Creon Resources PLC Directorate Changes (6604M)
19 Settembre 2012 - 3:12PM
UK Regulatory
TIDMCRO
RNS Number : 6604M
Creon Resources PLC
19 September 2012
For Immediate Release
19 September 2012
Creon Resources Plc
("Creon" or "the Company")
Directorate Changes
The Company is pleased to announce that Mr Glen Lau, whose
proposed appointment to the board of the Company was announced on 5
September 2012, has now been formally appointed as a director of
the Company and the Company's new Chief Executive Officer ("CEO")
with immediate effect, replacing Jeswant Natarajan, who has
resigned from the board, also with immediate effect.
Guus Berting, Director of Creon, commented: "We would like to
thank Jeswant for his valuable contribution to the Company and wish
him well in his future endeavours.
We are delighted that Glen has agreed to join the board of the
Company as CEO and we look forward to working with Glen and to his
contribution to the Company's continued growth and the further
development and implementation of its long term strategies".
Glen Lau, aged 47, 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)
Fulton Capital PTE Limited PPL Holdings PTE Limited
Fulton Capital Management Limited Sec Engineering PTE Limited
Bridgestone Investments PTE Limited Broadgate Financial Holdings
Phoenica PTE Limited Co Private Ltd
Suria Group PTE Limited YZJ Offshore Engineering Pte
Fratello's PTE Limited Ltd
MGR Resources PTE Limited
Raffles Resources 1 Limited
Helips Trading PTE Limited
Capital United (Singapore) PTE
Limited
Pearl Financial PTE Limited
Fortus PTE Limited
Fortus Limited
Global Tech Investments 1 Limited
Helips Limited Acorn Asian Capital
Management
Acorn Asian Capital Management
Limited.
Helips Ltd
Save for the above and information detailed in the announcement
of 5 September 2012, there is no further information to be
disclosed under Rule 17, Schedule 2 (g) of the AIM rules.
For further information please contact:
Creon Resources plc
Guus Berting Tel: + 44 (0) 7833 461 142
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
BOAGGUGGBUPPGWB
Grafico Azioni Amedeo Res (LSE:AMED)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Amedeo Res (LSE:AMED)
Storico
Da Lug 2023 a Lug 2024