Aber ja, ne Menge. Oriel gibt die Mehrheit der Aktien auf, um die Projekte finanziell stemmen zu können.
Oriel Restructures To Secure Development Funding For Its Two Projects
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The deal announced on the 16th October with Alexander Nesis and his group resolves the funding issue but at the cost of transferring control away from Sergey Kurzin, although managing director Nick Clarke does not see it like that. He says Oriel remains the same, but with new shareholders and better funded. The shares were suspended on 14th September at 37.5p when speculation about an impending deal surfaced and the deal now announced values the shares at 51.81p. While that is a big improvement on the earlier price it is still below the issue price and hardly matches the level of the last funding. Moreover shareholders have not yet had the opportunity to realise that gain.
Nevertheless, the deal does seem a reasonable solution to the funding problem that Oriel was facing with building the chrome mine and developing the nickel project at the same time. In essence it is a reverse takeover with Oriel buying two companies; IPH and Croweley, for shares and post the deal Alexander Nesis and partners who own those two companies, will own or control 63.3 per cent of New Oriel and the shareholders of old Oriel will own 36.7 per cent of the new one.
The two companies being acquired are very different although with common shareholders. IPH is building a new ferrochrome smelter at Tikhvin near St Petersburg and Croweley has US$100million in cash so the deal provides the funds to bring the Voskhod mine to production and gives it a customer. It also creates enough funding to take the Voskho mine to production and allows Oriel to unlock the value of Shevchenko. An important feature of the transaction is that the new entity will start generating cash in 2007, a year earlier than planned. This is because the Tikhvin ferrochrome smelter will be completed next year and will be able to process feed from Turkey until Oriel’s own mine is in production in 2008.
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A lot more detail will be provided in the transaction documentation that will shortly be published. But, for now, the deal removes the uncertainty around funding these two projects and will give investors a very direct way of participating in the predicted 5.2% annual growth of the stainless steel market, the main use for both chrome and nickel.
http://www.minesite.com/storyFull5.php?storySeq=3900
