30th Sep 2008 10:46
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Press Release |
30 September 2008 |
Aricom plc
("Aricom", "the Company", or "the Group")
Exercise of options for extensions to Aricom projects
Following the announcement on 25 March 2008, ARICOM (LSE: ORE,OREW), the Anglo-Russian developer of mineral resources, announces the exercise of the options to acquire the Cypriot companies which indirectly hold the Garinskoye Flanks licence and the Kostenginskoye licence. The licences provide significant natural expansion potential to the existing K&S and Garinskoye projects, nearly doubling Aricom's attributable reserves and resources.
Aricom UK Limited ("Aricom UK"), a wholly owned subsidiary of the Company, entered into the option agreements to acquire the Cypriot companies which indirectly hold the two licences. The shareholders of these Cypriot companies are not related parties and are not existing Aricom shareholders.
The total consideration for both assets is a combination of two cash payments of US$22.5m (US$45m in total) which were made in March 2008 in respect of each option and the allotment and issue of 10,937,500 (21,875,000 in total) ordinary shares of £0.001 each in the capital of the Company ("Consideration Shares") credited as fully paid to the sellers. The allotment and issue of the Consideration Shares is subject to their admission to trading on the London Stock Exchange, which has been applied for today.
As a result of the time taken in gaining all necessary approvals for the transaction to complete, Aricom has also agreed an amendment to the terms which were agreed and announced in March to release one seller, Myrtle Corporate Ltd, from the lock-in arrangements in respect of the 8,500,891 Consideration Shares issued to it in consideration for the sale of its shares in the Cypriot companies. The remaining 13,374,109 Consideration Shares issued to the second seller, Ardoryna Commercial Ltd, under both option agreements remain subject to the lock-in arrangements previously announced namely that 50% of such shares will be subject to a lock-in for 6 months and the remaining 50% will be subject to a 12 month lock-in.
As a result of the above transaction, application has been made for the admission of 21,875,000 ordinary shares to listing on the Official List and to trading on the main market of the London Stock Exchange. Dealings in these ordinary shares are expected to commence on 3 October 2008.
In conformity with the FSA's Disclosure and Transparency Rules, Aricom plc is required to notify the market of the following:
Following this issue, the total issued share capital of the Company will comprise 1,169,863,763 ordinary shares with a nominal value of £0.001 each, each share conveying the right to one vote. Aricom Plc does not hold any ordinary shares in Treasury.
Therefore, after admission the total number of voting rights in Aricom Plc will be 1,169,863,763.
The above figure of 1,169,863,763 shares may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Aricom Plc under the Financial Service Authority's Disclosure and Transparency Rules.
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- Ends -
For further information:
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Aricom plc |
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Charles Gordon, Investor Relations Officer Heather Williams, Company Secretary |
Tel: +44 (0) 20 7201 8939 |
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www.aricom.plc.uk |
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Abchurch |
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Charlie Jack/ George Parker |
Tel: +44 (0) 20 7398 7700 |
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www.abchurch-group.com |
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