Oriel Resources plc

Oriel Resources plc

March 03, 2008 13:21 ET

Oriel Resources Plc: Approach Received

LONDON, UNITED KINGDOM--(Marketwire - March 3, 2008) - Oriel Resources Plc ("Oriel" or the "Company") (TSX:ORL)(AIM:ORI) notes today's announcement by Mechel OAO ("Mechel"), stating that Mechel is currently contemplating an offer for the entire issued share capital of Oriel. Oriel confirms that today it has received a non-binding indicative proposal from Mechel. Shareholders are advised to take no action at this time.

A further announcement will be made in due course as appropriate.

Number of Relevant Securities in Issue:

The Company's issued share capital consists of 636,761,820 ordinary shares with a nominal value of 1 pence each ("Ordinary Shares"), each share having equal voting rights. The Company does not hold any Ordinary Shares in treasury and therefore the total number of Ordinary Shares with voting rights is 636,761,820. The ISIN number of the Ordinary Shares is GB0034246743.

In addition, 13,250,000 warrants to purchase one Ordinary Share at an exercise price of 75 pence ("the Warrants") are on issue. The ISIN number of the Warrants is GB00B07Q1965.

Dealing disclosures requirements:

Under the provisions of Rule 8.3 of the Takeover Code (the 'Code'), if any person is or becomes 'interested' (directly or indirectly) in one per cent. or more of any class of 'relevant securities' of the Company, all 'dealings' in any 'relevant securities' of the Company by such person (including by means of an option in respect of, or a derivative referenced to, any such 'relevant securities') must be publicly disclosed to a Regulatory Information Service and the Panel on Takeovers and Mergers ('Panel') by no later than 3.30 p.m. (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which any offer made by Mechel for the Company becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the 'offer period' otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an 'interest' in 'relevant securities' of the Company, they will be deemed to be a single person for the purpose of Rule 8.3.

Under the provisions of Rule 8.1 of the Code, all 'dealings' in 'relevant securities' of the Company, by Mechel or the Company, or by any of their respective 'associates', must also be disclosed by no later than 12.00 noon (London time) on the business day following the date of the relevant transaction.

A disclosure table, giving details of the companies in whose 'relevant securities' 'dealings' should be disclosed, and the number of such securities in issue, can be found on the Panel's website at www.thetakeoverpanel.org.uk.

'Interests in securities' arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an 'interest' by virtue of the ownership or control of securities, or by virtue of any option in
respect of, or derivative referenced to, securities.

Terms in quotation marks are defined in the Code, which can also be found on the Panel's website.

If you are in any doubt as to whether or not you are required to disclose a 'dealing' under Rule 8, please contact an independent financial adviser authorised under the Financial Services and Markets Act 2000, consult the Panel's website at www.thetakeoverpanel.org.uk or contact the Panel by telephone (+44 (0) 20 7638 0129) or by fax (+44 (0) 20 7236 7013).

Contact Information

  • Oriel Resources Plc
    Nicholas Clarke
    Managing Director
    +44 (0) 20 7514 0590
    Oriel Resources Plc
    David Swan
    Company Secretary
    +44 (0) 20 7514 0590
    Website: www.orielresources.com
    Canaccord Adams Limited
    Robert Finlay / Ryan Gaffney
    +44 (0) 20 7050 6500
    Bankside Consultants
    Michael Padley / Michael Spriggs
    +44 (0) 20 7367 8888
    Vanguard Shareholder Solutions
    Keith Schaefer
    (604) 608-0824