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Directex Realisation (STGR)

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Wednesday 17 November, 2010

Directex Realisation

Directorate Changes & Update

RNS Number : 3738W
Directex Realisations Plc
17 November 2010

17 November 2010

Directex Realisations plc


("DXR" or the "Company")




The Board of Directex Realisations plc ("Directex" or the "Company") is pleased to announce the appointment of Mr Nicholas Hall M.A., FCA (aged 64) as Director with immediate effect and the proposed appointment of Mr Tom Winnifrith as Chief Investment Officer. The Company is also pleased to announce a proposed new investment strategy focusing on investing in the shares of principally silver and precious metal companies quoted on stock exchanges in the UK, Canada and Australia.


Directorate changes


Mr Hall is a Chartered Accountant trained with KPMG and currently Chief Executive Officer of Angel Mining plc.  Mr Hall has international experience managing mining companies and is former Managing Director of Rand London Corporation Limited (South Africa) and President of PBS Coals Inc. (USA). Mr Hall has also acted as an independent consultant specialising in cost reduction programmes for major retailers and specialist project management.


Mr Hall holds no shares in the Company.


The Company has also been notified that Nick Lander has resigned with immediate effect.


Proposed New Investment Strategy and Name Change


The Company also announces that, subject to shareholder approval, it is planning to change its name to Woodburne Square Ag Plc ("Woodburne Square") - to reflect a proposed change in investing strategy. The focus will be on precious metals - and silver in particular. Woodburne Square will invest in companies quoted on stock exchanges in the UK, Canada and Australia.


In order to drive the new strategy, the Company has agreed, subject to contract and the necessary approvals, to appoint Tom Winnifrith, manager of the SF t1ps Smaller Companies Gold Fund, as its Chief Investment Officer ("CIO").   


The principal terms of the proposed appointment are that Mr Winnifrith will receive no fee for his services but his employer, t1ps Investment Management (IoM) Limited ("TIM") will receive a fee equivalent to 15% of the increase in the net asset value ("NAV") of the Company payable in shares at the NAV each quarter.


The Company intends shortly to convene a general meeting to approve resolutions including the change of investing strategy and the change in the Company's name to Woodburne Square Ag Plc.


Additionally, the Company is pleased to announce the appointment of Rivington Street Corporate Finance Ltd as broker with immediate effect.


Martin Kiersnowski, Directex Chairman commented "The proposed name change and new investment strategy mark an exciting time for the Company. The opportunity afforded by silver's prospects looks set to rejuvenate the Company, providing the perfect springboard for us to drive shareholder value.


"Additionally, I wish to thank Nick Lander for his contribution to the Company and wish him well for the future."


Tom Winnifrith commented: ""I believe that the competitive devaluation of paper currencies will drive gold to in excess of $2,000 oz - 35% upside - within a year. But silver is under valued relative to gold in terms of long term ratios and its supply demand imbalance  is even greater so I believe the upside for silver is far more dramatic. Shares in silver producers are a highly operationally geared play on this. But there are few quality silver plays listed in the UK. We will invest our cash mainly in Canada and Australia so giving UK investors a direct stake in high quality companies which are via operational gearing will benefit immensely as silver races ahead."


For further details, please contact:


Directex Realisations plc

Martin Kiersnowski, Chairman

Tel: + 44 (0) 7769 684290


Libertas Capital Corporate Finance Limited

Sandy Jamieson

Tel: + 44 (0) 7569 9650


Rivington Street Corporate Finance

Peter Greensmith

Tel: 020 7562 3373


Bishopsgate Communications

Nick Rome

Tel: +44 207 562 3350



Mr Hall holds or has held the following directorships or partnerships within the past five years:


Current                                                               Previous

Angel Mining plc                                                 The Wharf Group Limited    

                                                                            Nicholas J Hall Limited



Mr Hall was a Director of Brookford Distributors Limited, a distribution company, six months prior to the company going into administration in December 1998. The Company confirms there is no other information that falls to be disclosed under Schedule 2 paragraph (g) of the AIM Rules


This information is provided by RNS
The company news service from the London Stock Exchange