Ratification of Investing Policy & Notice of GM (8012L)
05 8월 2011 - 3:00PM
UK Regulatory
TIDMNGP
RNS Number : 8012L
Niche Group (The) PLC
05 August 2011
5 August 2011
The Niche Group plc
("Niche" or "the Company")
Ratification of Investing Policy
Notice of GM
In line with best practice, and in accordance with Rule 8 of the
AIM Rules, the Directors are proposing to ratify and approve a
change of the Company's investing policy. The new investing policy
is in line with the Company's existing policy of investing in
pre-IPO companies in the natural resources sector but provides more
detail so that it is clear, specific and definitive.
A GM will be held at the offices of Daniel Stewart, Becket
House, 36 Old Jewry, London EC2R 8DD at 11am on 25 August 2011. The
Notice of GM is set out in a Circular sent to Shareholders
yesterday and is available on the Company's website at
www.nichegroupplc.co.uk .
Investing Policy
The Company's Investing Policy is to acquire interests in early
stage oil and gas businesses and related service companies and
assets based in Europe, the Middle East and Central Asia.
The proposed investments to be made by the Company may be either
quoted or unquoted; made by direct acquisition or through farm-ins;
may be in companies, partnerships, joint ventures; or direct
interests in oil and gas projects. It is not intended to invest or
trade in physical commodities except where such physical
commodities form part of a producing asset. The Company's equity
interest in a proposed investment may range from a minority
position to 100 per cent. ownership.
A particular consideration will be to identify investments which
are, in the opinion of the Directors, under-performing, undeveloped
and/or undervalued, and where the Directors believe that their
expertise and experience, in conjunction with that of the investee
company management, can be deployed to facilitate growth or unlock
inherent value. The Directors will conduct initial due diligence
appraisals of potential projects and, where they believe further
investigation is warranted, intend to appoint appropriately
qualified persons to assist. Investments in early stage and
exploration assets are expected to be mainly in the form of equity
and related instruments, with debt potentially being raised later
to fund the development of such assets. Where the Company builds a
portfolio of related assets it is possible that there may be cross
holdings between such assets.
It is likely that a substantial portion of the Company's
financial resources will be invested in a small number of
propositions or in just one investment which, depending on the
circumstances, may be deemed to be a reverse takeover under the AIM
Rules. Any transaction constituting a reverse takeover under the
AIM Rules will also require Shareholder approval. The Directors
have not, however, excluded the possibility of building a broad
portfolio of assets.
The Company intends to be an involved and active investor
particularly with respect to funding and corporate governance but
also in closely monitoring the progress of business activities.
Accordingly, where necessary, the Company may seek participation in
the management or board of directors of an entity in which the
Company invests with a view to improving the performance and use of
its assets with the aim of achieving an upward re-rating of the
value of those assets.
Given the time frame the Directors believe is required to fully
maximise the value of an exploration project or early stage
development assets, it is expected that the investment will be held
for the medium to long term, although short term disposal of assets
cannot be ruled out in exceptional circumstances.
The Company intends to deliver shareholder returns principally
through capital growth rather than capital distribution via
dividends, although it may become appropriate to distribute funds
to Shareholders once the investment portfolio matures and
production revenues are established. In the first few years the
Company will seek to ensure that its investments move the value
chain from exploration to development and production and to turn
around underperforming, undeveloped and/or undervalued assets. If
successful, the increase in value should be reflected by an
increase in the Company's share price.
Given the nature of the Company's Investing Policy, the Company
does not intend to make regular periodic disclosures or
calculations of net asset value.
The Directors have many years experience in investing in early
stage businesses between them. When suitable opportunities have
been identified, the Directors may appoint qualified consultants to
provide advice to the Directors or use their own expertise to carry
out feasibility studies on the potential investments.
Current investments
As previously announced, Niche currently holds loan notes
convertible into a 35.7% shareholding in Oman Resources Limited
("Oman Resources"). Oman Resources is focused on gas exploration
and development activities in onshore Turkey. Oman Resources has a
50% interest in four licences in Turkey in partnership with Arar
Petrol ve Gaz AUPAS (the "Operator"), in which Niche is also a 5%
shareholder.
Enquiries:
The Niche Group plc
Nigel Little
Tel. +44 (0) 7900 888 810
M: Communications
Patrick d'Ancona or Ben Simons
Tel. +44 (0)20 7920 2340
Daniel Stewart & Co. Plc - Nominated Advisor and Joint
Broker
Oliver Rigby
Tel. +44 (0)20 7776 6550
Canaccord Genuity - Joint Broker
Charles Berkeley / Henry Fitzgerald-O'Connor
Tel: +44 (0) 20 7050 6500
The Circular may be viewed in its entirety on, or downloaded
from, the Company's website www.nichegroupplc.co.uk.
Definitions
"AIM Rules" the AIM Rules for Companies,
as published by the London
Stock Exchange from time to
time;
"Circular" the Circular sent to Shareholders
on 4 August 2011, setting out
the Company's investing policy;
"Directors" or "Board" the Directors of the Company,
being Nigel Little, Donal Boylan
and Rakesh Patel;
"GM" or "General Meeting" the general meeting of the
Company, to be held at the
offices of Daniel Stewart,
Becket House, 36 Old Jewry,
London EC2R 8DD at 11am on
25 August;
"Investing Policy" the Company's investing policy;
"Niche" or "Company" The Niche Group Plc;
"Notice of GM" the notice of GM sent to shareholders
with the Circular;
"Ordinary Shares" the ordinary shares in the
Company of 1p each;
"Shareholders" holders of Ordinary Shares.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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