28th May 2015 07:00
LEED RESOURCES PLC
("Leed" or "the Company")
Directorate Changes and Corporate Update
Leed Resources plc, (AIM: LDP), the natural resource investment company, announces that Jinesh Patel, Chairman of the Company, has decided to step down from the Board in order to pursue his other business interests. His resignation will be effective immediately and Ian Gibbs, Non-Executive Director, will take over as Chairman.
The Company also announces the appointment of Mr John Charles Grundy, (“Charles”), as a Non-Executive Director of the Company, effective immediately. Mr Grundy has a wealth of experience as a corporate finance consultant to various companies in South East Asia and Australia. He qualified as a chartered accountant with Pricewaterhouse Coopers, (“PwC”) before embarking upon an advisory career within the financial services industry with PwC Consulting and more recently with Presidio Capital, a private investment group in Singapore where he was head of corporate finance and advisory services. His client base there has been within the industrial, manufacturing, energy and consumer sectors.
The Board of Leed would like to thank Jinesh Patel for his contribution to the Company since his appointment at the time of the restructuring of the Company in May 2013. He has overseen a major re-orientation and re-structuring of the Company and driven our investment into what we believe will be an exciting period of growth for the Company.
Corporate Update
Due largely to some modification requests from High Mannor Pty. Limited (“High Mannor”), the manufacturing of the moulds for the wall panels was delayed. We are pleased to announce that the first batch of five moulds have now been shipped from China and are expected to arrive on site in early June 2015. They will be followed by a second batch of five moulds that should arrive by early July. Company representatives are visiting High Mannor early in June and a further update can be expected shortly thereafter.
At Manas Coal LLC, (“Manas”), we understand that the main shareholder and a dissident shareholder are now in talks to resolve their disputes and attempt to find a way forward to create value for Manas. Whilst it is too early to predict the outcome of these talks the Directors welcome the commencement of a constructive dialogue.
Ian Gibbs, Chairman of Leed, said, “I am pleased to welcome Charles Grundy to the board as a non-executive director. He brings a wealth of experience as an adviser in building companies. He is also an investor in Battalion International Limited, which is the main shareholder in High Mannor, so he knows the business well. At the same time I would like to pay tribute to Jinesh for his stewardship of the Board in the last two years and we wish him well in his new career We consider the shipment of the first batch of moulds to be a significant development for High Mannor as the expected transformational impact of the new generation wall panels was a major factor in our decision to invest in the business. We look forward to updating shareholders shortly after our upcoming visit to the operations.”
Mr Charles Grundy, (age 45) currently holds or has held the following directorships and partnerships in the last five years:
| Current Directorships | Past Directorships | ||
| Battalion International Ltd Pan-Asia Presidio Holdings Pte Ltd Warrior International Holdings Pte Ltd | WRP Asia Pacific Sdn Bhd |
There is no other information that is required to be disclosed pursuant to Schedule 2 paragraph (g) of the AIM Rules for Companies.
| For further information, please contact: Leed Resources plc | |||
| Ian Gibbs | Tel: +65 6372 3575 | ||
| Charles Zorab | Tel: +44 203 405 4214 | ||
| Nomad and Broker | |||
| SP Angel Corporate Finance LLP | |||
| Ewan Leggat/Katy Birkin | Tel: +44 20 3470 0470 | ||
View source version on businesswire.com: http://www.businesswire.com/news/home/20150527006379/en/
Copyright Business Wire 2015
Related Shares:
Leed Resources