7 Oct 2013 07:00
EIH plc
Non-Executive Director Appointment
The Board of EIH plc ("EIH" or the "Company") announces that Paul Garnett has today been appointed as a Non-Executive Director of the Company. Brett Miller will step down from the Board with immediate effect and will remain as a consultant to EIH.
Paul has over 20 years' experience in closed end funds. Having achieved a First Class degree in Banking and International Finance at City University, Paul began his career in 1992 and spent 9 years covering closed end funds from the sell side with Credit Lyonnais and latterly Merrill Lynch, which included a period based in the US.
Paul moved to the buy-side when joining Millennium Partners LP in 2006 and was a founding member of Ironsides Partners in 2010 where he is a portfolio manager responsible for an event driven strategy with particular emphasis on closed end funds and alternative asset classes.
Ironsides Partners LLC is interested in 18.91% of the issued share capital of the Company.
Rhys Davies, Chairman of EIH, commented:
"Since 17 May 2010 when Brett Miller, Ramanan Raghavendran and myself were appointed as the new Board, we have worked to deliver on the Company's new investment policy, which was unanimously approved by shareholders on 28 June 2010. This has resulted in the return of 23 cents per share in cash to shareholders (in the form of capital distributions of approximately $15m), the reduction of the Company's capital commitments from $12.6m to a position where the Company has effectively no further commitments, resolved litigation in favour of the Company, and significantly lowered the Company's cost base. I would like to thank Brett for the very significant part he has played in this effort and I am pleased that the Company will retain his expertise and experience as a consultant".
As we welcome Paul to the Board, we believe he will make an excellent addition at this time as the Company continues its delivery on the investment policy."
Paul Mark Garnett, aged 42, has in the last five years, and continues to be, a Director of the following companies:
Ironsides Partners UK Limited
Save as set out above, there is no information specified by paragraph (g) in Schedule Two to the AIM Rules that is required to be disclosed.
For further information please contact:
EIH plc
Rhys Davies
Chairman
Tel: +41 (0)79 620 0215
Nplus 1 Singer Advisory LLP
(Nomad and Broker)
James Maxwell/Nick Donovan
Tel: +44 (0)207 496 3000