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Creon Resources PLC (AMED)

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Wednesday 04 April, 2012

Creon Resources PLC

Appointment of Chief Executive Officer

RNS Number : 8496A
Creon Resources PLC
04 April 2012
 



For immediate release:  4 April 2012

 

Creon Resources Plc

 

("Creon" or "the Company")

 

Appointment of Chief Executive Officer

and Significant Shareholdings

 

Appointment of Chief Executive Officer

Creon Resources Plc is pleased to announce that Mr Jeswant Natarajan has been appointed Chief Executive Officer and a director of the Company with effect from 4 April 2012.  Mr Natarajan joins the board with a remit to lead the Company in executing its new Investing Policy as set out in the circular to shareholders dated 30 November 2011.

Jeswant  graduated  from  the  University  of  Malaya  in  1974  with  a  BA  in  Economics  (Business Administration). Since then, he has enjoyed a varied career in business with over 30 years' experience in  a  variety  of  sectors  and  roles  in  industry  both  as  director  and  in  a corporate  advisory  capacity. Having  started  his  career  as  a merchant banker,  Jeswant  moved  into  industry  in  corporate  advisory, management  and  board  roles  during  which  time  he  oversaw  the  execution of various  acquisition, divestment  and  restructuring  strategies.  Between 1983 and 2004, amongst others, he served on the board of Kuala Lumpur Stock Exchange-listed YTL Corp Bhd and Sunrise Bhd.  Most recently, from 2003  to  2011, Jeswant  served  as  an  advisor  to Kuala  Lumpur-based  UOA  Bhd,  and  oversaw  the listing of its Malaysian-based real estate investment trust (REIT) on the Kuala Lumpur Stock Exchange. He served on the board of the REIT until late 2010. 

Jeswant Natarajan, aged 61, currently holds, and has held (including all appointments during the five years preceding the date of this announcement), the following directorships and partnerships, other than of the Company:

Current Directorships/Partnerships

Past Directorships/Partnerships (in the last 5 years)



Cross Island Tunnel Co. Sdn. Bhd.

 

UOA Real Estate Investment Trust

UOA Holdings Co. Sdn. Bhd.

Mr Natarajan holds 10,000,000 ordinary shares of 0.1p ("ordinary shares") in Creon, representing 3.10% of the issued share capital of the Company.  In addition, the Company has granted Mr Natarajan warrants to subscribe for 16,000,000 ordinary shares at a price of 0.75p per share exercisable at any time and valid for a period of 10 years from the date of grant.

Save for the above, there is no further information to be disclosed under Schedule 2 (g) of the AIM rules.

Non-executive director, Guus Berting said, "We are delighted that Jeswant is joining the Company. He brings to Creon his extensive corporate finance, deal sourcing and execution expertise and we look forward to working with Jeswant in implementing the Company's growth and investment policies and strategies."

Significant Shareholdings

Based on the shareholder register (as at 23 March 2012) the following parties have holdings of 3% or more of the voting share capital of the Company:

Shareholder

Number of ordinary shares

Percentage

Dune Engineering PTE Limited

77,500,000

24.05

Global Tech Investments 1

77,500,000

24.05

TD Wealth Institutional Nominees (UK) Limited

70,000,000

21.73

HSBC Global Custody Nominee (UK) Limited

9,795,000

3.04

 

For further information please contact:

 

Creon Resources plc


Guus Berting

Tel: + 44 (0) 7833 461 142



Daniel Stewart & Company plc


Nominated Adviser & Broker


Noelle Greenaway/James Felix

Tel: + 44 (0) 20 7776 6550



GTH Communications Limited


Toby Hall/Suzanne Johnson-Walsh

Tel: + 44 (0) 20 3103 3900

 

Note to Editors:

 

The Company's Investment Policy is to invest principally but not exclusively in the resources and/or resources infrastructure sectors, with no specific national or regional focus. The Company may be either an active investor and acquire control of a single company or it may acquire non-controlling shareholdings.

 

Investments made by the Company may be either quoted or unquoted; made by direct acquisition or through farm-ins; may be in companies, partnerships, joint ventures; or direct interests in resources projects. Target investments will generally be involved in projects in the exploration and/or development stage. The Company's equity interest in investments may range from a minority position to 100 per cent. ownership.

 

The Company will initially focus on projects located in the Middle East and Asia but will also consider investments in other geographical regions.

 

The Company will identify and assess potential investment targets and where it believes further investigation is required, intends to appoint appropriately qualified advisers to assist.

 

The Company will carry out a comprehensive and thorough project review process in which all material aspects of any potential investment will be subject to rigorous due diligence, as appropriate. It is likely that the Company's financial resources will be invested in a small number of projects or potentially in just one investment which may be deemed to be a reverse takeover under the AIM Rules.

 

Where this is the case, it is intended to mitigate risk by undertaking an appropriate due diligence process. Any transaction constituting a reverse takeover under the AIM Rules will require Shareholder approval. The possibility of building a broader portfolio of investment assets has not, however, been excluded.

 

The Company intends to deliver shareholder returns principally through capital growth rather than capital distribution via dividends. Given the nature of the Company's Investing Policy, the Company does not intend to make regular periodic disclosures or calculations of net asset value.

 


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