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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:9130O Oriel Resources PLC 15 July 2005 15 July 2005 Oriel Resources plc ("Oriel Resources" "Oriel" or the "Company") Kazakhstan taxation incentives / Directorate Changes The Company is pleased to announce that it has received notification from the Government of the Republic of Kazakhstan ("the Government") that it has resolved to grant Muzbel LLP ("Muzbel") investment tax incentives. Muzbel is the 90% owned subsidiary of Oriel which holds the Investment Contract with the Government. The resolution which was signed by the prime minister of the Government of the Republic of Kazakhstan includes taxation incentives, as follows: * Accelerated five year depreciation allowance for qualifying fixed assets * Property Tax - five year exemption * Land Tax - five year exemption Each of the above incentives will commence on 1 January following the year in which the operating plant is commissioned. The nature of the incentives has been confirmed by the Company's international tax advisers, based in Kazakhstan. Board changes The directors of the Company are pleased to announce the appointment of Mr Takhirzhan T Baratov, 44, as an executive director of Oriel with immediate effect. Mr Baratov is currently the General Director of Oriel subsidiaries, Muzbel LLP and Voskhod-Oriel LLP . Mr Baratov became involved with the mining industry in 1994 and has been General Director of Muzbel LLP from before Oriel acquired its interest in the Shevchenko project. He has advised and consulted to a number of UK and Canadian public companies and joint ventures in Kazakhstan. Prior to his involvement in the mining industry he had been a lecturer in Applied Mathematics at the Kazakhstan State University since 1984. Mr Baratov holds or has held the following directorships over the past five years: December 2003 - present Chairman, JSC Varvarinskoye November 2004 - present Director, Voskhod-Oriel LLP February 2004 - present General Director, Muzbel LLP December 1994 - February 2004 General Director, Asier JSC Mr Baratov's shareholding in the Company is as follows: 5,353,867 fully paid ordinary shares of 1p each, held beneficially and by associated persons, being 2.66% of the issued capital of the Company. 750,000 Options to acquire shares in the Company at 15p vesting at various dates through to August 2006. There are no further details under paragraphs (iii) to (vii) of Schedule 2(g) of the AIM Rules, to be disclosed in respect of Mr Baratov's appointment. Oriel Resources also announces today the resignation of Dr Max Baker from the board of the Company. Dr Baker felt it was appropriate to step down as a director in view of the Company's progress from exploration to project development. Dr Baker will continue to act as chief geologist to the Company on a full-time basis during the final stages of the definitive feasibility study (" DFS") of the Shevchenko nickel project and commencement of the DFS of the Voskhod Chromite project. Dr Baker's involvement will then move to a project by project consultancy. Executive Chairman, Dr Sergey V Kurzin commented: "The Board welcomes the appointment of Takhirzhan T Baratov, at an exciting time when we are moving into the final stages of the Shevchenko nickel project DFS and commencing the DFS on Voskhod. Takhirzhan has been a valuable member of our local Kazakhstan team, and the Board will benefit from his contribution and expertise, particularly on local issues. "We understand Dr Baker's reasons for his decision to resign as a director and I would like to acknowledge his invaluable contribution that he made to the Company in its formative stages. His commitment to the Company has been much appreciated and we are very pleased that Max will continue to work with us as our chief geologist." Ends For further information, please contact: Dr Sergey V Kurzin, Executive Chairman, Oriel Resources plc Tel: +44 (0) 20 7514 0590 Nick Clarke, Director of Mining, Oriel Resources plc Tel: +44 (0) 20 7514 0590 Jonathon Brill/Billy Clegg, Financial Dynamics Direct: + 44 (0) 20 7831 3113 Vanguard Shareholder Solutions Tel: 1-800 866-788-9288 This information is provided by RNS The company news service from the London Stock Exchange END MSCMGGMNRDFGKZM
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