26th Mar 2007 17:55
Buckland Group PLC26 March 2007 BUCKLAND GROUP PLC ("Buckland" or the "Company") Statement Re: Intended Acquisition, Fund Raising and New Board Appointment. Buckland announces that Patrick Rogers has been relieved of his duties asexecutive chairman following the loss of confidence in his management of thecompany by a majority of the directors. Philip Palmer is currently acting asExecutive Chairman of the Company. Buckland also announces it is proposing to acquire a company, based in Thailand,that manufactures and distributes spark ignition electrodes. The Companyenvisages that the consideration for the acquisition will be satisfied entirelyby the issue of new Buckland ordinary shares. In connection with and conditional upon the proposed acquisition, Buckland isalso intending to raise approximately £350,000 by way of a placing of newBuckland shares and to strengthen the Company's balance sheet through theconversion into new Buckland shares of certain debts owed by the Company. Thisconversion will be subject to a fairness opinion pursuant to paragraph 13 of theAIM rules for companies as Lee Sharples, a director of the company, is intendingto convert debts owed to him into equity. Upon completion of the proposals it is anticipated that Patrick Rogers willresign as a director and if he fails to do so an EGM will be called by certainshareholders to remove him as a director. Christopher K. Foster will beappointed to the board. The Board is confident of reaching agreement on the several proposals outlinedabove within the next month and will make further announcements in due course. For further enquiries: Philip PalmerDirector07908 864 8738 John DepasqualeSeymour Pierce0207107 8000 Kris McGuireInvestrad Ltd0207 953 4063 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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