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New Trend Lifestyle (NTLG)

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Wednesday 01 June, 2016

New Trend Lifestyle

Change of Advisers, Board Changes and Update

RNS Number : 9082Z
New Trend Lifestyle Group plc
01 June 2016
 

New Trend Lifestyle Group plc

("NTLG" or the "Company")

 

Change of Advisers, Board Changes and Strategy Update

 

New Trend Lifestyle Group plc, the Singapore-based Feng Shui products and services group makes the following announcement.

Appointment of Nominated Adviser and Broker

SPARK Advisory Partners Limited has been appointed as the Company's nominated adviser and SI Capital Limited as the Company's broker, in each case, with immediate effect.

Board Changes

Robert Goddard, Non-executive Chairman, has resigned from the Board with immediate effect. The Board would like to thank Robert for his service since his appointment at the time of the IPO in 2012.

In addition, Gregory Collier, Nancy Leung Bo Yee and Jacky Leung Chi Chu have been appointed to the Board as non-executive Chairman, non-executive director and executive director respectively.

Brief details on the new directors are as follows:

Gregory Collier ("Greg") (aged 55) Non-Executive Chairman

Greg has more than 30 years of financial and commercial experience, having been involved in running businesses in contract cleaning, leisure, restaurant, property, and toy distribution. He is presently on the board of several investment companies quoted on AIM and ISDX, including Eastbridge Investments Plc, Early Equity Plc and Etaireia Investments Plc.

Greg will bring to the board of NTLG substantial UK corporate finance experience. NTLG will benefit from Greg's extensive network in the London capital markets and his experience as a director of many quoted companies.

Leung Bo Yee ("Nancy") (aged 43) Non-Executive Director

Nancy is a practising solicitor in Hong Kong and has almost 20 years of experience in the legal field. She spent six years at Clyde & Co. before co-founding her own law firm, Leung & Lau Solicitors in 2004. Nancy graduated from the University of Cambridge with a LLM in Commercial Law with Second Class Honours (Division One) and was awarded a large number of scholarships during her studies.

Nancy will bring to the board of NTLG almost 20 years of legal experience in the Far East. NTLG will benefit from Nancy's legal experience, especially in the areas of M&A, commercial law, and corporate governance.

 Leung Chi Chin ("Jacky") (aged 56) Executive Director

Jacky is presently the CEO of his own asset management firm in Hong Kong, Creative Asset Management Limited. Creative has audited assets under management of more than USD250 million at the end of 2015. Jacky is licensed by the Hong Kong Securities and Futures Commission to conduct type 4 (advising on securities) and type 9 (asset management) activities in Hong Kong.

Jacky will bring to the board of NTLG over 25 years of experience in banking & investments and eight years of experience in the running of an asset management firm. NTLG will benefit from Jacky's board network in the investment field on future fund raises and in the exploration of new business opportunities.  

Further disclosure relating to the new directors (as required by the AIM Rules) is set out at the end of this announcement

Update on Strategy

Given the recent economic downturn in the Company's core market in Singapore, the Company has been exploring alternative strategies.  In addition to looking at ways to improve our core business, where we have already achieved significant cost savings, we intend to work towards a growth plan that will restore profitability to the Company by also seeking suitable acquisitions in the Asia region. With the appointment of the new directors, with their experience and contacts in the region, the new Board believes that the Company is well placed to implement this strategy.  The Board will keep shareholders appraised of any developments, as appropriate.

 

Disclosures pursuant to Schedule 2(g) of the AIM Rules

Gregory Collier

Current directorships

In the past five years he has been a director of:

 

Quick Marketing Limited

 

Welney PLC

Powabyke EV Limited

Alpha Returns Group PLC

Imperial Music & Media Plc

Shidu Investments Limited

MCM Facilities Management Limited

Rick Properties Limited

Etaireia Investments Plc

Metro Vans Limited

Early Equity PLC

Park Electric Limited

Eastbridge Investments PLC

Metro Cars Limited

 

 

Gregory Collier was a director and shareholder of The Bread Store Limited, a company incorporated in England and Wales with company number 06239188. He resigned as a director on 30 June 2008 and ceased to be a shareholder on the same day. At the time of his resignation, and the transfer of his shareholding, The Bread Store Limited was a dormant company and had not traded. Subsequent to Mr Collier ceasing to have any interest or control over the affairs of The Bread Store Limited a notice of the appointment of a liquidator was lodged in respect of this company at Companies House on 1 May 2009.

Mr Collier was also a director of The Strand Health & Fitness Centre Limited at the time it was placed into administration with an estimated shortfall to creditors of £122,500. The company was dissolved on 13 August 1996.

Leung Bo Yee ("Nancy")

Current directorships

 

Leung & Lau, Solicitors

Grand Monarch Investments Limited

Global Happy Limited

Harbour Faith International Limited

L&L Corporate Services Limited

Total Lucky Limited

 

In the past five years Nancy has not held any other directorships.

 

Leung Chi Chin ("Jacky")

 

Current directorships

 

Creative Asset Management Limited

Creative Financial Holdings Limited

Creative Equity Limited

Creative Capital Investment Limited

 

In the past five years Jacky has not held any other directorships.

 

There are no other disclosures required relating to the above directors' appointments in accordance with Schedule 2(g) of the AIM Rules.

ENDS

 

For further information, please contact:-

 

New Trend Lifestyle Group Plc     

Gregory Collier, Non-Executive Chairman

            

+44 (0) 7830 182501

SPARK Advisory Partners Limited (NOMAD)          

Mark Brady/Neil Baldwin       

              

+44 (0) 20 3368 3551

SI Capital Ltd

Nick Emerson/Andy Thacker

+44 (0)1483 413500

 


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