THE INFORMATION CONTAINED WITHIN THIS
ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE
INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU)
NO. 596/2014, AS AMENDED ("MAR"). ON THE PUBLICATION OF THIS
ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE
("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE
PUBLIC DOMAIN.
Globe Capital Limited
(“Globe Capital” or the
“Company”)
AQSE: GCAP
Corporate Update,
Board Changes & Appointment of Corporate Advisor
Particulars of the RIS
- Corporate Update
- Board Changes
- Appointment of Corporate Advisor
- Director Statement
- Corporate Update
The Company’s ordinary shares were suspended earlier this year
due to complications that arose with the issuer’s Depositary
Interest function lapsing. During the subsequent months, the Board
of Directors entered commercial discussions with various parties to
develop a recapitalisation and corporate restructure strategy in
order for the Company to progress, meaningfully.
During this period the Company has entered discussions with
creditors of the Company in efforts to rationalise the Company’s
balance sheet and expect to conclude these discussions in the
coming weeks.
To this end, the two incoming Directors, Mr Burns Singh
Tennent-Bhohi & Mr Simon
Grant-Rennick have agreed to advance the Company £100,000
under a convertible loan note (“CLN”) to accelerate the
recapitalisation and restructure (for which monies have been
advanced to date as the Company continues to be actively
recapitalised and restructured). The CLN shall be unsecured, bear
no interest and mature upon the three year anniversary for which it
was issued and be convertible at a price of £0.0004, requiring the
consent of shareholders in approving amongst other resolutions the
issue of equity.
The CLN will convert into ordinary shares of the Company,
immediately on approval of the Annual General Meeting resolutions ,
for which posting will be announced in the coming weeks. Upon
conversion of the CLN, the holders shall be granted 250,000,000
warrants to subscribe for new ordinary shares with a strike price
of £0.0008 and a life to expiry of 5-years from date of grant.
The newly constituted Board expect to undertake further capital
raising activities in the near future and to present the newly
formed corporate strategy at the upcoming Annual General Meeting
for the Company that the Directors intend to post in the coming
weeks.
- Board Changes
The Board would like to welcome the appointments of, Mr Burns
Singh Tennent-Bhohi (Executive Director) & Mr Simon Grant-Rennick (Executive Chairman) both of
whom have led this recapitalisation and restructure with the Board
of Globe.
In conjunction with their appointments Mr Darren Edmonston will become a Non-Executive
Director and Mr David Barnett will
retire his role from the Board of Directors effective
immediately.
The Board would like to extend their well wishes to David and
thank him for his services.
Burns Singh Tennent-Bhohi (Executive Director)
Burns Singh Tennent-Bhohi is the founder & CEO of The
Glenpani Group, an international private venture capital business
based in London/UK. Glenpani's
principal focus is the evaluation and augmentation of
distressed-asset opportunities and private-transaction/investment
origination. Glenpani Group cornerstone-invest, originate
transactions and provide corporate consultancy to international
companies both private and public including; AQSE, AIM, TSX-V, CSE
& ASX.
Burns assumes a number of directorships of both private and
public companies and his current appointments in public interest
companies include: Chairman of Oscillate plc (AQSE: MUSH), CEO and
a Director of, Evrima plc (AQSE: EVA) and Director of Igraine plc
(AQSE: KING) and have included: Forum Energy Metals Corp. (TSX-V:
FMC), in 2019 FMC executed a $30,000,000 project earn-in agreement with Rio
Tinto on its Janice Lake sedimentary
copper project and a $6,000,000
project earn-in with Orano & the CEO and a Director of IamFire
plc (AQSE: FIRE)
Active in North American capital markets, Burns is also the
founder of LC, a specialised private investment vehicle that
syndicates and connects global capital investment for private
transaction origination & pre-IPO opportunities.
Glenpani Group maintains an extensive international network that
includes corporate brokers/financiers, investment bankers, merchant
banks, UHNWIs, project financiers, asset-banks and technical teams.
Burns graduated from the University of
Glasgow with a degree in Economics/Social Sciences.
Current Directorships and/or
Partnerships |
Former Directorships and/or
partnerships (within the last five years): |
Evrima plc |
IamFire plc |
Igraine plc |
Forum Energy Metals Corp |
Oscillate plc |
Residential Sales (London) Ltd |
Eastport Ventures (Ontario)
Inc. |
|
Lincoln Road Ltd |
|
Capital Homes (London) Ltd |
|
Glenpani Group Limited |
|
Glenpani Capital Limited |
|
GPC 101 Ltd |
|
GPC 102 Ltd |
|
VNS Global Ltd |
|
Botsjuana Ltd |
|
Glenpani Capital Group Ltd |
|
DiscovOre Limited |
|
Loncad Limited |
|
Tomas Capital Limited |
|
DVYH196 Ltd |
|
Loncad Holdings Ltd
H2Gogo Industries Limited |
|
|
|
|
|
Except as set out above, there is no further information
regarding Burns Singh Tennent-Bhohi, that is required to be
disclosed pursuant to Rule 4.9 of the AQSE Growth Market Access
Rulebook.
Simon Grant-Rennick (Executive
Chairman)
Simon graduated from the Camborne School of Mines (Bsc Mining
Engineering [hons], ACSM) and has been actively involved in the
mining and metal trading industry for over 30-years. During this
time Simon has served Board & Management roles for both private
and public (LSE, ASX, AQSE) entities globally.
Simon has extensive experiences in the industrial and
non-ferrous metal industry which includes a successfully operating
Falconbridge Internationals non-ferrous trading arm.
Simon maintains a number of Board & Management Roles across
industries including; agriculture, property, technology & the
mining sector, including; All Active Asset Capital Ltd (AIM: AAA),
U.K. Spac plc (AIM: SPC), Evrima plc (AQSE: EVA) and was most
recently the Executive Chairman of Quetzal Capital plc (AQSE:
QTZ).
Simon Richard de Clanay Grant-Rennick, aged 63, has held the
following current and former Directorships in the past 5-years:
|
|
Current Directorships and/or
Partnerships |
Former Directorships
and/or partnerships (within the last five years): |
African Tree Nuts Limited |
Barnardo Capital Limited |
ASP Corp Ltd |
Force Commodities Ltd |
Elk Investments Limited |
Glyncastle Resource Limited |
Evrima plc |
Glyncastle plc |
Gunmakers Hall Limited |
Jacoma Estates Limited |
IMFH Limited |
Kardav Limited |
IM Performance Minerals
Ltd |
QX Resources Limited |
Langleycourt Properties
Limited |
Quetzal Capital plc |
Selection Mines Limited |
|
All Active Asset
Capital Limited
U.K. SPAC plc
|
|
Mr Grant-Rennick was a director of Glyncastle plc (previously
Unity Power plc) and two of its subsidiaries, Glyncastle Mining
Limited (previously Horizon Mining Limited) and Glyncastle Resource
Limited (previously Unity Mine Limited), when these three companies
went into administration on 30 October
2013. Statements of affairs for each of these companies
dated 13 December 2013 stated an
aggregate estimated deficiency as regards creditors of
£172,966,671. A Receiver was appointed to Glyncastle plc on
23 May 2018 and Mr Grant-Rennick
ceased to be a director of this company on 27 January 2020. Glyncastle Mining Limited and
Glyncastle Resource Limited both entered into Company Voluntary
Arrangements on 7 October 2016 and Mr
Grant-Rennick ceased to be a director of both companies on
24 January 2018.
Mr Grant-Rennick was a director of Oakland Investments (UK)
Limited from 30 January 1995 until
8 August 1995. This company entered
into voluntary creditors liquidation on 14
November 1995.
Except as set out above, there is no further information
regarding Simon Richard de Clanay Grant-Rennick, that is required
to be disclosed pursuant to Rule 4.9 of the AQSE Growth Market
Access Rulebook.
- Appointment of Corporate Advisor
The Company is pleased to announce that Peterhouse Capital
Limited has been appointed as the Company’s AQSE Growth Market
Corporate Advisor and Corporate Broker with immediate effect. The
Company wishes to thank First Sentinel for their many years of
service to the Company.
- Director Statement, Darren
Edmonston
“I would like to take this
opportunity to thank all members of the Globe team and the AQSE
Growth Market Exchange in getting the Company to a point where it
has a new direction, the introduction of fresh capital investment
and the appointment of two Directors that have been pivotal in
driving this change at the Company. I am excited to progress this
Company and look forward to providing our shareholders with further
updates.
I would like to also take this
opportunity to thank retiring Director, David Barnett for his services to the Company
and wish him well with his future endeavours.”
The Directors of the Company, who have
issued this RIS announcement after due and careful enquiry, accept
responsibility for its content.
For further information
COMPANY:
Globe Capital Limited
Darren Edmonston
+1-855-280-6793
CORPORATE ADVISER:
Peterhouse Capital Limited
Guy Miller / Mark Anwyl
Tel: +44 (0) 207 469 0930