CHIEF EXECUTIVE STEPS DOWN


 

TIDMDOO 
 
RNS Number : 7346R 
D1 Oils Plc 
27 August 2010 
 
FOR IMMEDIATE RELEASE 
D1 Oils plc 
("D1 Oils" or the "Company") 
 
CHIEF EXECUTIVE STEPS DOWN 
The Board of D1 Oils plc ("the Board") announces that Ben Good, Chief Executive 
and Finance Director, is stepping down from the Board with immediate effect and 
will leave the Company after a period in which he will assist with handover 
issues. His departure is by mutual agreement.  The Board acknowledges the 
significant role he has played in restructuring and stabilising the business 
over the last two years, and  thanks him for his contribution. 
Martin Jarvis, Chief Operating Officer, is taking over as acting CEO with 
immediate effect. The Board intends to recruit a new Finance Director as soon as 
is practicable. The Board is also continuing its discussions with possible 
candidates to become non-executive directors. 
 
 While the Board is 
disappointed that it has not been able to implement a deal following an 
indicative offer from Mission NewEnergy, it intends to continue discussions with 
other potential offerors as well as its work on the Company's development. 
Accordingly, the Board plans further discussions with major shareholders over 
the next few weeks with a view to concluding the strategic review. 
 
 For further information please contact: 
+-------------------------------+-----------------------+ 
| Piper Jaffray Ltd.            | + 44 (0) 20 3142 8700 | 
| Jens Rosebrock                |                       | 
| Rupert Winckler (Qualified    |                       | 
| Executive)                    |                       | 
+-------------------------------+-----------------------+ 
 
 Brunswick 
 
 
Kate Holgate /Claire Gore on                         +44 
(0) 207404 5959 
 
Piper Jaffray Ltd., which is authorised and regulated by the Financial Services 
Authority, is acting exclusively for D1 Oils and for no-one else in connection 
with the matters referred to in this announcement and will not be responsible to 
anyone other than D1 Oils for providing the protections afforded to customers of 
Piper Jaffray Ltd. nor for giving advice in relation to the matters referred to 
in this announcement. 
Responsibility 
The Directors of D1 Oils accept responsibility for all of the information 
contained in this announcement.  To the best of their knowledge and belief 
(having taken all reasonable care to ensure that such is the case), the 
information contained in this announcement is accurate and does not omit 
anything likely to affect the import of such information. 
 
Disclosure requirements of the Takeover Code (the "Code") 
Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any 
class of relevant securities of D1 Oils or of any paper offeror (being any 
offeror other than an offeror in respect of which it has been announced that its 
offer is, or is likely to be, solely in cash) must make an Opening Position 
Disclosure following the commencement of the offer period and, if later, 
following the announcement in which any paper offeror is first identified. 
An Opening Position Disclosure must contain details of the person's interests 
and short positions in, and rights to subscribe for, any relevant securities of 
each of (i) D1 Oils and (ii) any paper offeror(s). An Opening Position 
Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 
3.30 pm (London time) on the 10th business day following the commencement of the 
offer period and, if appropriate, by no later than 3.30 pm (London time) on the 
10th business day following the announcement in which any paper offeror is first 
identified. Relevant persons who deal in the relevant securities of the offeree 
company or of a paper offeror prior to the deadline for making an Opening 
Position Disclosure must instead make a Dealing Disclosure. 
Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% 
or more of any class of relevant securities of the offeree company or of any 
paper offeror must make a Dealing Disclosure if the person deals in any relevant 
securities of the offeree company or of any paper offeror. A Dealing Disclosure 
must contain details of the dealing concerned and of the person's interests and 
short positions in, and rights to subscribe for, any relevant securities of each 
of (i) the offeree company and (ii) any paper offeror, save to the extent that 
these details have previously been disclosed under Rule 8. A Dealing Disclosure 
by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm 
(London time) on the business day following the date of the relevant dealing. 
If two or more persons act together pursuant to an agreement or understanding, 
whether formal or informal, to acquire or control an interest in relevant 
securities of an offeree company or a paper offeror, they will be deemed to be a 
single person for the purpose of Rule 8.3. 
Opening Position Disclosures must also be made by the offeree company and by any 
offeror and Dealing Disclosures must also be made by the offeree company, by any 
offeror and by any persons acting in concert with any of them (see Rules 8.1, 
8.2 and 8.4). Details of the offeree and offeror companies in respect of whose 
relevant securities Opening Position Disclosures and Dealing Disclosures must be 
made can be found in the Disclosure Table on the Takeover Panel's website at 
www.thetakeoverpanel.org.uk, including details of the number of relevant 
securities in issue, when the offer period commenced and when any offeror was 
first identified. If you are in any doubt as to whether you are required to make 
an Opening Position Disclosure or a Dealing Disclosure, you should contact the 
Panel's Market Surveillance Unit on +44 (0)20 7638 0129. 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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