7 Nov 2008 08:42
Caspian Holdings Plc
("Caspian" or the "Company")
7 November 2008
Appointment of Director
The Board of Caspian Holdings Plc is pleased to announce the immediate appointment of Dr Byron Pirola as Non-Executive Director effective today.
Byron Antony Pirola, aged 48, has over 21 years experience in strategic consulting to major Australian and international companies. He has been a Director of Po Valley Energy a leading European oil and gas company for over 6 years and has extensive experience in the resources and energy sector.
Dr Pirola brings to the Company significant experience in management, energy and resources, and in corporate governance.
Commenting on the appointment, Executive Chairman Michael Masterman said "It is great to have Dr Pirola join the Board at a time of great challenges in our industry. His experience will strengthen the board and provide a strategic focus to our activities."
During the past 5 years, Dr Pirola holds or has held the following positions where he was or is acting in the capacity of director:
| Current Directorships/ Partnerships | Past Directorships/Partnerships (within the last five years) |
| Beronia Investments Pty Ltd Beronia FS Pty Ltd Equius Finance Pty Ltd Living Well Media Pty Limited Pirola Investments Pty Ltd PMRC (Australia) Inc Po Valley Energy Limited Port Jackson Partners Limited Virage Pty Ltd | None |
Dr Pirola has an indirect interest in the Company through Beronia Investments Pty Ltd and Beronia FS Pty Ltd, in which he has a beneficial interest and, which in turn hold 9,397,000 shares of the Company representing 7.94% of the issued share capital of Caspian. In addition, Dr Pirola is interested in 3,700,000 options over ordinary shares in the Company as follows:
Stock Options Held Option Exercise Price Expiry Date
2,500,000 £0.04 31 December 2010
1,250,000 £0.03 31 December 2010
There is no other information that is required to be disclosed pursuant to Schedule 2 paragraph (g) of the AIM Rules.
With the appointment of Dr Pirola, Dietmar Greil who joined the Board in 2003 prior to listing will retire. The Board wishes to thank Mr Greil who was a founding Director of the Company. Mr Greil, a founding Director of the Company and Chief Operating Officer was responsible for building Caspian's operations in Kazakhstan and initiating a number of important new ventures for the Company. Mr Greil remains a substantial shareholder of the Company with 10,000,000 shares of the Company representing 8.45% of the issued share capital of Caspian. We would like to thank Dietmar for his enormous contribution to the Company. We wish Mr Greil success in his new business endeavours.
-Ends-
Enquiries:
| Caspian Holdings Plc | Grant Thornton UK LLP | Hoodless Brennan |
| Michael Masterman | Fiona Owen | Luke Cairns |
| T: +44 (0) 7791 288381 | T: +44 (0) 20 7383 5100 | T: +44 (0) 20 7538 1166 |
| www.caspianoil.co.uk |