Directorate Change and Issue of Warrants

RNS Number : 3259T

Blue Star Capital plc

19 November 2013

 



19 November 2013

Blue Star Capital plc

("Blue Star" or the "Company")

Appointment of Non-Executive Chairman and Issue of Warrants

The Company announces that The Rt Hon The Lord Geoffrey Dear has retired from the board and as Non-Executive Chairman. Mr Graham Parr has been appointed as his successor.

On 30 October 2013, Blue Star's shareholders approved a change to the Company's investment strategy to seek potential opportunities in the media, technology and gaming sectors. Graham Parr has considerable experience as a public company director and chairman, and has particular expertise in the gaming sector.

Mr Parr was involved in the management buyout of Pontin's Holidays in 1987 and served as Managing Director until 1995. In 1997, he co-founded Arena Leisure PLC and served as its Chief Executive Officer until 2001 and thereafter as a Non-Executive Director until 2004. He undertook the formation and development of 'At the Races'. Graham has previously served as the Chairman of the Board of Gaming International Limited and Ocean Parcs Limited. Graham has also served as the Non-Executive Chairman of the Board of AIM listed Probability Plc until August 2012 and as Non-Executive Director of Timeweave plc until November 2012.

Historically, the directors of Blue Star have received a portion or all of their remuneration in the form of ordinary shares in the Company, having signed agreements to that affect.  The purpose of this structure was to preserve the cash resources of the Company for investment. The directors now believe the most efficient way to remunerate the directors for their past and future performance is in part via the issue of warrants.

Accordingly, in recognition of the directors receiving no cash remuneration in the last six months, Antony Fabrizi and The Rt Hon The Lord Geoffrey Dear will each receive 3 million warrants. The warrants granted to the directors have the same terms as those issued to the loan holders and are exercisable at a price of 0.6p until October 2016. As part of his remuneration, Graham Parr will also receive 3 million warrants issued on identical terms as outlined above. The Company confirms that director fees will accrue from 1 December 2013. 

Commenting on the board changes, Tony Fabrizi, CEO of the Company, said:

"I would like to express my thanks to Geoffrey for his leadership and invaluable support as the Company has re-evaluated its future direction. We wish him well. We are also very pleased to have been able to appoint Graham as Geoffrey's successor. His knowledge and experience in the areas we will be investing in will help guide the Company as it seeks to establish a platform for profitable growth."

Further information that is required to be disclosed with regards to the appointment of Graham Parr pursuant to Schedule 2 paragraph (g) of the AIM Rules is set out below.

Graham Thomas Parr, aged 63, has or has held within the last five years, the following directorships or partnerships:

Current	Past five years
None	PL Realisations 2011 Limited
	Gaming International Limited
	Toklon Limited
	Timeweave Plc
	Probability Plc
	E-Tote Limited
	Savoy Holidays Limited
	Golf 1 Limited
	Golf 2 Limited
	Golf 4 Limited
	Golf 5 Limited
	Golf 6 Limited
	Planning UK Limited
	Savoy Country Club Limited
	Cawthorne Properties Limited
	GTP Associates Ltd

Ends

Contacts:

Blue Star Capital plc

Tony Fabrizi

Tel: [phone]

www.bluestarcapital.co.uk

Daniel Stewart & Company plc

Nominated Adviser & Broker

David Hart/Martin Lampshire

Tel: [phone]

 

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