RCG Holdings Limited Directorate Change (9767R)

TIDMRCG

RNS Number : 9767R

RCG Holdings Limited

01 November 2013

1 November 2013

RCG Holdings Limited

("RCG" or the "Company" and together with its subsidiaries, the "Group")

RESIGNATION OF ACTING CHIEF EXECUTIVE OFFICER AND

APPOINTMENT OF ACTING CHAIRMAN AND ACTING CHIEF EXECUTIVE OFFICER

The board of directors (the "Board") of RCG Holdings Limited (AIM:RCG, HKSE: 802) announces that Mr. Danny Chew Tean ("Mr. Chew") has resigned as Acting Chief Executive Officerof the Company with effect from 1 November 2013, to pursue other business interests. Mr. Chew hasconfirmed that he has no disagreement with the Board and there is no further information in relation to his resignation that needs to be brought to the attention of the shareholders of the Company or The Stock Exchange of Hong Kong Limited.

As a result of Mr. Chew's resignation, Mr. Wang Zhongling, an existing Executive Director of the Company ("Mr. Wang"), has been appointed as Acting Chairman and Acting Chief Executive Officer with immediate effect.

The Company has commenced a search for a permanent replacement Chief Executive Officer and continues to seek a suitable candidate for the role of Chairman of the Board.

The Board would like to take this opportunity express its sincere gratitude to Mr. Chew for his valuable contribution to the Company during his tenure of office.

Enquiries:

 
RCG Holdings Limited                    Tel: +852 2637 2800 
Wang Zhongling, Acting Chief Executive 
 Officer 
ir@rcg.tv 
 
 
Smith & Williamson Corporate Finance  Tel: +44 (0) 20 7131 4000 
 Limited 
(Nominated adviser and broker) 
Dr. Azhic Basirov / David Jones

The Stock Exchange of Hong Kong Limited Disclosures and Additional Information

Mr. Wang, aged 30, presently is one of the executive directors of the Company and is responsible for the Group's technology investment and management. He holds a Diploma in Computer Science from the Jiaying College in China. Prior to joining the Company, Mr. Wang was, from 2008, the deputy general manager of Shenzhen Giinwin Technology Co. Ltd., a company specializing in computer intelligence and software development, wireless communication, smart device development, system integration and technical consultancy and where he was responsible for its operation and management. Mr. Wang has had more than 10 years'experience in managing smart system projects in the technology sector andhas held a number of senior technology related positions.

Under the present appointment letter of Mr. Wang entered into with the Company, the term of service is one year with an annual remuneration of HK$240,000.00. With the consent of both parties, this appointment shall be subjected to the same terms and conditions as stipulated in the present appointment letter. Mr. Wang's emolument was determined with reference to his duties and responsibilities with the Company and the Company's standard for emoluments.

Mr. Wang has not been a director in any other listed company in the past three years.

As at the date of this announcement, Mr. Wang does not have any interests or short positions in the Company's shares within the meaning of Part XV of the Securities and Futures Ordinance. Mr. Wang does not have any relationship with any current or former director, senior management, or substantial or controlling shareholders of the Company.

Save as disclosed above, the Board is not aware of any other matter in relation to the appointment of Mr. Wang that needs to be brought to the attention of the shareholders of the Company or any information about Mr. Wang required to be disclosed pursuant to Rule 13.51(2)(h) to (v) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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