and representing Baran Group's
entire shareholding in the Company. Oriel was notified on 26 March 2008 that
4,481,479 shares representing 30% shareholding of Baran Group were transferred
on 25 March 2008. Baran Group's remaining Oriel shareholding is expected to be
transferred upon its release from the escrow arrangement in effect since the IPH
Polychrom Holdings B.V. acquisition by Oriel in December 2006, such release date
expected to be not later than 6 June 2008.
The Company further announces that on 25 March 2008 it received a notification
given in fulfilment of the obligations imposed under Chapter 5 of the Disclosure
and Transparency Rules by Platinum Bow Limited that, as a result of the above
transactions, 14,191,349 ordinary shares had been transferred to Platinum Bow
Limited, resulting in a holding of 89,294,176 shares representing 14.01% of the
total issued share capital of the Company. Platinum Bow Limited previously held
75,102,827 Oriel shares.
The Company further discloses that 14 months ago, on 4 January 2007, Mr Roger
Richer, Non-Executive Director, sold 58,000 shares at a price of 49.7p (average)
per share. Following this notification his revised beneficial interest in the
Company is now 40,000 shares representing approximately 0.01% of the total
issued ordinary share capital.
ENDS
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For further information please contact:
Dr Sergey V Kurzin, Executive Chairman, Oriel Resources Plc
Tel: +44 (0) 20 7514 0590
David Swan, CFO & Company Secretary, Oriel Resources Plc
Tel: +44 (0) 20 7514 0590
Gavin Dallas, Marketing and PR, Oriel Resources Plc
Tel: +44 (0) 20 7514 0590
Robin Birchall / Ryan Gaffney, Canaccord Adams Limited
Tel: +44 (0) 20 7050 6500
Michael Padley / Michael Spriggs, Bankside Consultants
Tel: +44 (0) 20 7367 8888
Keith Schaefer, Vanguard Shareholder Solutions
Tel: + 1 604 608 0824
www.orielresources.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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