Paragon Resources PLC Cancellation of contract & appointment of Director (4320L)
2013年8月12日 - 3:00PM
RNSを含む英国規制内ニュース (英語)
TIDMPAR
RNS Number : 4320L
Paragon Resources PLC
12 August 2013
Paragon Resources PLC
("Paragon" or the "Company")
(AIM: PAR; ISDX: PA)
Cancellation and release of Long-term Ta(2) O(5) Supply
Contracts and Guarantees,
Appointment of Director,
Prospective Acquisition of African Agricultural Consulting
Company, and
Cancellation of ISDX Growth Market Admission
12 August 2013
Cancellation and release of Long-term Ta(2) O(5) Supply
Contracts and Guarantees
The Company is delighted to announce that the board of directors
of Paragon (the "Board") has successfully negotiated the
cancellation of the Paragon Group's (the "Group") two long-term
Ta(2) O(5) Supply Contracts and obtained the release of the
Company, and its subsidiary Speciality Minerals Corporation
Limited, from any and all liabilities or obligations under these
contracts. In accordance with the terms of these contracts, the
Group's customers have set off the amounts due to the Group,
amounting to approximately $176,000, as part of the agreement to
cancel the contracts and release the Group from its
obligations.
Now that these releases have been obtained and further to the
redemption of the convertible redeemable preference shares through
the issue of new ordinary shares in the Company on 8 August 2012,
the Board believes it can now move forward quickly with its
investing policy focussed on the agriculture sector in Africa and
Asia (the "Investing Policy"). Full details of the Investing Policy
can be found on the Company's website.
Appointment of Director
Further to the announcements of 15 May and 21 June 2013, Andrew
Beveridge has today been appointed to the Board, initially as a
Non-Executive Director. Andrew is a very experienced agribusiness
professional with a career embracing both the management and
investment aspects of international agriculture. He followed
studies in agricultural science and management at the Royal
Agricultural College with an MBA at Warwick University and joined
leading international agri business group Harrisons and Crosfield.
He later joined CDC Group PLC (formerly the Commonwealth
Development Corporation) and was involved with new investment and
agribusiness management in Africa and the Far East ranging from
start-ups to privatisations and turnarounds of underperforming
companies. He has also provided African agricultural consultancy
services, through Greenstar (refer below), across a wide range of
projects and crops. More recently he started a large African oil
palm plantation and processing company, was responsible for raising
over $20m through a private placement in the international market,
was its first CEO and is now a shareholder and an advisor to that
business.
Prospective Acquisition of African Agricultural Consulting
Company
The Board is also pleased to confirm that it is involved in
initial discussions to acquire its first investment under the
Investing Policy. The Company is looking to acquire the Greenstar
business ("Greenstar"), which was established in 2002 by Andrew
Beveridge to provide consultancy, project management and inward
investment advisory services to large-scale commercial agricultural
projects in Africa. Building on Andrew's significant expertise in
the sector, Greenstar has been involved in advising on numerous
projects in Africa since inception. In addition to Andrew himself,
Greenstar has around 100 consultants on its books through which it
is able to both source and review new projects and build specialist
project teams with the necessary expertise for particular
assignments.
With the acquisition of Greenstar and the appointment of Andrew
Beveridge to the Board, Paragon creates an in-house technical and
management capability, including
-- country and agribusiness sector knowledge, particularly across Africa;
-- intelligence concerning investment opportunities;
-- ability to undertake thorough agronomic, management, process,
marketing and financial due diligence;
-- extensive agribusiness operational management experience to assist investee companies; and
-- in-depth understanding of the social and environmental
requirements of today's agribusiness sector.
Paragon is already assessing potential investment opportunities
with Greenstar. Paragon expects to utilise the expertise and
relationships of Greenstar's consultants in connection with
agricultural projects that Paragon may invest in or acquire, as it
looks to build a first class portfolio of agricultural assets. The
Board believes this expertise will provide Paragon with a
significant competitive advantage as the portfolio of investments
develop.
Greenstar is owned by Greenstar Associates LLP, the members of
which are Andrew Beveridge, members of his family and Simon Hunt,
also a Director of Paragon. Any acquisition of Greenstar will
constitute a Related Party Transaction under the AIM Rules for
Companies. If the transaction is completed, it is anticipated that
Andrew Beveridge would assume the role of Chief Executive of
Paragon.
Cancellation of ISDX Growth Market Admission
Following the redemption of all the Company's convertible
redeemable GBP1 preference shares, as announced on 8 August 2013,
through the issue of new ordinary shares of 0.05p ("Ordinary
Shares") and deferred 0.05p shares, the Company announces its
intention to cancel the admission to trading of its Ordinary Shares
on the ISDX Growth Market with effect from 10 September 2013. The
Company's Ordinary Shares will continue to trade on the AIM Market
of the London Stock Exchange.
For further information, please contact:
Paragon Resources PLC Allenby Capital Limited
Simon Hunt (Nominated Adviser and Broker)
(Chairman) Nick Harriss/Jeremy Porter/James
+44 7733 337 755 Reeve
www.paragon-resources.com +44 20 3328 5656
www.allenbycapital.com
Information Required Under Schedule 2 of the AIM Rules for
Companies
Name - Andrew Robert Beveridge
Age - 59
Current Directorships Directorships held in past five
years
Greenstar Resources Limited Goldtree Holdings Limited
Pan-African Agribusiness Limited Goldtree (SL) Limited
Greenstar Associates LLP
No other disclosures are required under Schedule 2 of the AIM
Rules for Companies.
Andrew Robert Beveridge holds no interest in the ordinary share
capital of Paragon
This information is provided by RNS
The company news service from the London Stock Exchange
END
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