LWT Loudwater

TIDMLWT

RNS Number : 2657C

Loudwater Trust Limited

27 April 2012

Loudwater Trust Limited

Directorate Changes

27 April 2012

Loudwater Trust Limited ("Loudwater" or the "Company") today announces a change in the composition of the Company's board of directors ("Board").

Certain of the Company's directors have retired from the Board with immediate effect. The retiring directors are Lord Flight, Edward Forwood, Robert Fearis and Roger Le Tissier. As a result, the remaining Loudwater directors will be Christopher Fish, Brett Miller and Rhys Davies. Rhys Davies will be appointed non-executive Chairman, replacing Lord Flight.

Rhys Davies and Brett Miller are directors of Damille Investments Limited ("Damille") which holds 16,650,000 ordinary shares, representing 27.64% of the issued share capital of the Company.

As Damille Investments Limited is a substantial shareholder in the Company, Rhys Davies and Brett Miller are not deemed to be independent directors. Damille has entered into a relationship agreement between the Company and Damille such that at all times the Company is capable of acting independently of Damille and/or its directors and officers and that any transactions between themselves and any member of the Company are at arm's length and on a normal commercial basis.

Christopher Fish is deemed to be an independent director, whereas Brett Miller and Rhys Davies are not deemed to be independent directors as set out above. Accordingly, following the retirement of Lord Flight, Edward Forwood, Robert Fearis and Roger Le Tissier, the board of Loudwater as a whole is not independent of its substantial shareholder Damille.

Rhys Davies commented:

"We would like to put on record our appreciation for the contribution from the retiring directors to the Loudwater Board and in working with Loudwater through its initial investment phase, and latterly in the realisation phase."

-ends-

For further information

Loudwater Trust Limited

   Rhys Davies                                                       +41 (0)7962 00215 

Loudwater Investment Partners Limited

   Charles Somerset                                               +44 (0)20 3372 6400 

Panmure Gordon (UK) Limited

   Andrew Potts                                                      +44 (0)20 7459 3600 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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