Directorate Change (6954E)
June 01 2012 - 11:32AM
UK Regulatory
TIDMNGP
RNS Number : 6954E
Niche Group (The) PLC
01 June 2012
For immediate release: 1 June 2012
The Niche Group plc
("Niche" or the "Company")
Directorate Change
Niche, the oil and gas focused investment company announces that
Stuart Thomas has elected to step down as Executive Chairman with
immediate effect. Stuart was appointed to the Niche board in
November 2011 with a mandate to restructure the business such that
Niche would transition from an investment vehicle into an oil &
gas exploration and production company. Stuart was instrumental in
negotiating terms which led to the signature of a conditional share
purchase agreement with respect to the acquisition of the entire
issued share capital of Oman Resources Limited (completion of which
would constitute a reverse takeover for the purposes of the AIM
Rules). Stuart has decided that his role in restructuring the
business has come to a natural conclusion. Stuart, who remains a
major shareholder, is delighted with the significant progress that
has been made and believes that Niche is on course to realise
substantial value from its exposure to a portfolio of licence
interests onshore Turkey. The board of Niche wishes to thank Stuart
for his considerable contribution towards the transformation of the
business.
It is the intention of the Company to appoint an exploration and
production specialist management team conditional on approval of
the reverse takeover. The Company is continuing to work towards
completing the reverse takeover and hopes to make a further
announcement in this regard in due course.
The Company has entered into a settlement agreement with Stuart
Thomas and Spring Capital Limited ("Spring Capital"), a company in
which Stuart Thomas is a significant shareholder, pursuant to which
both Stuart Thomas and Spring Capital, in their respective
capacities as shareholders of the Company, have agreed to waive
certain claims against the Company in consideration for a cash
payment of GBP100,000. The Directors consider, having consulted
with Deloitte Corporate Finance, that the terms of the transaction
are fair and reasonable insofar as its shareholders are
concerned.
Enquiries:
The Niche Group plc
Donal Boylan
Tel: + 353 (87) 2769655
Deloitte LLP - Nominated Adviser
Oliver Rigby or Jon Hinton
Tel: +44 (0)20 7007 1815
M: Communications
Ben Simons
Tel: + 44 (0) 20 7920 2340
This information is provided by RNS
The company news service from the London Stock Exchange
END
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