Trans-Siberian Gold plc (TSG.L) announces the following changes to the Board of Directors of the Company.

The Company is pleased to announce the appointment of Mr. Florian Fenner, Mr. Ljupco Naumovski and Mr. Stewart Dickson (together the "New Directors").

The Company also notifies the retirement of Mr. Peter Burnell.

As previously notified, Mr. Alexander Dorogov, who has been Finance Director of TSG's Russian subsidiaries since 2010 has assumed the responsibilities of Chief Financial Officer. It is expected that he will be appointed to the Board shortly.

Brief Biographies

Florian Fenner

Mr. Fenner joined UFG Asset Management as Managing Partner in July 2002. In addition to his role as Managing Partner, Mr. Fenner is also responsible for the overall management of UFG's public markets funds business. Prior to joining UFG, from 2000 to 2002, he was the Head of Unifund's Moscow office with responsibility for its Russia portfolio. From 1996, Mr. Fenner served as the Deputy Head of Research at Brunswick Brokerage, one of Russia's leading investment banks and, in 1997, he became the Russian Equity Portfolio Manager for Brunswick Capital Management. Before joining Brunswick Brokerage, he worked as an investment banker for Schroder Munchmeyer Hengst Co. in their Frankfurt office. Mr. Fenner is a CFA charterholder and holds a degree in banking from Industrie- und Handelskammer in Frankfurt-am-Main.

Lou Naumovski

Mr. Naumovski has more than three decades of experience working in Russia, most recently as Vice President and General Director of the Moscow office for Kinross Gold Corporation ("Kinross"), the largest Canadian investor in Russia. He also developed the business of Visa International, serving as Senior Vice President and General Manager Visa International Service Organisation (VISA), CEMEA region. Additionally, he served as Senior Banker and Head of Mission for the Russian Team of the European Bank of Reconstruction and Development ("EBRD" or the "Bank") in Moscow. While at EBRD, the Bank undertook more than half a billion dollars in financing of various projects, and he represented the Bank when the Russian Prime Minister's Foreign Investment Advisory Council was first founded.

Mr. Naumovski has a BA (Honours) in Economics and Political Science from the University of Toronto and an MA in International Relations (specialised in Russian / Soviet affairs) from the Norman Patterson School of International Affairs at Carleton University in Ottawa, Canada.

Stewart Dickson

Mr. Dickson has recently been appointed as Chief Executive Officer of ASX listed Variscan Mines Limited, having accumulated a decade of investment banking experience. His prior appointment was as Managing Director and Head of Metals & Mining at Cantor Fitzgerald Europe, based in London. He had responsibility for client coverage of public and private mining companies across precious metals and base metals, bulks, fertilizers and specialty metals. He has a broad range of international financial advisory, equity capital markets and corporate broking transaction experience including initial public offerings, financings and M&A. Prior to investment banking, Mr. Dickson served in the BritishArmy as a commissioned officer and saw operational service overseas. Stewart is a graduate of University College London and holds a MBA from Henley Business School.

Board Composition

The Board of TSG will comprise:

Name Age Position Appointed
Charles Ryan 50 Non-Executive Chairman April 2009
Dmitry Khilov 59 Chief Executive Officer July 2007
Robert Sasson 52 Non-Executive Director June 2013
Florain Fenner 46 Non-Executive Director September 2017
Lou Naumovski 60 Non-Executive Director September 2017
Stewart Dickson 39 Non-Executive Director September 2017

Board Committee Composition

The Company's Board committees will be constituted as follows:

  Chairman Members
Audit Committee Charles Ryan Robert Sasson, Stewart Dickson
Remuneration Committee Charles Ryan Robert Sasson, Lou Naumovski

Charles Ryan, Non-Executive Chairman of TSG, commented:

"We have overhauled our Board of Directors in line with our commitment to good corporate governance practices and to actively engage with capital markets. I welcome the NewDirectors and look forward to working with them. I also thank Peter Burnell for his wise counsel and significant contribution to the Company over a long period of service."

Additional Information

The following additional information is provided in accordance with AIM Rule 17 and Schedule Two, paragraph (g) of the AIM Rules for Companies.

Details of the names of companies and partnerships (excluding directorships of the Company) of which the New Directors are or have been members of the administrative, management or supervisory bodies or partners at any time in the five years preceding the date of this document are set out below:

Name Current directorships/partnerships Past directorships/partnerships
Florian Wolfgang Fenner UFG Global Diversified Investments Limited
UFG Investment Company I Limited
UFG WM Fund Management I Limited
UFG Gulf Investments Limited
UFG Gulf Fund Management Limited
UFG Russian Commercial Real Estate Fund I S.A., SICAV-SIF
UFG Global Hospitality Real Estate Fund I S.A., SICAV-SIF
UFG European Commercial Real Estate Fund I S.A., SICAV-SIF
Petrovka GmbH
Povarskaya Grundbesitz GmbH & Co. KG
UFG Russia Select Fund
KSTBeteiligungs AG
SM Wirtschaftsberatungs AG
SM Capital AG
SM Beteiligungs AG
RCM Beteiligungs AG
Soltowe GmbH
Gemsstock Limited
Trans-Siberian Gold plc
SM Domestic Property AG
Ljupco Lou Naumovski Euromax Resources
Amur Minerals Corporation
Canadian Executive Services Organization
Canada Eurasia Russia Business Association
Macedonia 2025
Centre of Financial Technologies / Zolotaya Korona
Chukotka Mining and Geological Company JSC (registered in Russia as ZAO CGGK)
Chukotka Mining and Geological Company LTD (registered in Russia as OOO CGGK)
The Mining Advisory Council, Russia
Stewart James Dickson Variscan Mines Limited
Manstone Resources plc
FELDI Limited
Cantor Fitzgerald LP
 

The New Directors do not hold any interest in the Company's issued share capital save for Mr. Fenner who has a shareholding of 14.4%(1) of the Company's issued share capital. Additionally, Mr. Fenner holds non-controlling equity interests in the General Partners of UFG Russia Select Master Ltd, UFG Investors Ltd and UFG Special Situations Fund L.P. which, in aggregate, hold approximately 35.97% of the Company's issued share capital.

Note (1) held though his 100% ownership of both Petrovka GmbH (1.56%) and UFG Investment Company I Limited (9,74%), and the remainder of his shareholding held directly.

Contacts:

TSG
Stewart Dickson
+44 (0) 7799 694195

Cantor Fitzgerald Europe
David Porter
+44 (0) 207 894 7000

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR'). Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.

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