TIDMCRO
RNS Number : 7207M
Creon Resources PLC
20 September 2012
For Immediate Release
20 September 2012
Creon Resources Plc
("Creon" or "the Company")
Appointment of Non-executive Chairman
The Company is pleased to announce the appointment of Mr Ghanim
Bin Saad Al Saad Al Kuwari ("Mr Ghanim Al Saad") to the board of
the Company as Non-Executive Chairman.
Mr Ghanim Al Saad, aged 48, is the founder of Ghanim Bin Saad Al
Saad & Sons Group Holdings (GSSG) which is one of Qatar's most
successful private sector business groups with investments in more
than 40 companies around the world operating in the fields of
aviation, maritime, automobiles, oil & gas, real estate,
manufacturing, finance & asset management, engineering,
education, fitness, hotels and hospitality, information technology
and telecommunications.
Until earlier this year, Mr Ghanim Al Saad was Managing Director
of Qatari Diar Real Estate Investment Company, which was
established in 2005 by the Qatar Investment Authority, the
sovereign wealth fund of the State of Qatar.
Mr Ghanim Al Saad is a director and the principal shareholder of
Qatar Investment Corporation ("QIC") which, as announced on 11 July
2012, owns 1,994,827,672 ordinary shares of 0.1p each in the
Company, representing 72.84% of the issued Ordinary Share capital
of the Company.
Glen Lau, CEO of Creon, commented: "We are delighted that a
businessman of international repute such as Mr Ghanim Al Saad has
agreed to join our board as Chairman. We look forward to working
closely with him on our investment projects and to his contribution
to the continued growth and development of the Company".
Confirmation of Mr Ghanim Al Saad's appointment is subject to
routine due diligence to be carried out by the Company's Nominated
Adviser, Daniel Stewart & Company. Confirmation of Mr Ghanim Al
Saad's appointment will be announced at the earliest
opportunity.
- Ends -
For further information please contact:
Creon Resources plc
Glen Lau - CEO Tel: + 44 (0) 20 7583 8304
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 Holdings 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). To date, Creon has invested
US$15.33 million, with YZJ Holdings and its associates having
invested 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.
Lease rates for "floater" structures which drill in deep water;
e.g. semi-submersibles and drill ship vessels, have been increasing
in recent times as there is increasing demand for such vessels as
huge reserves are being discovered and developed in deeper
water.
YZJ Offshore is currently pursuing opportunities to build such
vessels for prospective clients and is optimistic of securing
orders in the near future.
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
BOAGRGDCIXDBGDG
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
