TIDMMCC

RNS Number : 8121A

Monchhichi plc

29 March 2017

 
 For immediate release   29 March 2017

Monchhichi Plc

('Monchhichi' or the 'Company')

Board Changes and issuance of Options

Issuance of Warrants to Professional Advisors

Monchhichi is pleased to announce that with effect from Monday 3 April, Jean Pascal Tranié will take up the role as Chief Executive and Simon Fry will move to the position of Non-Executive Chairman of the Company.

In order to harmonise the longer term equity interests in the Company and reflect the changing roles and responsibilities the following Options have been granted:

1. Jean Pascal Tranie a further 1.0mn Options exercisable at 80p per share. Jean Pascal was issued 2.0mn Options with an exercise price of 35p per share on 31 December 2016.

   2.    Simon Fry 2.0mn Options exercisable at 80p per share.

Option vesting period is as follows: at end of year one 40%, at end of year two 30% and at end of year three a further 30%.

In addition the Company has today issued 2.0mn warrants to various professional advisors exercisable at 80p per share for a period up to and inclusive of 24 April 2018.

Commenting on today's appointment Jean Pascal Tranié said:

"Since the adoption of Monchhichi's new Investment Policy in late January we have made encouraging progress across our key objectives. It is clear to the Board that now is the appropriate time to appoint a CEO to oversee the successful implementation of our highly innovative investment initiatives. I am delighted to accept this exciting opportunity at this stage of Monchhichi's development and look forward to updating shareholders on our progress in the not too distant future."

Background on Jean Pascal Tranié

Jean Pascal Tranié is a very experienced former senior executive in the TMI sector with an extensive network across Europe and Asia. He was formerly General Manager of Vivendi's Media and Multimedia Division, CEO of Generale d'images and oversaw the digitalization of Vivendi's cable networks. He was also the former Director of Multimedia at Cegetel SA.

His more recent private equity interests have included multiple international investments particularly in Asia.

- Ends -

 
 Enquiries:                                   Tel: +44 (0)20 7466 5000 
  Monchhichi Plc                                   www.monchhichi.life 
  Simon Fry, Chairman 
 Panmure Gordon (Nominated Adviser and        Tel: +44 (0)20 7886 2500 
  Broker) 
  Dominic Morley 
 Buchanan (Financial communications)          Tel: +44 (0)20 7466 5000 
  Richard Oldworth / Henry Harrison-Topham         www.buchanan.uk.com 
  monchhichi@buchanan.uk.com

This information is provided by RNS

The company news service from the London Stock Exchange

END

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