Niche Group Plc : Share Purchase Agreement Signed – 4

03/30/2012 | 02:39am

Embargoed: 07:00hrs, 30 March 2012

The Niche Group plc

(“Niche” or the “Company”)

Update Re. Proposed Acquisition:

Share Purchase Agreement Signed

Further to the announcement of 26 March 2012 regarding
the proposed acquisition of Oman Resources Limited
(“Oman”), Niche, the oil and gas focused investment
company, is pleased to announce that it has entered into a
Share Purchase Agreement (the “SPA”) for the
acquisition of the entire issued share capital of Oman (the
“Oman Transaction”).

Completion of the SPA is subject to a number of
conditions including (i) the Company having entered into an
agreement to acquire
Arar Petrol ve
Gaz AUPAS’s interests in the four petroleum licence
blocks (the “Blocks”) held in partnership with Oman
(the “ARAR Transaction”); (ii) the publication of
an Admission Document in connection with the Oman Transaction
and the ARAR Transaction; (iii) Niche shareholder approval of
the Oman Transaction and the ARAR Transaction having been
obtained; and (iv) the Company having completed a fundraising
sufficient in quantum to satisfy ongoing working capital
requirements and to fulfil licence conditions (the
“Placing”). The consideration payable by the
Company under the SPA is €1. 

The SPA also includes an undertaking by the Company to
procure repayment of loans to Oman totalling £1,000,000 in
aggregate.  The £1,000,000 will then be used by those
lenders, in respect of such loans, to subscribe for new
ordinary shares of 1p each in the Placing at the relevant
placing price.  Under the terms of the SPA, the existing
convertible loan agreements with Oman will remain in full
force and effect.

Shareholders should note that, as previously advised,
Niche can give no assurances that the conditions set out
above will be met and that the Oman Transaction will be
completed.  However, it is the opinion of the directors
that all parties are fully committed to the process and
believe that a successful outcome is achievable.


The Niche Group plc

Stuart Thomas

Tel. +44 (0)1491 629609

Deloitte LLP – Nominated Adviser

Oliver Rigby or Jon Hinton

Tel: +44 (0)20 7007 1815

M: Communications

Ben Simons

Tel. +44 (0)20 7920 2340

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This press release was issued by The Niche Group plc and was initially posted at . It was distributed, unedited and unaltered, by noodls on 2012-03-30 08:32:08 AM. The issuer is solely responsible for the accuracy of the information contained therein.

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