OREANDA-NEWS. June 05, 2015. The ACE Cash Offer is conditional, inter alia, on independent shareholder approval under Rule 16 of the Takeover Code. Under the terms of its agreement with Raiffeisen Bank International ("RBI") to purchase shares in the Company and related loans from RBI, ACE is ascribing a value of 41 pence per share to the shares in the Company.

NRH is aware that certain third parties carried out extensive due diligence and made offers to purchase the shares in the Company and related loans from RBI. Having regard to the value ascribed to the shares in the Company, by those third parties, NRH believes that the ACE offer price of 41 pence per share materially undervalues the Company.

All shareholders should therefore await the opinion that is required to be provided by the Company's financial adviser that the terms of ACE's share and loan acquisition from RBI are fair and reasonable. NRH understands that the Board of the Company intends to provide details of the valuation conclusions, prior to putting this issue to independent shareholders for a vote pursuant to Rule 16.