Director Investment & Board Changes

RNS Number : 8432J

Obtala Limited

03 July 2017

 

3 July 2017

Obtala Limited

("Obtala", the "Group" or the "Company")

(AIM: OBT)

Director Investment & Board Changes

Obtala Limited (AIM: OBT), the African focused agricultural and forestry company, is pleased to confirm the receipt of funds, being settlement in full from the following directors who invested in the Argento Preference Share subscription:

Miles Pelham    Chairman            $1,500,000           4,286 Argento shares

Paul Dolan          CEO                        $250,000              715 Argento shares 

Warren Deats    COO                       $250,000              715 Argento shares 

Frank Scolaro     NED                       $150,000              429 Argento shares 

This investment concludes the announcement of 1st December 2016 in which it was confirmed that certain directors had invested in the Argento Preference Share Subscription and the subsequent notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them on 2nd December 2016.

The Company also announces that with immediate effect Frank Scolaro will be retiring from the Board as Non-Executive Director, and Philippe Cohen will be retiring as Finance Director.

Following Mr. Cohen's departure the Board will seek a replacement Chief Finance Officer immediately and suitable candidates will be vetted and appointments made in due course.  In the meantime the CFO duties will be assumed by Paul Dolan and our recently hired Group Accountant Carnel Geddes whom has sufficient capabilities for such task.  With four out of five remaining directors each having decades of working financial experience the Board can adequately and competently cover financial matters in the interim.

Miles Pelham, Chairman of Obtala, comments "I would like to thank my fellow directors for their investment which illustrates clear commitment to taking the company to the next level, and belief in our route to significantly increase revenue and profit levels.

The Board would like to thank Frank and Philippe for their contribution to Obtala over the years and we wish them all the best with their future endeavours.

I would also like to add my personal thanks to Frank for his unwavering support throughout the initial transition of Chairmanship, and thereafter.

Having completed just over a year of my tenure as your Chairman I am pleased with the progress made and as we now embark on a new era I have great hope for the remainder of 2017 and onwards.

Frank Scolaro, Founder of Obtala, comments "I have been honoured to work with all the people at all levels in the company, past and present over the years. The company now presents itself with an abundance of assets, professional skills and knowledge, through which I have no doubt Miles and his team will build upon and succeed.

I will continue to support Miles, the Board and management as a shareholder, and have extreme confidence in their ability to build on the platform that has been created.  I wish Miles and all at Obtala every success as the company's momentum grows and look forward to a great future for all our shareholders."

Obtala Limited Miles Pelham - Chairman Paul Dolan - CEO www.obtala.com	[phone]
ZAI Corporate Finance Limited (Nomad)                 John Treacy / Ray Zimmerman	[phone]
Brandon Hill Capital (Joint Broker)      Jonathan Evans Beaufort Securities Limited (Joint Broker) Gavin Burnell / Jon Belliss	[phone] [phone]

This announcement contains information which was previously inside information for the purposes of Article 7 of the Market Abuse Regulation EU Regulation 596/2014. 

 

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