Aurrigo Regulatory News (AURR)

12 Feb 2007 07:02

Aurora Russia Limited12 February 2007 12 February 2007 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 appointmentto its board of Christopher Cowan, as a Non Executive Director, with immediateeffect. Coinciding with this appointment, Cowasji Magol has stepped down from hisposition as a Non Executive Director of Aurora Russia to pursue other interests,also with immediate effect. Mr Cowan, aged 61, has over 40 years experience working for internationalcompanies in a finance role. This includes over 13 years acting as a GroupFinance Director, firstly with Jardine Matheson Holdings, for five years to1997, and then with Avis Europe Plc for four years until 2002. He was thenappointed Group Finance Director of Prebon Group Limited, a leadinginternational money broking business which was acquired by Collins StewartTullett PLC in 2004. Most recently, Mr Cowan was Chief Financial Officer ofCreditTrade Inc., a credit derivatives broker operating in London, New York andSingapore, which was acquired by a competitor in November 2006. Mr Cowan wasalso a Non Executive Director of Henlys Group Plc for seven years to 2004. As a Non Executive Director of Aurora Russia, Mr Cowan will chair the valuationcommittee and sit on the audit committee. Commenting on the directorate changes, Sir Trevor Chinn CVO, Chairman of AuroraRussia, said: "We are delighted to welcome Christopher Cowan to the board. We believe hiswealth of finance and financial services sector experience will prove invaluablein the next stage of Aurora Russia's development. "We would like to thank Cowasji Magol for his significant contribution to AuroraRussia both during and since the IPO. We wish him well in all his otherventures." Additional details are set out below: Christopher Cowan (age 61) Holding in the Company's ordinary shares: 200,000 (0.27% of the total issuedordinary shares) Directorships in previous five years: Henlys Group Plc, CreditTrade UK Limited,CreditTrade LLP, Prebon Group Limited, Ballards Lane Management Company Limited Present Directorships: N/A Save for the information disclosed above there is no other information to bedisclosed under schedule two, paragraph (g) of the AIM rules. Enquiries Aurora Russia LimitedJames Cook, Moscow + 7 495 644 1662John McRoberts, London +44 20 7484 4028 Financial Dynamics +44 20 7831 3113Giles SandersonEd Gascoigne-PeesFelicity Murdoch 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