TIDMCRO
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. UOA Real Estate Investment
Bhd. 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
END
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