Interesting v v interesting9 Jun 2015 08:04
3Legs Resources plc
("3Legs" or "the Company")
Subscription to raise £500,000 and Directorate Change
The Board of 3Legs is pleased to announce a subscription of 185,185,185 ordinary shares ("Subscription Shares") at a price of 0.27p per share raising gross proceeds of £500,000 (the "Subscription"). The Company also announces the appointment of James (Jim) Mellon and Gregory (Greg) Bailey as Non-executive Directors of the Company and the appointment of Richard Armstrong, current Non-executive Director, as Non-executive Chairman with immediate effect.
Following the Subscription and Board appointments, the Directors will propose a resolution at the next Annual General Meeting to change the Company's investing policy to focus on the life sciences sector.
Jim Mellon is an investor with interests in several sectors. After leaving Oxford, where he studied Philosophy, Politics and Economics, he worked in Asia and the United States in two fund management companies, GT Management and Thornton Management (Asia) Limited, before establishing his own business in 1991. This now has two components: a listed fund management company, Charlemagne Capital Limited; and an Asian investment group, Regent Pacific Group. In addition, Jim is a controlling shareholder and a director of Manx Financial Group plc, an Isle of Man-based bank and a controlling shareholder of Webis Holdings plc. He is also a co-founder of UraMin and Red Dragon Resources, both mining groups. Burnbrae Limited, his private company, is a substantial landlord in Germany and in the Isle of Man, and it owns outright the hotel chain, Sleepwell Hotels.
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