Aurrigo Regulatory News (AURR)

17 Jan 2008 16:11

Aurora Russia Limited17 January 2008 Directorate Changes Aurora Russia Limited ("Aurora Russia" or the "Company"), the AIM-quotedinvestment vehicle established to make equity or equity-related investments insmall and mid-sized private companies in Russia, today announces the appointmentof John Richard Whittle, as Non Executive Director with immediate effect. Coinciding with this appointment, Stephen Coe has stepped down from his positionas Non Executive Director at Aurora Russia, with immediate effect. Mr. Whittle, a Chartered Accountant aged 52, works for Close Fund ServicesLimited in Guernsey and as a Non Executive Director of Aurora Russia, will beresponsible for, amongst other things, overseeing the financial reporting of theCompany and reviewing the accounting and financial reporting for investeecompanies. Commenting on the change of Directors, Sir Trevor Chinn, Chairman of AuroraRussia, said: "I am delighted to welcome John Whittle to the Board and believe that his wealthof experience will prove invaluable in the next stage of the Company'sdevelopment. I would also like to thank Stephen Coe for his importantcontribution." Additional details are set out below: John Whittle (age 52) Holding in the Company's ordinary shares: (nil) Directorships in the previous 5 years:- Bucktrout & Co. LimitedXiMed Group plcHugh Symons PlcOra Telecom LimitedTalkland International (UK) Limited Present Directorships Pont du Val LimitedClose Fund Services LimitedLegion International LimitedMSS UK Property Index Fund LimitedMSS General Partner Save for the information disclosed above there is no information to be disclosedunder schedule two, paragraph (g) of the AIM rules. Aurora Russia LimitedJames Cook, Moscow +7 495 644 1662John McRoberts, London +44 20 7839 7112 Financial DynamicsEd Gascoigne-Pees +44 20 7269 7132Felicity Murdoch +44 20 7269 7243 Notes to editors: Aurora Russia Aurora Russia floated on the Alternative Investment Market of the London StockExchange on 24 March 2006. The Company has been established to make equity orequity related investments in small and mid-sized private Russian companiesfocused on the financial, business and consumer services sectors where theDirectors believe there is potential for growth together with viable exitopportunities within two to four years of making such investments. The Companyintends to provide its investee companies with the necessary capital to continueto expand and develop. The Manager, shall provide hands-on operational supportto deliver significant step changes in performance and value creation. Aurora Russia will target companies with Enterprise Values of up toapproximately £100 million and will seek to secure blocking or controllingstakes and board representation. The Company intends generally to take equitystakes of greater than 20% in each portfolio company. It is anticipated thateach equity investment will typically be between £5 million and £25 million. This information is provided by RNS The company news service from the London Stock Exchange