Ovoca Bio Regulatory News (OVB)

27 Feb 2006 09:17

Ovoca Gold PLC27 February 2006 Ovoca Gold plc ("Ovoca") OVOCA INCREASES SHAREHOLDING IN NORPLAT TO 86% Ovoca (OVG.L, London; OVX.IE, Dublin) announces that today it has acquired anadditional 12,112,543 ordinary shares in its subsidiary Norplat Limited, ("Norplat") in consideration of the issue of 13,323,798 new Ovoca ordinary sharesof €0.025 each ("Ordinary Shares"). As a result, Ovoca now has 135,411,040 Ordinary Shares in issue and hasincreased its shareholding in Norplat to 86%. As part of this transaction, the following directors and their connected personshave disposed of their remaining shareholding in Norplat and their previous andcurrent shareholding in the Company is as follows: Previous Previous Current Current Holding % Holding % Roger Tuner 2,864,438 2.35% 3,850,001 2.84%Barrie Oakes 3,719,889 3.05% 4,994,108 3.69%Guy Pas 3,964,536 3.25% 5,555,000 4.10% Under the terms of the May 2005 Norplat Option Agreement, Ovoca retains theright to acquire the remaining ordinary shares in Norplat which it does notalready own, on the same terms, until 10 May 2007 (i.e. eleven new OrdinaryShares for every ten Norplat ordinary shares). Commenting on this increase in Ovoca's shareholding in Norplat, Chief ExecutiveBarrie Oakes stated "Following results from the 2005 drilling and trenchingprogramme in the Kola region of Russia, the acquisition of additional licensesin the area to cover more highly prospective ground and the exercising of theoutstanding Norplat warrants the board has decided that this is an opportunetime for Ovoca to increase its equity holding in Norplat." For further information please contact Barrie Oakes CEO +44 (0)795 1139266 Roger Turner Chairman+44 (0)7739 092 813 Kevin Lynch Nabarro Wells & Co Limited +44 (0)207710 7400John Frain Davy Corporate Finance +353 (0)1 679 6363 Tom McCormack Connexions PR +353 (0)86245 4215 +353 (0)1 230 3015 This announcement has been issued through the Companies Announcement Service of The Irish Stock Exchange This information is provided by RNS The company news service from the London Stock Exchange