ADV.L Regulatory News (ADV)

7 Dec 2009 07:00



7 December 2009

Clean Energy Brazil PLC

("Clean Energy Brazil" or the "Company")

AGM results and Board changes

Clean Energy Brazil announces that all resolutions proposed at the Annual General Meeting held on 4 December 2009 were duly passed. Following the AGM, the following directors were appointed to the Board: Eitan Milgram; Josef (Yossi) Raucher; and Jossef (Yossi) Barath, and the following directors resigned from the Board: Michael St Aldwyn; Nigel Wood; and Philip Scales (although Philip will continue to be Company Secretary). Clean Energy Brazil would like to thank the departing directors for their contribution to the Company.

Mr Milgram (aged 30) is executive vice president of Weiss Capital LLC based in Boston USA; he is an experienced portfolio manager and has been a non-executive director of a number of listed Asian and other closed ended investment funds. He holds a BA in Economics from Boston University. Mr Raucher (aged 37) is an Analyst at Weiss Capital LLC. Before joining Weiss, Mr Raucher worked for five years at McKinsey & Company as a Senior Engagement Manager. At McKinsey, Mr Raucher was part of the Private Equity and Financial Institutions Practices, where he served Fortune 100 clients on international strategy development, operations and investment due diligence. He has an MBA with Honors from Columbia Business School, as well as a LLB in Law and Bachelors in Accounting from Tel Aviv University. Mr Barath (aged 59) has more than 25 years experience in the management of high-tech companies in Israel, the USA and the UK. He served on the Corporate Board of management of Elbit Ltd, an international NASDAQ listed company, and was the founder, president and CEO of, Elbit Vision Systems Ltd, a NASDAQ listed company, taking the company from inception through to its initial public offering. Mr. Barath has a diverse background in: corporate finance and business management; business development; and the establishment of strategic partnerships and alliances.

Save as set out above and in the further information below, there is no information specified by paragraph (g) in Schedule Two to the AIM Rules that is required to be disclosed.

For enquiries please contact:

Further information

Eitan Milgram

Current directorships and partnerships: Indochina Capital Vietnam Holdings Limited and The Ottoman Fund Limited.

Previous directorships and partnerships in last 5 years: BFS Income and Growth Trust PLC, Premier UK Dual Return Trust Limited, Morley Absolute Growth Investment Company Limited, Acorn Income Fund Limited, Premier Asian Asset Trust Limited, Investec European Growth & Income Trust Limited and American Investment Trust Limited.

Liquidations: During the last five years the following investment companies underwent a solvent liquidation whilst Mr Milgram was a Director; BFS Income and Growth Trust PLC (April 2005), Premier UK Dual Return Trust Limited (November 2007), Morley Absolute Growth Investment Company Limited (April 2005), Premier Asian Asset Trust Limited (July 2007), Investec European Growth & Income Trust Limited (Aug 2004) and American Investment Trust Limited (March 2005).

Yossi Raucher

Previous directorships and partnerships in last 5 years: Raucher Management Consulting, a partnership which was voluntarily wound down.

Yossi Barath

Current directorships and partnerships: UBank Mutual Funds Ltd, Brookdale Global Opportunity Fund, Silentium Ltd and Mashav Barath (1999) Ltd.

Previous directorships and partnerships in last 5 years: Elbit Vision Systems Ltd, Inspire Investments Ltd, New Opportunities Investment Trust plc, Investec European Growth & Income Trust Limited, The Ukraine Fund Ltd and Beta Viet Nam Fund Ltd.

Liquidations: the following investment companies underwent shareholders voluntary liquidation arrangements while Mr Barath was a director: New Opportunities Investment Trust plc, Investec European Growth & Income Trust Limited and Beta Viet Nam Fund Ltd.

Weiss Capital LLC

Weiss Capital LLC is the investment manager of Brookdale Global Opportunity Fund and Brookdale International Partners, L.P. which own membership interests in Global Investors Acquisition LLC ("GIA") in the ratio of 35% and 65%, respectively; on 20 November 2009, GIA announced that it owned or had received valid acceptances under its offer for the Company in respect of an aggregate of 83,142,696 Clean Energy Brazil ordinary shares (representing 56.3% of the Company's issued ordinary share capital) and declared that the offer was wholly unconditional.