Board Changes (5904E)
June 01 2012 - 2:01AM
UK Regulatory
TIDMWRN
RNS Number : 5904E
Worthington Group PLC
01 June 2012
FOR IMMEDIATE RELEASE
Worthington Group Plc
Board Changes
The Company is pleased to announce the appointment of Mr Douglas
Ware and Mr David Simpson to the Board of Directors of Worthington
Group Plc ("WRN" or the "Company"). It also announces that the
current Directors, Mr Anthony Cooke, Mr Peter Townsend and Mr John
Taylor have resigned from the Board with immediate effect.
Mr Cooke, the outgoing Non-Executive Chairman, was pleased to
acknowledge the plans that the incoming Directors have for the
future of the Company: these include the immediate placing of
ordinary shares in the Company to the value of at least GBP125,000
to be issued at the par value of 10p and further details will be
announced when the arrangements have been made. Mr Ware has also
already indentified some potential acquisitions for the Company. Mr
Cooke and his fellow Directors wished them every success with their
future plans.
Mr Cooke and Mr Taylor will each receive a payment as per their
letters of appointment; Mr Townsend agreed to facilitate the change
of Board composition by waiving his rights under his contract of
employment and has agreed to accept a significantly reduced payment
for loss of office. The total cost to the Company of these payments
is GBP36,000. Mr Townsend's options granted on 30(th) August 2011
will immediately vest in full as per the agreed terms of the
original Option Agreement.
Mr Ware's role is that of Chief Executive and his extensive
experience in the property market, brand management and the
management of companies in Hong Kong (where the Company may seek a
listing as a means of enhancing shareholder value) will assist both
the Keighley development opportunity pursued by the current
Directors and other growth opportunities. Mr David Simpson has been
a practicing Barrister since 1992 and will be appointed as
Non-Executive Director.
Commenting, Mr Ware said: "I am excited with the opportunities
that are now available to WRN to make full use of its valuable
listing and properly benefit from the opportunity that the Keighley
site, with planning permission for residential use, would bring to
shareholders. Planning application is very close to being completed
although the process has been somewhat delayed due to the Board
changes.
As regards the Jerome Pension Fund ("JPF"), having examined the
original proposals for the proposed loan to Rangers Football Club
Plc ("RFC"), I confirm that the terms of the loan appeared to offer
an attractive opportunity to JPF and seemed also to be in the best
interests of both WRN and JPF. Mr David Simpson, as a Barrister, is
aware of the circumstances surrounding the proposed loan and the
current legal proceedings and is very well placed to help with a
successful outcome.
Mr Simpson and myself wish to thank the outgoing Directors for
the considerable advances they have brought about within the
Company and wish them every success for their future."
1 June 2012
This information is provided by RNS
The company news service from the London Stock Exchange
END
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