Web Shareshop (Holdings) PLC
14 January 2002
FOR IMMEDIATE RELEASE
WEB SHARESHOP HOLDINGS PLC
Web Shareshop Holdings Plc announces that its accounts for the 18 month period
to 31 July 2001 have been published and are available for collection from
Grant Thornton, Grant Thornton House, Melton Street, Euston Square, London,
It is further pleased to announce that Ronald Bruce Rowan has subscribed for
and been allotted 6,450,000 Ordinary shares in Web Shareshop (Holdings) Plc at
a price of £0.025 per share, representing 24.59% of the enlarged equity. The
Company has received full consideration in cash.
Mr Rowan's expertise is in underwriting fundraising for listed and unlisted
companies, which he has deployed successfully for a number of companies over
the last three years.
The Company was floated on AIM last year with the objective of enabling
private investors to participate in new issues, particularly Placings, on
equal terms with institutions. As announced on 24 October 2001, owing to
market conditions it is not possible to proceed with the original business
plan and the Company intends to concentrate on underwriting for small IPO and
Following this change in direction, the following resigned as directors of the
Company and of all subsidiaries on Friday 11 January 2002: Messrs Eirion
Andrew Charles Neubauer, Ulick Simon Burke and Robert Stephen Wilkinson.
William Jackson, who has been Chairman of the Company since 14 December 2000,
has announced his intention to resign as a director on 31 January 2002 when
Bruce Rowan will take over as Chairman and Chief Executive. John Watkins will
continue in his role as Finance Director and Company Secretary.
With immediate effect, the trading address of The Web Shareshop Limited is
changed to: 34 Weymouth Street, London W1G 6NH, telephone: 020 7486 3997, fax:
020 7486 3998.
Also, with immediate effect, the Company's business address and the registered
office of all group companies is changed to: 123 Goldsworth Road, Woking,
Surrey, GU21 1LR, telephone: 01483 771992, fax: 01483 772087.
The Chairman, William Jackson, comments: 'During 2001, market conditions made
it impossible to realise the Company's original concept. For several months,
the board has been seeking a viable way forward for the Company that would
enable it to retain its focus on new issues and pre-IPO stocks. I believe
that Bruce Rowan's underwriting skills will enable the Company to concentrate
on a proven business model that will achieve attractive results, regardless of
current market volatility. In the light of this change, the board has taken
steps to reduce overheads to the minimum necessary for the new business
14 January 2001