RNS Number : 7952S
Orchid Developments Group Ltd
16 September 2010
Orchid Developments Group Ltd
("Orchid Developments" or the "Company")
The Board of Orchid Developments (AIM: OCH) is pleased to announce the appointment to the Board of Joseph Georg Drescher and Amir Rosentuler as non-executive directors and Mark Holdsworth as non-executive director and Deputy Chairman with effect from 22 September 2010.
Mr Drescher is an experienced non-executive director with significant experience in the banking and finance sectors. He has over 40 years of professional experience of banking in Switzerland, and spent 25 years in management positions with the Dow Financial Services Group, the Royal Trust Bank (Switzerland), DG Bank (Switzerland) and BSI Banca della Svizzera Italiana. He currently serves on the Board of Orex Minerals Inc., a mineral exploration company listed on the TSX Venture Exchange.
Mr Holdsworth has over 20 years' experience in property, including residential and commercial developments. He also has more than 15 years experience in Eastern European and other emerging markets. During his eight years at ING Barings in London he travelled to the region including extensively to Romania, building up an extensive network of contacts in the banking, business and governmental sectors. From January 2001, Mr Holdsworth was the managing director in charge of all equity, broking and trading operations in Eastern Europe, South Africa and Latin America at the bank. In 2005, Mr Holdsworth established the Fabian Romania Property Fund as a vehicle for investing in the Romanian property market. Fabian Romania was listed on AIM in 2006 and Mr Holdsworth remained a Director until its sale in 2009 to Black Sea Global Properties. Mr Holdsworth was a non-executive director of Netia S.A., Poland's largest alternative telecoms operator between 2004 and 2006. Mr Holdsworth has a MA Hons. Degree in history from the University of Edinburgh and a postgraduate Masters Degree in political science from the University of Pennsylvania, where he was a Thouron Scholar. Mr Holdsworth has also graduated from the Owner President Manager programme, Harvard Business School's top executive education programme.
Mr Rosentuler has over 20 years' management experience. He is currently a vice president of ECI Telecom, a leading supplier of networking infrastructure for carrier and service provider networks worldwide. Prior to this, he was a president of Press-Sense, a market leader in business flow automation systems and earlier to this, he acted as vice-president of international operations at Magic Software Enterprises (NASDAQ: MGIC), a developer of enterprise application technology. He also established the European organisation of OpTier, a provider of transaction workload management software, and managed the sales operation in 20 countries for Novell (NASDAQ: NOVL), for which he was the sole European recipient of the Novell President's Award.
The Board also announces the resignation of Tim Childs, non-executive director, who will be leaving the Company's Board with immediate effect. The Board would like to thank Mr Childs for his contribution to the Company and wishes him success in his future endeavours.
Commenting on the appointments, Orchid's Chairman, David Holland, said:
"I am delighted to welcome three such experienced directors to the Board of Orchid Developments. I am sure that their experience will prove invaluable over the coming years and I look forward to working with them."
The information in relation to Joseph Drescher which is required to be disclosed pursuant to Schedule Two paragraph (g) (i) - (viii) of the AIM Rules is as follows:
(i) Joseph Georg Drescher aged 70
(ii) Current Directorships: Orex Minerals, Inc.; CMI Credit Management & Investment AG; ZWF IT Consulting AG.
Past directorships in the previous 5 years: WFE Technology Holding AG.
The information in relation to Mark Holdsworth which is required to be disclosed pursuant to Schedule Two paragraph (g) (i) - (viii) of the AIM Rules is as follows:
(i) Mark Holdsworth aged 39.
(ii) Current Directorships: Fabian Capital Ltd; Fabian Romania Ltd (dormant); Fabian Securities Ltd (dormant); Holdsworth Property Holdings Ltd (dormant)
Past directorships in the previous 5 years: XXI Century Investment PLC (2005-2007); Fabian Romania Ltd (2005-2009); AIG BVB Lakeview S.A. (2006-2009)
The information in relation to Amir Rosentuler which is required to be disclosed pursuant to Schedule Two paragraph (g) (i) - (viii) of the AIM Rules is as follows:
(i) Amir Rosentuler aged 44
(ii) Current Directorships: none
Past directorships in the previous 5 years: none
Save as disclosed above, there is no information in relation to the appointment of Joseph Georg Drescher, Mark Holdsworth or Amir Rosentuler which is required to be disclosed pursuant to Schedule Two paragraph (g) of the AIM Rules.
Orchid Developments +359 2 981 9955
Shore Capital and Corporate Limited 020 7408 4090
Dru Danford / Stephane Auton
Citigate Dewe Rogerson 020 7638 9571
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