Steppe Cement Regulatory News (STCM)

12 May 2006 07:55

Steppe Cement Limited12 May 2006 Steppe Cement LimitedSales of Shares by Director and Significant Shareholders Steppe Cement Limited ("the Company") has been advised by significantshareholder, David Crichton-Watt that his family's interests in Steppe CementLimited shares has been reduced to 23,219,300 shares (20.4%) through on marketsales of 1,000,000 shares at £1.97 each on 2 May 2006, 70,000 shares at £2.15each over 9 and 10 May 2006 and 5,500,000 shares at £2.05 each on 11 May 2006. The Company also advised that interests controlled by significant shareholder,Azmi Wan Hamzah, have reduced their shareholding to 23,934,310 (21.0%) throughon market sales of 5,500,000 shares at £2.05 each on 11 May 2006. Director, Javier del Ser Perez, has advised the Company that he has reduced hisshareholding in the Company to 11,010,800 (9.7%) through on market sales of1,000,000 shares at £2.05 each on 11 May 2006. As a consequence of these sales the combined interests of the above threeshareholders has reduced to 51%. Under the terms of the loan arrangements theCompany has with the European Bank for Reconstruction and Development (EBRD) forthe refurbishment of the dry line cement manufacturing facilities the abovementioned significant shareholders agreed not to reduce their combined interestin the Company to below 51% without the prior consent of EBRD. As such none ofthese shareholders are entitled to sell further shares in the Company withoutthe prior agreement of EBRD. This information is provided by RNS The company news service from the London Stock Exchange