Lb-shell plc Directors Disclosures, CLN & Broker Appointment (0993N)
May 04 2018 - 1:00AM
UK Regulatory
TIDMLBP
RNS Number : 0993N
Lb-shell plc
04 May 2018
LB-shell plc
(the "Company")
Directors Disclosures
Issue of Convertible Loan Notes
Appointment of Financial Advisor and Broker
Following LB-Shell's announcement yesterday regarding the
appointment of the new Board and the GBP300,000 financing, the
Company is pleased to announce further details of its plans.
Peterhouse Corporate Finance Limited ("Peterhouse") has raised
the GBP300,000 before expenses by way of the issue of unsecured
convertible loan notes convertible into ordinary shares at a price
of GBP0.00025 per Ordinary Share (the "CLN"). In addition,
GBP135,000 CLNs, on the same terms and conditions, have been issued
to settle professional fees and associated obligations relating to
the refinancing of the Company. Included in this total is the issue
of GBP25,000 CLNs to Peterhouse to settle its fees. The final
maturity date of the CLNs, which are unsecured, is the third
anniversary of the date of the issue and no interest is
payable.
The new directors of LB Shell will review the Company's stated
strategy, following which it is proposed to issue a circular to
shareholders outlining the proposed new direction and, inter-alia,
seek approvals for a change of name and for the adoption of a new
capital structure for the Company to provide for the full
conversion of the convertible loan notes, details of which are
outlined below.
The new directors hold the following interests in the CLNs:
Director Amount of CLNs
Melissa Sturgess GBP150,000
---------------
Charles Morgan GBP100,000
---------------
Michael Langoulant GBP40,000
---------------
In addition, the Board of the Company is pleased to announce
that it has appointed Peterhouse Corporate Finance Limited as its
financial adviser and corporate broker with immediate effect.
Following the appointment of the new directors to the Board of
the Company, the new Directors are required to make the below
regulatory disclosures, in accordance with paragraph 9.6.13 of the
Listing Rules of the Financial Conduct Authority:
Melissa Sturgess (Executive Chairman)
Melissa is or has been during the last five years, a director of
the following publicly quoted companies:
Current directorships:
URA Holdings PLC (AIM)
Previous directorships:
Luiri Gold Ltd (ASX)
Charles Morgan (Non-Executive Director)
Charles is, or has been during the last five years, a director
of the following publicly quoted companies:
Current directorships:
Grand Gulf Energy Ltd (ASX)
Whitebark Energy Ltd (ASX)
Previous directorships:
ADG Global Supply Ltd (ASX)
Alcycone Resources Ltd (ASX)
Tamaska Oil and Gas Limited (ASX)
Charles was a director of ADG Global Supply Ltd from October
2012 to July 2016. In 2015, ADFG Global Supply entered into a
voluntary administration and was forced to write down c.$1.8
million debt owed to a client.
Michael Langoulant (Non-Executive Director)
Mike is, or has been during the last five years, a director of
the following publicly quoted companies:
Current directorships:
White Cliff Minerals Ltd (ASX)
Previous directorships:
Property Connect Holdings (ASX)
Nyota Minerals Ltd (AIM/ASX)
Luiri Gold Ltd (ASX)
Michael was a director of Max Resources Ltd from approximately
1994 to 1997. Although solvent at the time a Statutory Manager was
appointed to the company in 1998. The company was subsequently
liquidated. Although the Statutory Manager made some negative
comments concerning the administration of the company neither the
Statutory Manager nor the liquidator levelled any case of wrong
doing against Michael. Further at a subsequent trial in relation to
the company's Australian subsidiary, Robregal Investment Pty Ltd,
the trial judge determined that Michael had no case to answer.
No further disclosures are required under paragraph 9.6.13 of
the Listing Rules of the Financial Conduct Authority.
Enquiries:
LB-Shell PLC
Melissa Sturgess Tel: +44 7966 164 357
Email: ir@lb-shell.com
Peterhouse Corporate Finance Limited
Heena Karani and Lucy Williams Tel: +44 207 469 0933
This information is provided by RNS
The company news service from the London Stock Exchange
END
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