Africa Oilfield to acquire Ardan Logistics Kenya?

PUBLISHED: Sep 26 2014 @ 15:12 | Comments (0) |

Posting of Admission Document and board changes

Africa Oilfield Logistics (LSE:AOL), the AIM listed African focussed support services and logistics company, has announced that the Board has decided to exercise the call option granted to it pursuant to the framework and option agreement announced on 28 March 2014, to acquire the entire issued share capital of Ardan Logistics Kenya Limited.

Exercise of the Call Option constitutes a reverse takeover under the AIM Rules and is therefore conditional, inter alia, on shareholder approval which will be sought at a general meeting to be held at 12.00 p.m. on 22 October 2014 at Richmond House, St Julian’s Avenue, St Peter Port, Guernsey GY1 1GZ. At the General Meeting, shareholder approval will also be sought to change the Company’s name to “Atlas Development & Support Services Limited” and to make certain amendments to the Company’s articles of incorporation.

As part of the readmission process, the Company also announces the resignations of Mr Phil Edmonds and Mr Andrew Burns from the board – with Mr Ian Mann taking up the position of Chairman – together with the appointments of Mr Lachlan Monro as Chief Operating Officer and Mr Barry Lobel as Chief Financial Officer, with immediate effect.

Mr Lobel is a qualified accountant with extensive experience in finance and emerging markets. He joined AOL in April 2014 having previously been Director of Finance at Partners Capital LLP, a $13bn global private investment office. In addition, he worked in Finance and Private Equity at RP Capital Group, an emerging markets hedge fund, and previously founded and sold Avocado Trading, a retail business across Southern Africa. Mr Lobel has not held any directorships or partnerships in the last 5 years.

Mr Monro joined AOL in January 2014 having previously been Principal and COO of Blue Hackle Group LLC, a leading international risk management and support services company operating in US, Middle East and East Africa. He was also a director at Kroll Associates and a former British army officer.

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