West China Cement
Directors Appointment and Resignation
30 JULY 2010
As previously indicated, West China Cement ("WCC" or "the Company") is pleased to announce the appointment of Mr. Ma Zhaoyang (aged 42) as Non-executive Director and Mr. Lee Kong Wai Conway (aged 55), Mr. Wong Kun Kau (aged 49), and Mr.Tam King Ching (aged 61) as Independent non-executive Director respectively with effect from 29th July, 2010. The Company also announces the resignation of Mr. Robert Sinclair Robertson as non-executive chairman, and Mr. Brett Lance Miller as non-executive director. Mr.Zhang Jimin, the Chief Executive, has been appointed Chairman.
Mr. Ma Zhaoyang has been a professor of management at Northwestern Polytechnic University in Shaanxi, China since 1996. In view of his academic knowledge and extensive experience in strategic planning, Mr. Ma Zhaoyang wasappointed a non-executive Director of our Company and assumes an advisory role with us in respect of the overall strategic planning and operation of our business. Mr. Ma has been the chairman and director of Sino Vanadium Inc., a vanadium mining company listed on the TSX Venture Exchange in Canada since June 2009. He has also been a non-executive director of Taihua PLC, a pharmaceutical company listed on the LSE, where he assumes advisory role with since December 2006. He is currently and has been an independent non-executive director of Xi'an Kaiyuan Holding Group Co., Ltd. a company listed on the Shenzhen Stock Exchange which is principally engaged in department store retail businesses and where he assumes advisory role with since May 2006. Mr. Ma Zhaoyang owns 4,273,599 ordinary shares in the Company.
Mr. Lee Kong Wai Conway served as a partner of Ernst & Young over the past 29 years and held key leadership positions in the development of such firm in China. Mr. Lee currently also serves as an independent non-executive director of China Taiping Insurance Holdings Company Limited and Chaowei Power Holdings Limited, companies listed on the main board of the Stock Exchange since October 2009 and July 2010, respectively, and Sino Vanadium Inc., a company listed on the TSX Venture Exchange in Canada since October 2009.
Mr. Wong Kun Kau has 28 years of experience in fund management, securities broking and corporate financing involving securities origination, underwriting and placing of equities and equity-linked products, mergers and acquisitions, corporate restructuring and reorganizations and other general corporate advisory activities. Mr. Wong has extensive experience in the Greater China region markets. He is the founder and currently the managing partner of Bull Capital Partners Ltd, a direct investment fund management company. Before founding Bull Capital Partners Ltd., Mr. Wong was the head of investment banking (Asia) of BNP Paribas Capital (Asia Pacific) Limited from 2002 to 2007.
Mr. Tam King ChingKenny is a practising Certified Public Accountant in Hong Kong. He is a fellow member of the Hong Kong Institute of Certified Public Accountants and a member of the Institute of Chartered Accountants of Ontario, Canada. Mr. Tam is serving as a member of the Ethics Committee and Practice Review Committee in the Hong Kong Institute of Certified Public Accountants. He is also a past president of The Society of Chinese Accountants and Auditors, he also serves as an independent non-executive director of five other listed companies on the main board of the Stock Exchange, namely, Kingmaker Footwear Holdings Limited, CCT Telecom Holdings Limited, Shougang Concord Grand (Group) Limited, Starlite Holdings Limited and Van Shung Chong Holdings Limited since May 1994, December 1999, February 1996, July 2004 and September 2004, respectively, and a listed company on the GEM board of the Stock Exchange, namely, North Asia Strategic Holdings Limited, since September 2004. He was also an independent non-executive director of King Stone Energy Group Limited (formerly known as Yun Sky Chemical (International) Holdings Limited), a listed company on the main board of the Stock Exchange, during the period from August 2005 to September 2008.
There is no further information on Mr. Ma Zhaoyang, Mr. Lee Kong, WaiConway, Mr. Wong Kun Kau and Mr. Tam King Ching Kenny required to be disclosed under Schedule Two, paragraph (g) (i)-(viii) of the AIM Rules for Companies.
Retiring Chairman Mr. Robert Sinclair Robertson said 'It has been a pleasure and a privilege to serve WCC's shareholders during the almost four years the company has been quoted in London. It has been an outstanding success, increasing in value sixfold in this time. Brett and I are confident that WCC will go from strength to strength. Its growth has been truly remarkable and we believe the Hong Kong listing will help the company to continue to take advantage of the significant growth opportunities it faces. We will continue to watch the company's progress keenly as shareholders, and believe that the Hong Kong market should more fully appreciate the company's value. '
Mr.Zhang Jimin commented 'Mr. Robertson and Mr. Miller have made a valuable contribution to WCC for which I thank them heartily. I would also like to welcome Mr. Ma Zhaoyang, Mr. Lee Kong WaiConway, Mr. Wong Kun Kau and Mr. Tam King Ching Kenny to the board. I am sure they will make real contributions to our continued growth.'
At the Extraordinary General Meeting ("EGM") held on 20 July 2010, shareholders approved resolutions, amongst others, to renew the authority granted by the shareholders for the de-listing of the Company from AIM ("De-Listing"). The EGM resolution to approve the De-Listing allow the De-Listing to occur within a three month period from 20th July 2010 until 20th October 2010.
The timing of the De-Listing is contingent upon the timing of the Hong Kong listing, which is subject to fulfilment of certain conditions, and the Hong Kong Listing will occur on the first trading day on the HKEx following the last day of trading of the Company's shares on AIM. The Hong Kong Listing is subject, inter alia, to the HKEx confirming no further comments on the prospectus of the Company and granting formal listing approval.
The Company will make an appropriate announcement and the final dates will be announced not less than ten clear business days in advance of the relevant date.
For further enquiries, please contact:
West China Cement Limited
Po Ling Low, Tel: +86 139 1088 6649
Anthony Schindler, Tel: +44 7710 1789 28
NCB Stockbrokers Limited
Christopher Caldwell, Shane Sorohan Tel: +44 20 7071 5200
Citigate Dewe Rogerson Asia
Mill Seen, Tel: +852 2533 4612