Board Changes and Restructuring
03 3월 2009 - 4:00PM
UK Regulatory
TIDMNFND
RNS Number : 1740O
Newfound N.V.
03 March 2009
3 March 2009
Newfound N.V.
("Newfound", the "Company" or the "Group")
Board Changes and Restructuring
Newfound N.V. (AIM: NFND) announces that Jayne McGivern has resigned as an
Executive Director and Chief Executive Officer of Newfound NV with immediate
effect. Ms. McGivern will however stay on the Board of the Company as a
Non-Executive Director. Richard Foley has also resigned as a Director with
immediate effect although he will remain an employee of the
Group overseeing Newfound's Caribbean projects.
For an interim period, Stephen Bentley, who is the Finance Director, will also
assume the role of Chief Executive Officer while the Board seeks to outsource
the day to day management of the Group's activities with a management company or
similar. Upon procurement of such a management contract, Mr. Bentley will step
down as Finance Director and Chief Executive Officer and become a Non-Executive
director.
John Morgan, Acting Chairman of Newfound NV, commented today:
"It is clear in the current financial market that property development companies
are struggling to raise capital to fund projects. Newfound NV is no exception to
this and the Board has decided that the company needs to restructure its
operations and executive management to reduce its expenditure. As a result,
Jayne McGivern moves to a non-executive role while Stephen Bentley will take
over as CEO on a part-time basis whilst the Board looks to put in place a
management contract.
Jayne will continue to have oversight of the plans for the Company's main assets
in the Caribbean although, as a non-executive director, she will not work on the
project day-to-day. I would like to thank Jayne for all her work during a very
difficult period for the Company. She has achieved much in the last 6 months and
I am delighted that we will retain her expertise on the Board.
I would also like to thank Richard Foley who has done sterling work on our
Caribbean projects as the main planner behind the developments. Although Richard
is leaving the Board, he will continue to oversee the Company's Caribbean
projects.
Newfound remains a company with assets in the Caribbean that have real
potential. I am pleased with the plans developed by the Company for those assets
and with the progress made with the two projects. Nevertheless, it is a company
with limited financial resources and the above board changes are designed to
conserve those resources and allow it to maintain the priorities of continuing
to service its debt, negotiating new finance and ensuring that the Company is
well-placed when the development market recovers and credit becomes more readily
available.
Unless new finance can be found for the Group over the coming months, there is a
risk that the Company will exhaust its cash resources, in which case it will
need to cease operations. The Board continues to evaluate the Company's
financial options and will keep shareholders fully informed over the coming
months."
Enquiries:
+------------------------------------------------------+-----------------+
| Newfound N.V. | 020 7892 8300 |
+------------------------------------------------------+-----------------+
| Stephen Bentley | |
+------------------------------------------------------+-----------------+
| | |
+------------------------------------------------------+-----------------+
| Collins Stewart Europe Limited | 020 7523 8350 |
+------------------------------------------------------+-----------------+
| Adrian Hadden | |
+------------------------------------------------------+-----------------+
| | |
+------------------------------------------------------+-----------------+
| Citigate Dewe Rogerson | 020 7638 9571 |
+------------------------------------------------------+-----------------+
| Media: George Cazenove / Nicola Smith | |
+------------------------------------------------------+-----------------+
| | |
+------------------------------------------------------+-----------------+
For more information, please visit www.newfoundnv.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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