Craven House Capital Regulatory News (CRV)

11 Sep 2009 15:39

AIM Investments

AIM Investments plc

("AIM Investments" or 'the Company')

Directorate Change

The Company is pleased to announce the appointment of Andrew Fletcher as Chief Financial Officer with immediate effect. 

Andrew Fletcher, aged 44, is a chartered accountant (ICAEW) and has an MBA from the London Business School. Andrew is an experienced company finance director with significant experience of private and public market fundraising. In 2006, he led the AIM flotation of Interactive World plc which subsequently acquired a national newspaper group for £50million (renamed Sport Media Group plc) where he remained until July 2009.

Andrew was previously the chief operating officer at ESP Holdings Ltd, a privately backed marketing and promotional group based in Hong Kong and continues to act as a non-executive advisor. He also has substantial transaction experience from his career with "Blue Chip" companies including  PricewaterhouseCoopers, Viacom, EMI Group and Rank Group plc.

Andrew Fletcher's directorships (current and held within the previous five years) are as follows:

Current Directorships

Mediacart Limited 

Past Directorships

ESP Promotions Limited 

ESP Enterprises (UK) Limited 

Sport Media Group plc 

Netcollex Limited 

Watchme.com Limited

Strictly Broadband Limited 

Strictly Broadband.co.uk Limited 

Melton Enterprises Limited 

Moresport Limited 

Sport Newspapers Limited

Please review Appendix I for disclosures pertaining to schedule 2(g) of the AIM Rules.

Resignation of Director 

Alberto Gil has resigned as Finance Director with effect from 11 September 2009. He leaves in order to pursue other business commitments. The Board wishes to express its appreciation for his valuable contribution.

Appendix I

Andrew Fletcher was a director at the time, or within twelve months, of the following companies going into receivership, compulsory liquidation, creditors' voluntary liquidation, administration, company voluntary arrangement or composition with creditors generally or any class of its creditors:

Andrew Fletcher was a director of Sportsworld Media Group plc ("SMG") which went into administrative receivership on 10 April 2002 and in relation to which he resigned as a director on 29 November 2001. SMG acted as a holding company for a number of subsidiaries ("SMG Group"). These subsidiaries had provided guarantees totaling £8.2 million to SMG Group's bankers in respect of SMG Group's borrowings. SMG Group as a whole had been experiencing cash-flow difficulties and following delays to planned disposals of subsidiary businesses, had become unable to trade within its agreed overdraft facility with its bankers. This led to the appointment of administrative receivers to SMG. Following the appointment of administrative receivers to SMG, the subsidiaries no longer had access to the funding provided by SMG Group's bankers. Consequently, administrative receivers were appointed in respect of various of them, including the following:

Sportsworld Media Group plc and its subsidiaries went into administrative receivership on 10 April 2002 owing creditors approximately £4,021,504.

Chilli Industries Limited went into administrative receivership on 15 April 2002 owing creditors approximately £2,661,000.

GI Barnet Limited went into administrative receivership on 1 May 2002 owing creditors approximately £1,419,000.

Netsports Limited went into administrative receivership on 18 June 2002 owing creditors approximately £8,543,000.

Sports World Television Limited ("SWTV") went into administrative receivership on 11 September 2002 owing creditors approximately £8,092,000.

Option Line Limited was ordered into compulsory liquidation and was dissolved on 16 July 2002.

Having regard to the statement of affairs filed in relation to GI Barnett limited, the estimated total deficiency as regards creditors was approximately £1,419,000. Having regard to the statement of affairs filed in relation to Netsports Limited, the estimated total deficiency as regards creditors was approximately £8,543,000. Having regard to the statement of affairs filed in relation to SWTV, the estimated total deficiency as regards creditors was approximately £8,092,000. In relation to Netsports Limited and SWTV, the estimated total deficiency to creditors as referred to in the statement of affairs filed for each company was inclusive of the £8.2 million which had been guaranteed by these subsidiaries to the SMG Group's bankers. 

Andrew Fletcher was also a director of Option Line Limited, another wholly owned subsidiary of SMG. Option Line Limited was subject to compulsory liquidation and was dissolved on 16 July 2002 following a court order dated 23 January 2002 that the company be wound up under the provisions of The Insolvency Act 1986. The court order was made on the petition of Carlton Communications plc, a creditor of the Company. There was also a deficiency to creditors the quantum of which has not been notified to Companies House.

News & Echo Limited was dissolved on 19 August 2009 as a dormant company.

Sport.com Ltd was dissolved on 19 August 2009 as a dormant company.

No other information falls to be disclosed under schedule 2(g) of the AIM rules with regard to Andrew Fletcher.