Investor Email Service
14 December 2017
Tricor plc - Restoration of Trading and New Directors
30th June 2011
Restoration of Trading and New Directors
RNS Number : 3834J
30 June 2011
("Tricor" or the "Company")
Restoration of trading
Appointment of directors
On 31 December 2010, the Company announced that it had entered into a conditional agreement in respect of the proposed acquisition of Green Glory Limited ("Green Glory"), a Cayman Islands company that is to have the rights to the carbon credits derived from at least 450,000 hectares of forestry in Cambodia, which would constitute a reverse takeover of the Company ("Transaction"). The Transaction process has been complex, involving detailed discussions with various parties including the representatives of the vendors of Green Glory ("Vendors") and this has caused the timelines to exceed the expectations of the board of directors of Tricor ("Board"). Additionally, under AIM Rule 41, the Transaction would need to be completed within six months of the date of suspension; accordingly admission to trading on AIM would have to be cancelled with effect from 7am on 1 July 2011 were the Transaction to continue and not to complete by that time.
The Board, having taken all matters into consideration, feel that the de-listing of the Company's shares is not in the interests of the Company and its shareholders, and have thus agreed to the cancellation of the Transaction in its current form. The Board continues to work with the Vendors with a view to restructuring the Transaction, to extract the value that has been generated for the benefit of Tricor. The revised transaction will not, however, result in a reverse takeover of the Company.
More details of the revised transaction, if concluded, will be announced when appropriate.
Trading in the Company's shares on AIM will resume on 30 June 2011. The Company will continue to operate and seek opportunities in the electronics and supply side carbon sectors, in line with its previous focus. The VAT tribunal has been scheduled for January 2012 and the Company continues with its preparation for this, maintaining its positive outlook.
Appointment of directors
Tricor is also pleased to announce the appointment of three new directors to the Board with immediate effect:
Chan Fook Meng has joined the Board as a non-executive director. He will be responsible for identifying potential mergers and acquisitions for the Company. Mr Chan obtained a law degree from the National University of Singapore in 1985 and was called to the Singapore Bar on 12 February 1986. He has since then practiced as an advocate and solicitor in Singapore. Mr Chan is a founder and director of UniLegal LLC, a Singapore law corporation. Prior to this, Mr Chan was a partner of a number of law firms including Wong Yoong Tan & Molly Lim (until 1993), Chan & Ravindran (until 1998) and Chan Ng Aqbal (until 2002). In the course of his work, Mr Chan has handled and been involved in a number of corporate finance matters and various mergers and acquisitions. Mr Chan was on the board of directors of Startech Electronics Limited a SESDAQ listed entity in Singapore for about 18 months until April 2005. During this time, he dealt with issues relating to the rescue and restructuring of this company and its acquisition of several businesses.
Nazim Khan has joined the Board as a non-executive director. He will form part of the Audit and Remuneration Committees and will also be responsible for identifying potential mergers and acquisitions for the Company. Nazim graduated with a LLB(Hons) from the University of London in 1989. He was called to the Bar of England and Wales in 1990 and to the Singapore Bar as an Advocate and Solicitor in 1992. Mr Khan was an active commercial advocate for over 12 years before moving into corporate finance, restructuring and mergers and acquisitions. Mr Khan is currently a director of Unilegal LLC and has previously worked with a number of law firms in Singapore. Mr Khan has broad experience of corporate recovery and restructuring and has worked on a number of corporate transactions.
Colin Armstrong-Bell has joined the Board as a non-executive director. He will be responsible for identifying both enhancements to the development of corporate strategy and sources of growth, both geographically and on a strategic project basis for the Company. Mr Armstrong-Bell is presently the Executive Chairman of Trade Greener Limited, which specialises in the origination, sourcing, project management and trading within the carbon credit market, predominantly with a focus on clean development mechanism projects in the Balkan region. Trade Greener Limited is presently engaged on a project pipeline in the region of €500 million. Prior to his entrepreneurial life, Mr Armstrong-Bell was an investment banker, working in the emerging markets and high yield fixed income sector, firstly as an associate at Morgan Stanley and then as a director at Lehman Brothers. He retired prior to this as a captain in the British Army having served in Northern Ireland, Bosnia Herzegovina, the Falklands, Africa and Russia. Colin has a varied language base at various levels from conversational to fluency in English, Russian, German, Serbo Croatian and Spanish. He holds a BA in Economics and Marketing.
Lawrence van Kampen-Brooks, Chairman and CEO of Tricor plc, states; "Further to the establishment of Tricor Asia, RNS 11 June 2010, and the encouraging progress made in Tricor's positioning in the environmental and trading markets, the new directors help both cement that progress and bring a wealth of direct complementary commercial experience to the Board. This serves to buttress the strategic initiatives to date and will extend the resources available to help deliver the value to the Company that it believes is embedded in those initiatives. I welcome the new directors on the Board's behalf and look forward to working with them to build value for all of the Company's stakeholders.