Directorate Changes & Update
2010年11月18日 - 1:31AM
RNSを含む英国規制内ニュース (英語)
TIDMDXR
RNS Number : 3738W
Directex Realisations Plc
17 November 2010
17 November 2010
Directex Realisations plc
("DXR" or the "Company")
DIRECTORATE CHANGES, PROPOSED NEW INVESTMENT STRATEGY AND NAME CHANGE
The Board of Directex Realisations plc ("Directex" or the "Company") is pleased
to announce the appointment of Mr Nicholas Hall M.A., FCA (aged 64) as Director
with immediate effect and the proposed appointment of Mr Tom Winnifrith as Chief
Investment Officer. The Company is also pleased to announce a proposed new
investment strategy focusing on investing in the shares of principally silver
and precious metal companies quoted on stock exchanges in the UK, Canada and
Australia.
Directorate changes
Mr Hall is a Chartered Accountant trained with KPMG and currently Chief
Executive Officer of Angel Mining plc. Mr Hall has international experience
managing mining companies and is former Managing Director of Rand London
Corporation Limited (South Africa) and President of PBS Coals Inc. (USA). Mr
Hall has also acted as an independent consultant specialising in cost reduction
programmes for major retailers and specialist project management.
Mr Hall holds no shares in the Company.
The Company has also been notified that Nick Lander has resigned with immediate
effect.
Proposed New Investment Strategy and Name Change
The Company also announces that, subject to shareholder approval, it is planning
to change its name to Woodburne Square Ag Plc ("Woodburne Square") - to reflect
a proposed change in investing strategy. The focus will be on precious metals -
and silver in particular. Woodburne Square will invest in companies quoted on
stock exchanges in the UK, Canada and Australia.
In order to drive the new strategy, the Company has agreed, subject to contract
and the necessary approvals, to appoint Tom Winnifrith, manager of the SF t1ps
Smaller Companies Gold Fund, as its Chief Investment Officer ("CIO").
The principal terms of the proposed appointment are that Mr Winnifrith will
receive no fee for his services but his employer, t1ps Investment Management
(IoM) Limited ("TIM") will receive a fee equivalent to 15% of the increase in
the net asset value ("NAV") of the Company payable in shares at the NAV each
quarter.
The Company intends shortly to convene a general meeting to approve resolutions
including the change of investing strategy and the change in the Company's name
to Woodburne Square Ag Plc.
Additionally, the Company is pleased to announce the appointment of Rivington
Street Corporate Finance Ltd as broker with immediate effect.
Martin Kiersnowski, Directex Chairman commented "The proposed name change and
new investment strategy mark an exciting time for the Company. The opportunity
afforded by silver's prospects looks set to rejuvenate the Company, providing
the perfect springboard for us to drive shareholder value.
"Additionally, I wish to thank Nick Lander for his contribution to the Company
and wish him well for the future."
Tom Winnifrith commented: ""I believe that the competitive devaluation of paper
currencies will drive gold to in excess of $2,000 oz - 35% upside - within a
year. But silver is under valued relative to gold in terms of long term ratios
and its supply demand imbalance is even greater so I believe the upside for
silver is far more dramatic. Shares in silver producers are a highly
operationally geared play on this. But there are few quality silver plays listed
in the UK. We will invest our cash mainly in Canada and Australia so giving UK
investors a direct stake in high quality companies which are via operational
gearing will benefit immensely as silver races ahead."
For further details, please contact:
Directex Realisations plc
Martin Kiersnowski, Chairman
Tel: + 44 (0) 7769 684290
Libertas Capital Corporate Finance Limited
Sandy Jamieson
Tel: + 44 (0) 7569 9650
Rivington Street Corporate Finance
Peter Greensmith
Tel: 020 7562 3373
Bishopsgate Communications
Nick Rome
Tel: +44 207 562 3350
Notes:
Mr Hall holds or has held the following directorships or partnerships within the
past five years:
CurrentPrevious
Angel Mining plc The Wharf Group
Limited
Nicholas J Hall Limited
Mr Hall was a Director of Brookford Distributors Limited, a distribution
company, six months prior to the company going into administration in December
1998. The Company confirms there is no other information that falls to be
disclosed under Schedule 2 paragraph (g) of the AIM Rules
This information is provided by RNS
The company news service from the London Stock Exchange
END
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