NSA Nimrod Sea Asst

TIDMNSA

RNS Number : 4023L

Nimrod Sea Assets Limited

30 September 2016

30 September 2016

NIMROD SEA ASSETS LIMITED

Resignations of Executive Directors

Further to the announcement earlier today, Nimrod Sea Assets Limited (the "Company"), a Guernsey-domiciled company with registered number 55718, announces that it has now received letters from each of Mr Jeremy Punnett and Mr Cyril Green (the "Executives"), offering their resignations as executive directors of the Company with immediate effect. The Company's board of directors (the "Board") has accepted these resignations, and notes the resulting termination of the executive service agreements entered into with each of the Executives.

Accordingly, the extraordinary general meeting at which resolutions were proposed to be tabled for the dismissal of the Executives as executive directors of the Company (in support of which the Company had received irrevocable undertakings from shareholders holding c. 82% of the voting rights in the Company) will no longer be convened.

The Board has also agreed with Auld Partners Ltd ("Auld") the terms on which: (i) Auld will be appointed as a consultant to the Company; and (ii) Mr Robin Das and Mr Frank Pedder, will be appointed as executive directors of the Company (subject to the completion of legal and regulatory formalities).

Brief biographies for Mr Das and Mr Pedder are set out below:

Robin Das

Robin founded Auld Partners in 2013. From 2011 to 2012 Robin was Managing Director (partner) of Navigos Capital Management, an asset management firm established to focus on the shipping sector. Until October 2011, Robin was Global Head of Shipping at HSH Nordbank - the world's largest shipping lender at the time. Before joining HSH in 2005, he was Head of Shipping at WestLB and prior to this Robin was joint Head of European Shipping at J.P. Morgan. Robin has worked in shipping finance and shipping investment banking since 1995.

Frank Pedder

Frank joined Auld Partners in 2014. From 2006 to 2013 Frank was with DNB as Head of Corporate Finance and Senior Advisor, London, and prior to this spent 4 years with DVB Bank as Partner and senior member of the M&A/Advisory team. Frank started his career with Manufacturers Hanover (J.P. Morgan) in 1988 as a credit analyst and spent 13 years with J.P. Morgan in Oslo, London and New York, most recently as Head of Shipping Americas in New York.

This announcement contains inside information.

Peter Atkinson

Director

- end -

For further information, please contact:

For administrative and company information:

JTC (Guernsey) Limited

+44 1481 702 400

For shareholder information:

Nimrod Capital LLP

Richard Bolchover

Marc Gordon

+44 (0) 20 7382 4565

This information is provided by RNS

The company news service from the London Stock Exchange

END

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