Oriel Resources plc
TSX : ORL
AIM : ORI

Oriel Resources plc

March 26, 2008 13:44 ET

Oriel Resources Plc: Holding(s) in Company and Share Trade

LONDON, UNITED KINGDOM--(Marketwire - March 26, 2008) - Oriel Resources Plc ("Oriel", or the "Company") (TSX:ORL)(AIM:ORI), the London-based chrome and nickel mining and processing company, announces that it became aware on 20 March 2008, that on 3 March 2008, Baran-Alrig Limited ("Baran-Alrig") had entered into a conditional agreement with Platinum Bow Limited to sell 32,366,232 Oriel Shares representing 5.08% of the total issued share capital of Oriel, and representing Baran-Alrig's entire shareholding in the Company. Oriel was notified on 26 March 2008 that 9,709,870 shares representing 30% of Baran-Alrig's Oriel shareholding were transferred on 25 March 2008. Baran-Alrig's remaining Oriel shareholding is expected to be transferred upon its release from the escrow arrangement in effect since the IPH Polychrom Holdings B.V. acquisition by Oriel in December 2006, such release date expected to be not later than 6 June 2008.

Mr Ehud Rieger, a director of Baran-Alrig is also a Non-Executive Director of Oriel and currently holds a beneficial interest of 4,979,420 ordinary shares or approximately 0.78% of the total issued ordinary share capital of the Company.

The Company further announces that it became aware on 26 March 2008, that on 3 March 2008, Baran Group Limited ("Baran Group") entered into a conditional agreement with Platinum Bow Limited to sell 14,938,261 Oriel shares representing 2.34% of the total issued share capital of Oriel, and representing Baran Group's entire shareholding in the Company. Oriel was notified on 26 March 2008 that 4,481,479 shares representing 30% shareholding of Baran Group were transferred on 25 March 2008. Baran Group's remaining Oriel shareholding is expected to be transferred upon its release from the escrow arrangement in effect since the IPH Polychrom Holdings B.V. acquisition by Oriel in December 2006, such release date expected to be not later than 6 June 2008.

The Company further announces that on 25 March 2008 it received a notification given in fulfilment of the obligations imposed under Chapter 5 of the Disclosure and Transparency Rules by Platinum Bow Limited that, as a result of the above transactions, 14,191,349 ordinary shares had been transferred to Platinum Bow Limited, resulting in a holding of 89,294,176 shares representing 14.01% of the total issued share capital of the Company. Platinum Bow Limited previously held 75,102,827 Oriel shares.

The Company further discloses that 14 months ago, on 4 January 2007, Mr Roger Richer, Non-Executive Director, sold 58,000 shares at a price of 49.7p (average) per share. Following this notification his revised beneficial interest in the Company is now 40,000 shares representing approximately 0.01% of the total issued ordinary share capital.

Contact Information

  • Oriel Resources Plc
    Dr Sergey V Kurzin
    Executive Chairman
    +44 (0) 20 7514 0590
    or
    Oriel Resources Plc
    David Swan
    CFO & Company Secretary
    +44 (0) 20 7514 0590
    or
    Oriel Resources Plc
    Gavin Dallas
    Marketing and PR
    +44 (0) 20 7514 0590
    +44 (0)20 7514 0591 (FAX)
    Email: info@orielresources.com
    Website: www.orielresources.com
    or
    Canaccord Adams Limited
    Robin Birchall / Ryan Gaffney
    +44 (0) 20 7050 6500
    or
    Bankside Consultants
    Michael Padley / Michael Spriggs
    +44 (0) 20 7367 8888
    or
    Vanguard Shareholder Solutions
    Keith Schaefer
    (604) 608-0824