Directors Dealings

15 Nov 2005 07:03

IRF European Fin Investments Ltd 15 November 2005 Press Release 15 November 2005 IRF European Finance Investments Ltd. (the "Company") Dealings by Directors The Company has been informed that, as anticipated in the Company's AdmissionDocument dated 7 November 2005, Angeliki Frangou, a director of the Company andcertain of her affiliates, acquired 6,666,668 warrants to buy common shares inthe Company. All such warrants were acquired as part of a unit (consisting ofone common share and two warrants) at a price of US$6 per unit. Following thispurchase, Angeliki Frangou had directly and/or indirectly an interest in 7.27per cent of the issued warrants of the Company. On 14 November, AngelikiFrangou and/or her affiliates acquired an additional 1,075,000 warrants at aprice of up to US$0.50 per warrant giving Angeliki Frangou directly and/orindirectly an interest in 8.44 per cent of the issued warrants of the Company. As set out in the Admission Document, Angeliki Frangou agreed with SunriseSecurities Corp. ("Sunrise") that Sunrise may purchase on her behalf, or onbehalf of her affiliates, up to an aggregate of US$5,000,000 in value ofwarrants at prices not to exceed US$0.50 per warrant during the first 40 days oftrading on AIM (up to a maximum of US$500,000 in value of warrants in one day). The Company is pleased to announce that on 14 November 2005, Angeliki Frangouhas agreed to release such daily limit on Sunrise's purchases of warrants in theCompany. Sunrise is now authorised to purchase up to approximately US$4,500,000in value of warrants, being the maximum outstanding of Ms Frangou's originalorder of US$5,000,000. - Ends - For further information:Collins Stewart LimitedSeema Paterson / Stewart Wallace Tel: +44 (0) 20 7523 8350 Sunrise Securities Corp.Sheldon Goldman, Managing Director Tel: +1 212 421 1616 Media enquiries:AbchurchHenry Harrison-Topham Tel: +44 (0) 20 7398 7700henry.ht@abchurch-group.com www.abchurch-group.com Collins Stewart Limited, which is regulated by the Financial Services Authority,is acting as Nominated Adviser and Broker exclusively for the Company inconnection with the arrangements described in this announcement, is not actingfor any other person and will not be responsible to any other person forproviding the protections afforded to customers of Collins Stewart Limited, orfor advising any other person in connection with the arrangements described inthis announcement. The responsibilities of Collins Stewart Limited, as NominatedAdviser, are owed solely to the London Stock Exchange. This information is provided by RNS The company news service from the London Stock Exchange