Kingsbridge Holdings PLC
15 August 2003
KINGSBRIDGE HOLDINGS PLC
15 August 2003
KINGSBRIGE HOLDINGS PLC ('KINGSBRIDGE' OR 'THE COMPANY')
BOARD CHANGES AMD UPDATE ON STRATEGIC REVIEW
The Board is pleased to announce the appointment yesterday of Laurie Turnbull as
an additional non-executive director. Laurie Turnbull is the Chairman and Chief
Executive of Texas Holdings Limited which is a privately owned conglomerate
whose interests encompass engineering, property, sports, packaging, recycling,
hotels and providing venture funding. He has a successful track record for the
company with experience of flotations, reverse takeovers and a number of private
acquisitions and disposals.
Kingsbridge Holdings Plc also announces that yesterday Peter McGarvey resigned
as a director with immediate effect in order to pursue a management buy-out of
Benson McGarvey Limited.
The Board can report that the Company is in talks that may lead to the sale of
Kingsbridge Advisers Limited, our Scottish subsidiary.
Should the discussions relating to Benson McGarvey and Kingsbridge Advisors lead
to the sales of these two companies, Kingsbridge would become a quoted shell. In
the light of the collapse in the prices being paid for IFA companies, it is
expected that the proceeds of these sales would enable the Company to settle its
creditors, but would be unlikely to produce a surplus for shareholders on a
distribution of assets. However, as an alternative, the Company is in
discussions with an interested party which may lead to an acquisition by the
Company (which is likely to be classified as a reverse takeover), so that
shareholders may obtain some future benefit.
The Board will keep shareholders informed of developments and in any event
expect to report the accounts for the year ending 31 April 2003 in December 2003
The directorships held by Laurie Turnbull, aged 53, over the five years
preceding the date of appointment are as follows:
Texas Holdings Limited
Springfield Cartons Limited
Former directorships held during the last five years:
Texas International Limited
Texas Hotels & Leisure Limited
Chamberlain Components Limited
McDonald Engineering Limited
P H Property Services Limited
Dennis Casting Limited
Chamberlain Components Limited and Dennis Casting Limited entered into
administrative receivership at the time, or 12 months preceding the time, where
Laurie Turnbull was a director of such companies.
There are no further matters required to be disclosed under paragraph (f) of
Schedule 2 of the AIM Rules.
This information is provided by RNS
The company news service from the London Stock Exchange