Creon Resources PLC Proposed appointment of director (5650L)
05 Settembre 2012 - 2:41PM
UK Regulatory
TIDMCRO
RNS Number : 5650L
Creon Resources PLC
05 September 2012
For immediate release
Creon Resources Plc
("Creon" or "the Company")
Proposed Board Appointment
The Company is pleased to announce that it proposes to appoint
Glen Lian Seng Lau ("Glen Lau") to the board of the Company as an
executive director, subject to routine due diligence to be carried
out by the Company's nominated adviser, Daniel Stewart &
Company. Confirmation of Mr Lau's appointment will be announced at
the earliest opportunity.
Mr Lau, aged 47, graduated from the National University of
Singapore in 1989 with a BSC in Mathematics and Economics and
achieved a MSC in Financial Engineering from the same university in
2001. Glen has over 23 years' experience working in the financial
sector, with a particular expertise in investment banking and fund
management.
Mr Lau is a director of Fulton Capital Management Limited
("Fulton Capital"), and was instrumental in helping to secure the
Company's joint investment agreement with Yangzijiang Shipbuilding
(Holdings) Pte Ltd, as announced to the market on 17 July 2012.
Fulton Capital holds 25,000,000 warrants to subscribe for ordinary
shares of 0.1 pence ("Ordinary Shares") in the Company at 0.5p per
Ordinary Share, exercisable at any time up to 31 August 2017. Mr
Lau is a also a director of Global Tech Investments 1 Limited which
owns 172,500,000 Ordinary Shares in the Company, representing 6.29%
of the issued Ordinary Share capital of the Company.
Chief Executive Officer of Creon, Jeswant Natarajan said, "We
are delighted that Glen has agreed to join the board of the
Company. He has extensive investment banking, fund management and
deal sourcing and execution expertise and we look forward to
working with Glen in assisting the Company with its continued
growth and the further development and implementation of its long
term strategies."
- Ends -
For further information please contact:
Creon Resources plc
Jeswant Natarajan - Chief Executive Tel: +44 (0) 20 7583 8304
Officer +60 12 212 1332
Daniel Stewart & Company plc
Nominated Adviser & Broker
Paul Shackleton/Tessa Smith Tel: + 44 (0) 20 7776 6550
GTH Communications Limited
Toby Hall/Suzanne Johnson-Walsh Tel: + 44 (0) 20 3103 3900
About Creon Resources plc
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.
On 17 July 2012, the Company entered into a joint venture with
multi-billion dollar, Singapore listed, China based shipbuilding
giant, Yangzijiang Shipbuilding (Holdings) Pte Ltd ("YZJ
Holdings"), in the offshore oil and gas infrastructure sector ("JV
Agreement"). This joint venture with YZJ is Creon's first
significant investment under its Investment Policy and represents a
major endorsement of Creon's management and access to expertise and
partners in the oil and gas infrastructure sector.
Under the terms of the JV Agreement, Creon and YZJ Holdings will
each invest into the joint venture company, YZJ Offshore
Engineering Pte Ltd ("YZJ Offshore"), a Singapore registered
company recently set up by YZJ Holdings to be a leading player in
the design and construction of marine offshore oil and gas vessels
(jack-up and semi-submersible rigs). Creon will invest US$15.33
million, with YZJ Holdings and its associates investing a further
US$14.67 million, into YZJ Offshore.
YZJ Offshore will provide marketing, procurement, front end
engineering and design, and management consultancy services for the
construction, fabrication and repair of oil and gas marine vessels
and platforms.
The Directors believe that the offshore marine rig vessel market
is an attractive one, underpinned by sustained high global demand
and a high oil price environment. Global rig utilisation rates and
day rates have been rising since early 2011, particularly for
jack-up rigs. Furthermore, the Directors believe demand for newly
designed rigs will be underpinned by the phasing out of the
existing stock of rigs. The Directors understand that by the end of
2012, the average age of jack-up rigs will be 24 years, with almost
half of the fleet older than 30 years. Based on the current stock
and new rig builds in the pipeline, there could be an under supply
by almost 200 jack-up rigs by 2020.The Directors believe that this
potential demand represents an excellent opportunity for the joint
venture.
The majority of the funds invested into YZJ Offshore to date
have gone towards securing land rights to approximately 1.6 million
square metres of prime shorefront land in Taicang, Jiangsu Province
on China's east coast, some 50 miles north of Shanghai. The total
cost of the land will be approximately US$65 million. Creon has the
option, but not the obligation, to provide additional funding to
YZJ Offshore.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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