Orogen Gold Regulatory News (ORE)

3 Aug 2007 09:57

Aricom PLC03 August 2007 Press Release 3 August 2007 Aricom plc ("Aricom" or "the Group" or "the Company") Russian Anti-Monopoly Approval Received for K&S Acquisition Subsequent Increase in Issued Share Capital Aricom plc (AIM:TIO), the Anglo-Russian developer of mineral resources, todayannounces that it has received the approval of the Federal Anti-Monopoly Serviceof the Russian Federation ("FAS") to acquire the company that owns the remaining50% indirect interest in the K&S project. Following completion of thistransaction the Group will own a 100% interest in the K&S project. Consequent to this approval, the acquisition has become unconditional and hencean application has been made for the admission of 123,782,467 ordinary shares totrading on AIM and dealings in these ordinary shares are expected to commence on9 August 2007. The ordinary shares are being issued pursuant to the Company's decision toacquire the remaining 50% of the K&S project which it does not already own bythe exercise of its option to acquire from Philotus Holdings Ltd ("Philotus")all the shares of the company which holds the remaining 50% indirect interest inthe K&S project, as announced previously on 5 April 2007. Under the terms ofAricom's existing option agreement the option exercise consideration comprisesthe issue of 123,782,467 ordinary shares to Philotus. Philotus is a company owned jointly by Peter Hambro and Dr. Pavel Maslovskiy andis hence a related party. The option agreement was approved by Aricom'sshareholders at a general meeting on 18 April 2006. As is normal practice for atransaction of this nature, completion of the acquisition and hence theallotment of the consideration shares was conditional on receipt of the FASapproval, which has now been granted. Both Peter Hambro and Dr. Pavel Maslovskiy, being Directors of the Company, havean interest in Philotus and accordingly, the number of ordinary shares in whichPeter Hambro and Dr. Pavel Maslovskiy and their respective associates have aninterest pre and post the exercise of the option and allotment and issue of thenew ordinary shares is as follows: Pre the exercise of the option Post the exercise of the option No. of shares % of total No. of shares % of total issued share issued share capital capital Peter Hambro and 30,710,496 3.28 92,601,729 8.73associates Dr. Pavel Maslovskiy 30,887,860 3.30 92,779,094 8.75and associates Following this issue, the total issued share capital of the Company willcomprise 1,060,319,960 ordinary shares. - Ends - For further information:Aricom plcJay Hambro, Chief Executive Tel: +44 (0) 20 7201 8939 www.aricom.plc.uk Canaccord AdamsChris Bowman Tel: +44 (0) 20 7050 6500 www.canaccordadams.com AbchurchCharlie Jack / George Parker Tel: +44 (0) 20 7398 7700 www.abchurch-group.com This information is provided by RNS The company news service from the London Stock Exchange