Altyngold Regulatory News (ALTN)

7 Dec 2012 15:04

Hambledon Mining plc ('Hambledon' or 'the Company')

Directorate Changes

7 December 2012

Hambledon Mining plc ("Hambledon" or the "Company") (AIM: HMB), the Kazakhstan gold mining and development company, announces a number of changes to the Board of the Company (the "Board") further to the recommended cash only partial offer by African Resources Limited being declared wholly unconditional in all respects earlier today.

As described in the Partial Offer Document dated 2 November 2012 (the "Partial Offer Document"), George Eccles and Sabine Anderson, non-executive Chairman and non-executive director respectively, have resigned from the Board with immediate effect following completion of the Partial Offer. Tim Daffern and Nicholas Bridgen will remain on the Board as Managing Director and non-executive director respectively. Baurzhan Yerkeyev, Executive Director, has resigned from the board with immediate effect following completion of the Partial Offer but will continue his employment with Hambledon.

Under the Relationship Agreement, African Resources undertook to Hambledon to use all its commercially reasonable endeavours to ensure that two additional independent Directors are appointed to the Board within three months of the Partial Offer becoming or being declared unconditional in all respects. Following those appointments becoming effective, Nicholas Bridgen will resign from the Hambledon Board. The Company will make further announcements in this regard in due course.

In addition, the Company is pleased to announce the appointment of Mr Ashar Qureshi, aged 47, as a non-executive director, with immediate effect.

Mr. Qureshi is a U.S. qualified lawyer who was previously a partner with international law firm Cleary Gottlieb Steen & Hamilton LLP, where he was based first in the New York office and later in the London office where he helped establish the firm's emerging markets presence. More recently, he was the Vice Chairman of Renaissance Group where he had a senior investment banking role and is currently Executive Vice Chairman of Luminaire Films, a director of Hanson Asset Management Limited and a partner of Naya Capital Management LLP. Mr. Qureshi was educated at Harvard Law School and Harvard College and holds a Juris Doctor.

Hambledon's Managing Director, Tim Daffern said:

"I would like to thank George both personally and on behalf of the shareholders for his leadership of the Company since its flotation in 2004 and to thank Sabine for her valuable input since her appointment as a nominee of EBRD in July 2012. At the same time I am pleased to welcome Ash Qureshi and look forward to working with him in developing the next phase of Hambledon's growth in gold mining."

Current Directorships:

Ash Qureshi currently holds or has held the following directorships and partnerships

in the last five years:

There is no other information that is required to be disclosed pursuant to Schedule 2 paragraph (g) of the AIM Rules for Companies.

Defined terms used but not defined in this announcement have the meanings set out in the Partial Offer Document.

Enquiries:

HAMBLEDON MINING:

Telephone +44 (0)207 233 1462

Charles Zorab

S. P. ANGEL CORPORATE FINANCE LLP (NOMAD AND BROKER):

Telephone +44 (0)20 3463 2260

Ewan Leggat/Katy Birkin

TAVISTOCK COMMUNICATIONS:

Telephone +44 (0)207 920 3150

Ed Portman/Jos Simson

Copyright Business Wire 2012