TSG.L Regulatory News (TSG)

23 Mar 2007 07:02

Trans-Siberian Gold PLC23 March 2007 Trans-Siberian Gold plc Extraordinary General Meeting - update LONDON: 23 March 2007 - Trans-Siberian Gold plc ("TSG" or "the Company") (TSG.L)reports that, further to its announcement on 12 March 2007 that an ExtraordinaryGeneral Meeting ("EGM") had been called for 30 March 2007, a statementrequisitioned by Jocelyn Waller, a former TSG director, and other minority TSGshareholders, holding in total 12.9% of TSG's shares, in respect of the mattersto be discussed at the EGM has been sent to the Company's shareholders. At the EGM shareholders will be asked to approve the disposal of all of theCompany's interests in its two wholly owned subsidiaries, OOO GRK Amikan and OOOAS Angarskaya Proizvodstvennaya Kompaniya to AngloGold Ashanti Limited ("AGA")for a cash consideration of US$40 million (the "AGA Transaction"), the TSGBoard's agreement in principle to which was announced on 21 September 2006. Although AGA is entitled to attend, and vote at, the EGM, AGA has informed theCompany that it does not propose to vote on the resolution to be put to themeeting. Mr Waller stood down as the Company's Managing Director and Chief ExecutiveOfficer on 21 November 2005 and retired from the TSG Board of Directors on 18October 2006. The Company does not consider that the contents of the statement, which will beposted on the Company's website, require any change to the information orrecommendation included in the circular sent to TSG shareholders on 9 March2007. The EGM will provide an appropriate forum for discussion of the mattersraised before the resolution set out in the notice of the EGM is put to thevote. The TSG Board, excepting Richard Duffy and Benjamin Guenther, who are connectedto AGA and therefore did not participate in the Board's agreement in principleto the AGA Transaction, its decision to enter into the sale and purchaseagreements in respect of the AGA Transaction or the recommendation contained inthe circular sent to shareholders on 9 March 2007, having been so advised bySeymour Pierce Limited, remains of the view that the consideration for the AGATransaction is fair and reasonable insofar as the shareholders of TSG areconcerned. The Board also believes that the AGA Transaction is in the bestinterests of the Company and its shareholders as a whole, not least because itoffers the only practicable way forward for the development of TSG's Asachaproject. EndsContacts: TSG - Simon Olsen +44 (0) 1223 265760 Seymour Pierce - John Depasquale +44 (0) 20 7107 8000 Bankside - Keith Irons +44 (0) 20 7367 8873 This information is provided by RNS The company news service from the London Stock Exchange