Cerillion Regulatory News (CER)

21 Dec 2006 14:32

Celtic Resources Holdings PLC21 December 2006 Celtic Resources Holdings Plc ("Celtic" or "the Company") Celtic Strengthens Board of Directors Celtic is pleased to announce additions to its board of directors following the completion of the Eureka transaction. Mukhtar Tuyakbayev (56)As previously announced Mr. Mukhtar Tuyakbayev has joined the board to strengthen Celtic's representation in Kazakhstan, our main country of business. Mukhtar has managed Celtic's representative office in Kazakhstan for a number ofyears. He qualified from Moscow State Technical University in electronics engineering. He has more than 10 years experience in mining and exploration industries. From 1997 to 2001 he was the General Director of Auliye, Auliye Goldand Auliye Resources LLP, affiliate companies of Dabney Industries. Previous positions have included directorships at Tomiris LLP, Almaty and Avers LLP, Almaty. Mukhtar also holds directorships in Soho Central Asia LLP, Central Asia Gifts Kazakhstan LLP, DOOSAF Tour LLP, Targay LLP, Source Engineering LLP, Central Asia Service & Supply LLP. The due diligence on this appointment is nowcomplete. Jonathan Scott-Barrett (62)At the point at which the scheme of arrangement is final for the Eurekatransaction Jonathan Scott-Barrett joins the Board of Celtic. Jonathan was anon-executive director since Eureka Mining listed and took over as CEO earlythis year from David Bartley who stepped down for health reasons. Jonathan is aChartered Surveyor and has had an extensive career in senior management andexecutive positions, including nine years as a non-executive director of HansonPlc whose operating companies at that time included Peabody Coal, the largestcoal producer in the US. He was also a publishing director of CentaurCommunications Ltd for over 15 years, one of the largest business to businesspublishers in the UK and was publisher of Money Marketing, The Lawyer andChairman of Perfect Information, a City based financial information provider.Jonathan also holds directorships in Brumare Ltd, MG Capital Plc, Aerial CameraSystems Ltd, NHS Lotteries Ltd, MG Research Ltd, Talkcast Corporation Plc,GexTech Holding (UK) Plc, Lehman Communications Ltd. Mr Tuyakbayev and Mr Scott-Barrett hold 443,961 and 27,771 ordinary shares ofEuro 0.25 in the share capital of the Company being 0.8 per cent. and 0.05 percent. of the issued share capital of the Company respectively. Theaforementioned holdings and issued share capital are stated post the issue ofthe New Celtic Shares for the Eureka transaction. In addition, to honour acommitment in his service contract with Eureka, Celtic has agreed to issue andallot Jonathan Scott-Barrett 46,875 Celtic ordinary shares upon a date to beagreed between them. In regards to the aforementioned appointments there are no further disclosuresthat need to be made under Schedule Two, paragraph (f) (iii) to (viii) of theAIM rules. Kirill LipaKirill Lipa heads the Investment Banking Department in Aton Capital andprimarily specializes in M&A, private placements, public offerings and financialstrategy advisory. Kirill joined Aton Capital Group in February of 2002 as Headof Mergers & Acquisitions, and assumed control of the Corporate Financedepartment in March of 2003. Prior to moving to Aton Kirill was Deputy Chairmanof the Board of Olympiysky Bank, where he supervised all corporate financeactivities in 1998-2000. Kirill joined Olympiysky Bank in 1993 after earning aLaw Degree from Moscow State Law Academy. Mr. Lipa graduated magna cum laudefrom the Moscow State Law Academy in 1994. He provides an important link betweenthe Russian resource industry and western markets. Serdar KarlievSerdar Karliev is a director in the Investment Banking Department and head ofunderwriting of Aton Capital in both Moscow and London. He is responsible forproviding mergers and acquisitions and equity capital markets solutions forRussian and CIS clients. Prior to joining Aton in 2004 he was Vice-President ofCorporate Finance at Uralsib Bank and previously worked at CreditanstaltInvestment Bank and EBRD in London. Serdar graduated with a Diploma in Economicsfrom the Turkmen Institute of National Economy. He brings extensive M&A and fundraising experience in natural resources sector to the Board. Both the appointments of Mr. Lipa and Mr. Karliev are subject to due diligence. Summary On completion of these appointments the whole board of directors will be asfollows: Peter Hannen Non Executive ChairmanKevin Foo Managing DirectorMichael Palmer Finance DirectorEuan Worthington Executive DirectorJonathan Scott Barrett Executive DirectorMukhtar Tuyakbayev Kazakhstan DirectorNeil McDermott Non Executive DirectorMichael Nesbitt Non Executive DirectorPeter McKenna Non Executive DirectorBoris Karlov Non Executive DirectorKirill Lipa Non Executive DirectorSerdar Karliev Non Executive Director On 12th September 2006 we also announced the appointment of Mr. Alexander Schwarzkopf to the board. Mr. Schwarzkopf has subsequently withdrew due to a change in circumstances and his appointment will not be completed. The Company is also pleased to announce the appointment of Alfa Capital Marketsas advisers on corporate development and mergers and acquisitions in the FSU. Comment Commenting on the appointments, Celtic's Chairman, Peter Hannen said "We arelooking forward to working with our new directors and advisers and feel thattheir expertise in the FSU and merger and acquisition activities strengthens theboard and focuses us in the areas in which the Company is moving forward. Weare aware that this represents a large board for the size of organization weare and we will be looking to streamline this in the New Year" For further information please contact: Kevin Foo / Kate Dexter Smith Laurence ReadCeltic Resources Holdings Plc Conduit PRTel: + 44 (0)20 7921 8800 Tel: +44 (0)7979 955923Investors@celticresources.com leesa@conduitpr.com Frank Moxon / Simon EdwardsEvolution Securities LimitedTel: +44 (0) 20 7071 4300www.celticresources.com This information is provided by RNS The company news service from the London Stock Exchange