CLS Holdings Regulatory News (CLI)

27 Nov 2008 15:30

CLS HOLDINGS PLC ("CLS" or "the Company") BOARD CHANGES

The Board of CLS Holdings plc is pleased to announce the appointment of Mr Joseph Crawley and Mr Chris Jarvis as Non-executive Directors with immediate effect.

In addition, Mr James Dean is to retire on 31st December 2008 as a Non-executive Director after over nine years of valuable service. James has also made an important contribution as a member of both the Audit Committee and of the Remuneration Committee, of which he was Chairman. Thomas Lundqvist and Joseph Crawley will be appointed as Chairman and Member of the Remuneration Committee respectively, Chris Jarvis will be appointed as a member of the Audit Committee and Malcolm Cooper will replace James as the Senior Independent Director. These committee changes are expected to take effect on 31st December 2008.

Joseph Crawley is Chief Executive of Kitewood Estates Ltd, a property investment and development company active in London and south-east England. Kitewood specialises in supplying residential property to housing associations and also has a commercial business which is developing a business park in Kent. Joe has considerable experience, knowledge and contacts relating to the central London property market and has been active in property development in the London area for over 20 years. He was previously employed by CLS from 1988 to 1991 when he was responsible for property development, including the development of the Spring Gardens site. He was CLS' Development Director from 1995 to September 1999.

Chris Jarvis FRICS is senior partner of Jarvis & Partners, a boutique real estate consultancy that he established in Berlin in 1994. Jarvis & Partners acquired a leading role in advising major tenants and owner occupiers in Germany with a client list including Linklaters, Clifford Chance and the European Central Bank. Jarvis & Partners' work has been involved in advising a number of German equity investors and working with German based international corporates on sale and leaseback deals in Europe. Prior to establishing Jarvis & Partners, Chris worked for Richard Ellis for 13 years in London and Germany, from 1988 to 1994 as Managing Director of Richard Ellis Germany.

Sten Mortstedt, Chairman, commented:

"We are delighted that Joe and Chris have agreed to join the Board. The Board thanks James for all he has done for CLS and wishes him well for the future."

Pursuant to Listing Rule 9.6.13 (3) Joseph Allen Crawley was an Executive Director of Groveclose Ltd which was voluntarily liquidated in 2001 and he resigned as a Director of Trinity Modular Technology Ltd on 1 October 1995 which was later put into liquidation in July 1996. No further information is required to be disclosed pursuant to LR 9.6.13 R. Joe does not have any beneficial interests in CLS ordinary shares.

No information is required to be disclosed pursuant to LR 9.6.13 R in respect of Christopher Patrick Jarvis and he does not have any beneficial interests in CLS ordinary shares.

Enquiries:

Sten Mortstedt, Executive Chairman, CLS Holdings plc +44 (0) 20 7582 7766

Henry Klotz, Chief Executive Officer, CLS Holdings plc +44 (0) 20 7582 7766