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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Oriel Res. | LSE:ORI | London | Ordinary Share | GB0034246743 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 121.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:8648Q Oriel Resources PLC 27 March 2008 AIM: ORI TSX: ORL PRESS RELEASE 27 March, 2008 Oriel Resources Plc ("Oriel" or the "Company") Oriel Secures US$50 Million Loan for the Continuing Development of the Tikhvin Ferrochrome Smelting Plant, Russia -------------------------------------------------------------------------------- Oriel Resources Plc ("Oriel" or "the Company") (AIM:ORI, TSX:ORL) announces the completion of a US$50 million secured debt facility from Nomos Bank (OJSC), Russia ("Nomos") which will be provided to Oriel's subsidiaries IPH Polychrom Holding BV ("IPH") and North West Ferroyalloys and will principally be used for the short term working capital requirements of the Tikhvin ferrochrome smelting plant, northwest Russia. This loan has been arranged on commercial terms. Pursuant to deeds of release dated 22 February 2008, Oriel and Canaccord Adams released certain of the vendors of IPH (the "IPH Sellers") from the lock-in and escrow agreements. This was done to facilitate these IPH Sellers pledging their Oriel Shares to OJSC Khanty Mansiysk Bank (KMB) as security for an inter-bank credit facility to Nomos Bank of up to US$50 million for the benefit of Oriel. The deed of release provides that, in the event that the pledge is released and the lock-in and escrow agreements would still have been effective, each of the relevant IPH Sellers has agreed to re-enter into lock-in and escrow agreements on substantially the same terms as the released lock-in and escrow agreements. On 24 March 2008, KMB agreed to release the pledge upon Mechel OAO making the offer for the entire issued share capital of Oriel, announced this morning. The loan bears a coupon of 12% per annum (rising to 14% per annum subject to changes in the Russian Central Bank re-financing rate at the discretion of Nomos) and will be fully drawn down by June 2008. The loan is repayable in equal quarterly instalments, the first instalment to be paid on 25 March 2009. Details of the IPH Sellers' escrowed shares released are shown below. Holders of Escrowed Shares No. of Escrowed Shares % of Oriel's Released Market Value A&NN Properties Ltd 43,569,928 6.84% Ehud Rieger 3,485,594 0.54% Diana Rieger-Weiss 3,485,594 0.54% Shaul Rieger 3,485,594 0.54% Total Escrowed Shares Released 54,026,710 8.47% The escrow period was due to expire on 6 June, 2008. Alexander Nesis, a Non-executive Director of Oriel, is an 18.2% beneficial owner of Nomos. The arrangements constitute related party transactions for the purposes of the AIM Rules for Companies, as the IPH Sellers include Ehud Rieger (an Oriel Non-executive Director), Baran-Alrig Limited (a company of which Ehud Rieger is a Director), Platinum Bow Limited and Polyprom Holdings BV (each of which is a substantial shareholder of Oriel and the latter of which is beneficially owned by Alexander Nesis, an Oriel Non-Executive Director). The Oriel Directors (other than Ehud Rieger and Alexander Nesis, who are considered related parties in connection with these arrangements) consider, having consulted with Canaccord Adams, as Oriel's nominated adviser, that the terms of the arrangements are fair and reasonable insofar as Oriel Shareholders are concerned. Oriel's Executive Chairman, Dr Sergey V Kurzin commented; "The US$50 million will cover Tikhvin's short term working capital needs and plant enhancements which are expected to increase the efficiency of the current smelting processes." ENDS -------------------------------------------------------------------------------- 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 MSCJFMPTMMITBMP
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