14th Jul 2005 11:05
White Nile Limited14 July 2005 14 July 2005 White Nile Limited ('White Nile' or 'the Company') 'City Code implications of directors' appointments' White Nile Ltd, the AIM listed oil and gas exploration company, has announcedthat it has appointed Dr Lual Acuek Deng and Mr Edward Abyei Lino as NonExecutive Directors to the Board with immediate effect. Dr Deng and Mr Linohave been appointed as representatives of Nile Petroleum Corporation Limited ('NPC') who hold 155,000,000 ordinary shares in the Company, being 48.9% of theissued share capital of the Company. Both Dr Deng and Mr Lino are resident outside of the UK, the Channel Islands orthe Isle of Man, as is one of the Company's existing directors Mr Andrew Groves. It is intended that future board meetings will normally be held in Africa. All of the Company's current and intended operations are in Africa. In addition,the Company will shortly establish permanently staffed offices in Africa fromwhere management control will be exercised, initially in South Africa and, assoon as appropriate, in Juba in Southern Sudan. Accordingly, the City Code on Takeovers and Mergers ('City Code') will no longerapply to the Company after the appointments of Dr Deng and Mr Lino on the basisthat it will no longer be centrally managed in the United Kingdom, the ChannelIslands or the Isle of Man. In these circumstances, NPC will be able to acquirefurther shares without triggering an obligation to make a mandatory offer underRule 9 of the City Code, irrespective of the size of NPC's holding. * * E N D S * * Issued on behalf of White Nile Ltd by St Brides Media & Finance Ltd, 46 BedfordRow, London WC1R 4LR. Contacts: Phil Edmonds White Nile Ltd Tel: 0845 108 6060Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7242 4477 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Agriterra Ld