12th Dec 2005 07:00
Nanotech Energy Plc ("Nano" or the "Company") Temporary suspension The Board of the Company announces that Adam Rodney Collins and Robert WilliamLong (the "New Directors") have today been appointed directors of the Company.Adam Rodney Collins, Executive DirectorMr Collins has held a number of senior positions in corporate finance andprivate industry and has extensive experience in financial structuring, capitalraising and regulatory compliance. Mr Collins is currently a director of ImpactFunding UK Limited.Robert William Long, Executive DirectorMr Long is currently the Operations Director and Chairman of Veras Plc, andVeras Funding Solutions Limited. Veras is an OFT licensed credit and FSAauthorised insurance broker specialising in the provision of litigation fundingand insurance solutions to the legal profession.Stephen Dean, Vincent Nicholls and Jim McColl (the existing board of directors)have today resigned as directors of the Company.The New Directors have identified an opportunity for the Company in thefinancial services sector. The opportunity involves the acquisition of acompany that is involved in the funding of personal loans arising from legallitigation disbursement funding, matrimonial disputes, and deceased estates.The contemplated transaction and the proposed change of investing strategy willconstitute a "Reverse Transaction" under the AIM Rules therefore the New Boardhas requested that the shares of the Company are suspended from trading on AIMuntil such time a readmission document is posted to shareholders andshareholder approval given in relation to the proposed transaction.Under the terms of the Corporate Service Agreement between the Company andGriffin Corporate Finance Limited, Griffin Corporate Finance Limited has agreedto provide various corporate finance services to Nano, including directorsservices, general management services and the introduction of corporate financeopportunities. Griffin Corporate Finance Limited introduced the New Directorsto Nano. In consideration for this service Robert Long has agreed to payGriffin Corporate Limited a fee of ‚£150,000. There is no resulting cost to Nanoas a result of this payment.Griffin Corporate Finance Limited under the AIM Rules is an "associate" ofStephen Dean and Vincent Nicholls, both directors of the Company, and thereforethe payment made to Griffin Corporate Finance Limited under the AIM Rules isdeemed to be a "related party" transaction pursuant to the AIM Rules.Accordingly, the terms of the payment have been reviewed by Jim McColl, anindependent director of the Company, who after consultation with the Company'sNominated Adviser (City Financial Associates Limited) believes the terms of thepayment to be fair and reasonable insofar as the shareholders of the Companyare concerned.Save as disclosed below, there are no further details required to be disclosedpursuant to schedule 2(g) of the AIM rules.Adam Rodney Collins, Age 32Other Directorships Currently Held Former Directorships Held Within Last 5 Years Impact Funding UK Limited Busy Time Pty Ltd Impact Funding Limited Cabco (Queensland) Pty Ltd Australian Lawyer Magazines Pty Capital Equity Group Pty Ltd Ltimited Falcon Waterfree Technologies Pty Ltd Falcon Waterfree Technologies Australia Pty Ltd Falcon Waterfree Systems Pty Ltd Mainsail Pacific Holdings Pty Ltd Q.A. Automotive Pty Ltd Top Tier Investments Pty Ltd Waterless South Pacific Pty Ltd Robert William Long, Age 47Other Directorships Currently Former Directorships Held Within Last 5 Held Years Veras Plc R.W. Salt Communications Limited Veras Funding Solutions R W Salt Limited Limited Advanced Fluid Connections Plc (formerly Oysterec Plc) Cyprotex Discovery Limited Cyprotex Plc Fedsig One Limited Life Safety Communications Limited Akusta IFE Limited Fedsig Two Limited Fedsig Three Limited Federal Signal Limited GL Communications International Limited Prestek Limited Galileo Innovations Plc Sense-Sonic Limited ENDNANOTECH ENERGY PLCRelated Shares:
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