White Nile Limited
14 July 2005
14 July 2005
White Nile Limited ('White Nile' or 'the Company')
'City Code implications of directors' appointments'
White Nile Ltd, the AIM listed oil and gas exploration company, has announced
that it has appointed Dr Lual Acuek Deng and Mr Edward Abyei Lino as Non
Executive Directors to the Board with immediate effect. Dr Deng and Mr Lino
have been appointed as representatives of Nile Petroleum Corporation Limited ('
NPC') who hold 155,000,000 ordinary shares in the Company, being 48.9% of the
issued share capital of the Company.
Both Dr Deng and Mr Lino are resident outside of the UK, the Channel Islands or
the Isle of Man, as is one of the Company's existing directors Mr Andrew Groves.
It is intended that future board meetings will normally be held in Africa.
All of the Company's current and intended operations are in Africa. In addition,
the Company will shortly establish permanently staffed offices in Africa from
where management control will be exercised, initially in South Africa and, as
soon as appropriate, in Juba in Southern Sudan.
Accordingly, the City Code on Takeovers and Mergers ('City Code') will no longer
apply to the Company after the appointments of Dr Deng and Mr Lino on the basis
that it will no longer be centrally managed in the United Kingdom, the Channel
Islands or the Isle of Man. In these circumstances, NPC will be able to acquire
further shares without triggering an obligation to make a mandatory offer under
Rule 9 of the City Code, irrespective of the size of NPC's holding.
* * E N D S * *
Issued on behalf of White Nile Ltd by St Brides Media & Finance Ltd, 46 Bedford
Row, London WC1R 4LR.
Contacts:
Phil Edmonds White Nile Ltd Tel: 0845 108 6060
Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7242 4477
This information is provided by RNS
The company news service from the London Stock Exchange
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