Eredene Capital PLC Resignation of adviser and director (0406M)
12 Septembre 2012 - 8:00AM
UK Regulatory
TIDMERE
RNS Number : 0406M
Eredene Capital PLC
12 September 2012
Date: 12 September 2012
On behalf of: Eredene Capital PLC ("Eredene" or the "Company"
and its subsidiaries "the Eredene Group")
Embargoed until: 0700hrs
Eredene Capital PLC
Resignation of Eredene Infrastructure Private Limited as adviser
and of Nikhil Naik as a director
Eredene Capital PLC (AIM: ERE), the AIM quoted investor in
Indian infrastructure, announces that Eredene Infrastructure
Private Limited ("EIPL") has resigned as an adviser to the Eredene
Group. This resignation is subject to a contractual notice period
of one year. Eredene has previously announced it does not intend to
make further investments into new projects in India and,
accordingly, the Company no longer requires the investment advisory
services of EIPL.
As a consequence, Eredene also announces that Nikhil Naik,
Chairman of EIPL, and a non-executive director of the Company, is
stepping down from the board of the Company with effect from
today.
Eredene would like to place on record its gratitude to Nikhil
Naik and the EIPL team for their commitment and dedication in
relation to the building of the Group's investment portfolio.
The Group has informed EIPL that it will not require EIPL to
provide investment advisory services to the Group during the notice
period. Eredene has established an internal team, headed by Ranveer
Sharma, reporting to the Eredene Group, in order to facilitate the
extraction of maximum value from the existing Eredene
portfolio.
Enquiries:
Eredene Capital PLC
Alastair King (Chief Executive) / Ranveer Sharma Tel: +44 20 7448 8000
Numis Securities Limited (Nominated Advisor & Joint Broker) Tel: +44 20 7260 1000
Heraclis Economides / David Benda
Arden Partners plc (Joint Broker) Tel: +44 20 7614 5917
Chris Hardie / Justine Waldisberg
Redleaf Polhill
Henry Columbine / Rebecca Sanders-Hewett / David Ison Tel: +44 20 7566 6720
eredene@redleafpr.com
Notes to Editors:
-- Eredene Capital PLC is a leading UK-based AIM quoted investor
in infrastructure projects in India. It focuses primarily on ports,
port services, logistics and transportation.
-- The Eredene Group has made investments of GBP47.5m in 11
projects in India - nine in ports and port services, logistics and
distribution warehouses, one in an IT office and one in a
large-scale, affordable housing development. Seven of its investee
companies are revenue generating, of which two are dividend
paying.
-- Eredene trades on the Alternative Investment Market ("AIM")
of the London Stock Exchange.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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