Resignation of CEO
12 Juillet 2010 - 9:30AM
UK Regulatory
TIDMRDP
RNS Number : 1785P
Radicle Projects Plc
12 July 2010
Radicle Projects plc
("Radicle" or the "Company")
Resignation of Chief Executive
Radicle Projects, the AIM quoted UK company which owns and operates Australian
agribusiness assets, announces that Tim Bennett has resigned from the Board of
Radicle and as its Chief Executive with immediate effect, as such the
contractual agreement between Managed Growth Australia Pty Limited and Radicle
for the provision of executive services has been terminated.
John McLennan remains the Executive Director of the Company and continues to
have responsibility for the day to day management of Radicle's business and its
operations.
As announced on 28 June 2010, the Company has approached the holders of the
GBP15.1 million Series A Convertible Loan Note (the "Loan Notes") (XS0305254939)
(the "Note Holders") with proposals to convert their Loan Notes into ordinary
equity at or near the current Radicle share price and that the Company is also
considering the acquisition of certain other Australian operating agribusinesses
and assets similar to those owned by Radicle to be satisfied by the issue of new
ordinary shares in the Company at or near the current Radicle share price. The
Company announces that discussions are on-going and anticipates being in a
position to announce firm proposals in due course.
A further announcement will be made in due course.
Enquires:
+-------------------------------------------+----------------+
| Radicle Projects PLC | |
+-------------------------------------------+----------------+
| John McLennan | +61 (0)3 8611 |
| | 6711 |
+-------------------------------------------+----------------+
| | |
+-------------------------------------------+----------------+
| Charles Stanley Securities | |
+-------------------------------------------+----------------+
| Nominated Adviser | |
+-------------------------------------------+----------------+
| Russell Cook / Ben Johnston | 020 7149 6000 |
+-------------------------------------------+----------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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