Sefton Resources Inc Update on Proposed Board Changes (4602C)
October 16 2015 - 1:00AM
UK Regulatory
TIDMSER
RNS Number : 4602C
Sefton Resources Inc
16 October 2015
16 October 2015
Sefton Resources, Inc.
("Sefton" or the "Company")
Update on the Proposed Board Changes, Position of Nominated
Adviser and Annual General Meeting
Further to the announcement of 14 October 2015, and following
the meeting held on 14 October 2015 between Jossy Rachmantio, the
Executive Chairman of the Company, and Clement Chambers, the
proposed Interim CEO, the Board of Directors of Sefton (the
"Board") is today updating shareholders on a number of matters.
Proposed Board Changes
It has been agreed by the Board that Mr Clement Chambers and Mr
Michael Hodges (the "Proposed Directors") will be appointed as
directors of the Company with effect from 7.30am on Friday, 23
October 2015. Mr Chambers will become Interim Chief Executive
Officer and Mr Hodges a Non-Executive Director. Mr Keith Morris
will stand down as a director of the Company with effect from
7.00am on Friday, 23 October 2015. Ms Raylene Whitford, the
Company's CFO (non-Board) and Company Secretary, will cease her
roles and leave the employment of the Company with effect from
7.30am on Friday, 23 October 2015. Mr Rachmantio will remain in his
role during a handover period and has indicated his intention to
stand down at or before the Annual General Meeting (see below).
Position of Nominated Adviser
Allenby Capital Limited, the Company's existing Nominated
Adviser, has confirmed to the Board that it will cease to act as
the Company's Nominated Adviser with effect from 7.00am on Friday,
23 October 2015 should the Proposed Directors be appointed with
effect from 7.30am on Friday, 23 October 2015. A replacement
Nominated Adviser has not yet been identified, and if such a
replacement is not appointed prior to Allenby Capital Limited
ceasing to act, then the common shares of no par value ("Common
Shares") will be suspended from trading on AIM at 7.30am on Friday,
23 October 2015. Under the AIM Rules for Companies, any company
that does not have a Nominated Adviser has its admission to trading
on AIM immediately suspended, and if a new Nominated Adviser is not
appointed within one month of the previous Nominated Adviser
ceasing to act, then the admission to trading on AIM of its shares
will be cancelled.
Blythweigh, the Company's financial public relations adviser,
has also confirmed it will cease to act for the Company with effect
from 7.00am on Friday, 23 October 2015.
The Company will be responsible for its continuing announcement
obligations under the AIM Rules for Companies if its Common Shares
are suspended from trading on AIM, including publishing details on
the board appointments in accordance with Schedule 2(g) of the AIM
Rules for Companies.
Alternative Trading Facility
The Board has investigated the option of making an application
for the Common Shares to be admitted to trading on the ISDX Growth
Market. Having discussed this option with two ISDX Corporate
Advisers (neither being Allenby Capital Limited), it appears
unlikely that this is a viable option. In the event that a
replacement Nominated Adviser cannot be identified, then the Board
is investigating the option of adding the Common Shares to the
BritDAQ community platform for companies and investors
(www.britdaq.com).
Annual General Meeting & Board Change
The Board intends to call the Annual General Meeting of the
Company ("AGM") for Friday, 13 November 2015 at a location to be
confirmed. A notice of AGM will be announced and sent to holders of
Common Shares ("Shareholders") on 23 October 2015. Mr Chambers and
Mr Hodges will stand for election at the AGM in accordance with the
Company's articles of association. If Mr Chambers and Mr Hodges are
not elected at the AGM, then a resolution to wind up the Company
will be put to Shareholders.
Mr Tom Milne will not stand for election at the AGM and will
leave the Board on the conclusion of the AGM. Mr Milne will remain
as a director of the Company until the AGM so that he can remain
engaged with the Company's efforts in relation to the bankruptcy
court proceedings in Denver, Colorado USA, due to be heard on 11/12
November 2015 (as announced on 24 September 2015).
Development Agreement
The Development Agreement (as announced and defined on 25 June
2015) with UTAS Petroleum Services Limited ("UTAS") has been
terminated with effect from 15 October 2015. UTAS will return all
unspent funds to the Company within the next week. If UTAS is able
to complete the Potential Transaction (as defined in the
announcement of 25 June 2015) with a third party, then the balance
of the funds provided by Sefton and expended on due diligence of
the assets will be refunded to Sefton. Details of these amounts
will be announced next week.
Strategy Moving Forward
Mr Chambers has indicated to Mr Rachmantio that the Proposed
Directors have a number of oil and gas projects that they intend to
pursue, whether or not the Company's Common Shares remain admitted
to trading on AIM.
Visit www.seftonresources.com or contact:
Jossy Rachmantio, Executive Chairman Tel: 020 7872
5570
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Nick Harriss, Nick Athanas, Allenby Tel: 020 3328
Capital (Nomad) 5656
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Nick Bealer, Cornhill Capital (Broker) Tel: 020 7710
9612
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Tim Blythe, Camilla Horsfall, Blytheweigh Tel: 020 7138
(PR) 3224
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This information is provided by RNS
The company news service from the London Stock Exchange
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