8 Jun 2015 07:00
For Immediate Release 8 June 2015
Concha PLC ("Concha")
General Update and Board Change
Concha announced with its interim results on 31 March 2015 that it was in discussions regarding a specific global opportunity within its investment scope. Those discussions are on-going and as part of this process, Concha's Asian based non-executive Director Gordon Watson is stepping down from the Board with immediate effect to take on a non-executive Board role with the proposed Concha investee company. Accordingly, Mr Watson removed himself from the discussions between both parties and he shall remain an insider for the duration of this transaction process. At present, there can be no guarantee that this investment will be successfully completed and the Board will update shareholders about further developments as appropriate.
Commenting on today's announcement Gordon Watson said:
"Just over a year ago Chris asked me to join his small dedicated team to help create a distinct UK listed investment vehicle focused on high impact and potentially disruptive global opportunities in the rapidly changing online social media space. We have been cautious in our assessment of various interesting opportunities. During the past several months we have as a team worked on a specific transaction and I have accepted the opportunity to take up a non-executive role with this proposed Concha investee company and as such step down today from my role as a non-executive Director of Concha. This is to avoid any possible conflict and ensure the highest level of due process and governance that all stakeholders wish to adhere to."
Concha Chairman Chris Akers said:
"Gordon has been a valuable Board member of Concha. Whilst work remains to be done on the proposed investment and no certainty of outcome can be given at this stage, the Concha Board shall continue to focus in the weeks ahead to endeavour to achieve the desired outcome for the benefit of our shareholders."
For further Enquiries
Concha PLC
Chris Akers, Executive Chairman chris.akers@srgplc.com
SPARK Advisory Partner Limited (Nominated Adviser) +44 (0) 203 368 3550
Sean Wyndham-Quin
Mark Brady
Buchanan (Financial PR) +44 (0) 207 466 5000
Mark Edwards