Wow!21 Dec 2016 07:43
21 December 2016
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Mercom Capital Plc
("Mercom" or "the Company")
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Update on indicative proposal from Calvet International Limited
Proposed board changes and PDMR transactions
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The Company confirms that discussions with Calvet International Limited ("Calvet") regarding the proposals set out in the announcement of 1 December 2016 are ongoing. These proposals now involve the imminent appointments of Simon Fry as Executive Chairman, Jean-Pascal Trani� as Senior Non-Executive Director and Felipe Simonsen as Finance Director (together the "New Board").
Subject to final agreement being reached, concurrent with the proposed appointment of the New Board, John Zorbas, Patrick Cross and Kyle Appleby intend to stand down as Directors of Mercom and sell or grant an option over their respective entire existing holdings of shares in the Company amounting to 7,395,633 shares (together with a further 1,500,000 new shares upon exercise of their existing warrants at an exercise price of 5p per share) in each case at 20p per share, with 2p per share to be returned to the Company (the "Directors' Share Transaction").
Proposed board and company secretary appointments
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Simon Fry, proposed Executive Chairman
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Simon, 57, spent over 20 years in the investment banking industry at Yamaichi, Credit Suisse First Boston and Nomura International in London. At Nomura, he was responsible for all European Debt and Equity Capital Markets and was a European Board member and a member of both the Credit and the Risk committees.
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In 2000, he established his own business in the health and leisure sector in London and subsequently bought into a Hong Kong-listed technology incubator, TechPacific Capital Ltd, as a senior partner. Among several other deals, Techpacific Capital Ltd acquired Crosby Ltd, an established colonial brokerage business based in Hong Kong which Simon and his partners transformed into a buy-out business focused predominantly on quoted companies in Asia whose value was largely intrinsic and represented by hard assets or commodities. Whilst remaining an investor and senior board member of Techpacific Capital Ltd, he was also the CEO of the Crosby Group which was listed in London.
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In 2009, together with an ex Nomura colleague, he set up a family office based in London to continue to manage his own investments before becoming an adviser on investment opportunities to certain family offices based in Switzerland. Over the last seven years he has advised on a variety of investments across oil and gas exploration and development, commercial real estate, technology and internet with a particular focus on proven disruptive businesses. Simon is currently based in California.
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Simon is, through 5161,LLC, the principal investment adviser to the E2 Trust which is the
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