Board Changes, Deregulation & Change of Name (8793E)
14 Abril 2011 - 1:00AM
UK Regulatory
TIDMOPF
RNS Number : 8793E
Off-Plan Fund Limited (The)
14 April 2011
AIM: OPF 14 April 2011
THE OFF-PLAN FUND LIMITED
("Off-Plan" or the "Company")
Board Changes, Deregulation of Company as a Collective
Investment Fund and Change of Name
Board Changes
Further to the announcement on 31 March 2011 regarding the
approval of the proposed continuation of the Company and adoption
of a new investing policy focused on the waste/waste to energy
section, the Company is pleased to announce the appointment of
Brian Howard as Non-executive Director of Off-Plan with immediate
effect.
Mr. Howard has held senior positions in the waste management and
recycling industry for over 25 years. This included fifteen years
as the Managing Director of Thames Waste Management Limited, a
subsidiary of Thames Water Plc and then RWE A.G. the German
multi-utility company, and nine years with Cleanaway Limited. Prior
to this, having obtained a degree in Civil Engineering from
University College London and a masters degree in Structural
Engineering from Imperial College, he held appointments in both
civil engineering consultancy and contracting companies.
More recently he has worked with the private equity group,
Englefield Capital, researching and negotiating possible
acquisitions and investments in this sector. Two companies were
acquired successfully which had a combined annual turnover of over
GBP40 million. He is a member of both the Institution of Civil
Engineers and the Chartered Institute of Waste Management and has
an MBA from the City University.
In addition, the Company announces that Donald Reid,
Non-executive Director, has stepped down from the Board and that
Roger Maddock, Non-executive Director, becomes an executive
director of the Company, both with immediate effect. The Board
would like to thank Mr Reid for his contribution to Off-Plan.
Status of the Company
The Company also announces that consent has been received from
the Jersey Financial Services Commission to the proposals detailed
above and in the announcement on 31 March 2011. Hence, the Company
has ceased to be classified as a regulated collective investment
fund and has now been reclassified as a Jersey registered ordinary
operating company.
Change of Name
In addition, and as a result of obtaining the consent referred
to above, the Company's name has been changed to Cholet Investments
plc and its issued capital will be traded on AIM with the EPIC code
'CIP' with effect from Friday 15 April 2011. The Company's ordinary
shares will continue to be traded under the new ISIN JE00B5NFKB77,
which was adopted upon completion of the capital reorganisation and
the partial redemption on 1 April 2011.
Roger King, Non-executive Chairman of Off-Plan, commented:
"The Board thanks Donald Reid for his contribution to the
Company and is pleased to welcome Brian Howard as a Non-Executive
Director with his depth of knowledge and long experience in the
waste management and recycling industry.
"The completion of the deregulation process and the change of
name to Cholet Investments plc marks a new start for the Company
and we hope to deliver shareholder value through the pursuit of our
new investing policy."
List of Contacts:
Development Capital Management
Andy Gardiner
Tom Pridmore
020 7355 7600
Merchant Securities Limited
(Nominated Adviser and Broker)
Bidhi Bhoma/Simon Clements
020 7628 2200
Under Schedule 2, paragraph (g) of the AIM Rules, the following
information is disclosed:
Mr Brian Henry Alfred Howard, 66, is currently a director of
Roberts Metal Packaging Limited and does not hold any shares in the
capital of the Company
Mr Howard has confirmed there is no additional information to be
disclosed in accordance with Schedule 2, paragraph (g) of the AIM
Rules.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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