4 Feb 2010 15:44
4 February 2010
EIH Plc (the "Company" or "EIH")
Notice of an extraordinary general meeting of the Company, directorate change and update on legal proceedings
1. Notice of an extraordinary general meeting
Following the announcement on 18 January 2010 regarding the appointment of a new investment manager, the Company announces that notice of an extraordinary general meeting ("EGM") of the Company (the "Notice") to be held at the registered office of the Company at 9:30 a.m. (London time) on 22 February 2010 has been sent to the shareholders of the Company. At the EGM, the Company's shareholders will be asked to consider, and if thought fit, pass a resolution (which will be proposed as an ordinary resolution) whereby Gateway Asset Management Company Limited will be appointed as investment manager to the Company upon such terms as may be agreed by the board of directors of the Company.
2. Appointment of new director
Following the vacation of office by Sanjeev Mohta from his position as a non-executive director of the Company with effect from 3 February 2010, the Company is pleased to announce the appointment of Michael Gerald Moloney ("Gerald Moloney") as an independent non-executive director of the Company with immediate effect.
Gerald Moloney is a highly experienced investment professional. He has over 30 years' experience working in the investment industry and has held a number of directorships with investment companies and asset managers during his career. His experience encompasses venture capital, private equity and hedge fund style investments in a range of markets including the Far East and Africa, as well as advising on Irish state policy in respect of emerging industries.
William Knight (Chairman) commented:
"We are delighted that Gerald has agreed to join the Board of the Company as we believe that his knowledge and experience of the investment industry will be a significant asset to the Company and further strengthen the Board's capabilities going forward."
The disclosures required to be made under Rule 17 of the AIM Rules for Companies in respect of Gerald Moloney's appointment are set out in the Appendix to this announcement.
3. Update on legal proceedings against Katra Holdings Limited
Further to its announcement published on 25 January 2010 in respect of the litigation against Katra Holdings Limited ("Katra") the Company is pleased to announce that progress continues to be made in those legal proceedings launched in New York, Singapore and Mauritius to recover all amounts owed to the Company pursuant to the US $2.5 million loan previously made to Katra by the Company which (together with accrued interest) remains outstanding.
The Supreme Court of Mauritius (Commercial Division) on the 29 January 2010 issued an order pursuant to which Katra undertook not to dispose of its shareholdings in the following six subsidiary companies:
·; Mason & Summers Alcobev Pvt Ltd;
·; Katra Phytochem Pvt Ltd;
·; Kerala Ayurveda Ltd;
·; Global Agri System Pvt Ltd;
·; Katra Estate Private Ltd; and
·; Katra Finance Ltd.
The Company continues to work closely with its advisors across several jurisdictions to pursue Katra and Mr Ramesh Vangal in order to recover those sums owed to it.
Contacts:
EIH Plc
William Knight + 44 (0)20 7221 3900
Seymour Pierce (Nominated Adviser and Joint Broker)
Nandita Sahgal, Director + 44 (0)20 7107 8000
Singer Capital Markets Limited (Joint Broker)
Jos Trusted +44 (0)20 3205 7500
APPENDIX
Gerry Moloney, aged 65, holds, or has held within the past five years, the following directorships all of which are in companies registered in the Republic of Ireland unless otherwise stated:
Current directorships
Mediolanum International Funds Limited
Traditional Funds plc (formerly Thames River Traditional Funds plc)
Thames River Traditional Multi Funds plc
Vega Invest Fund Plc
Banorte Money Market Fund plc
Old Mutual Dublin Funds plc
Close Investment Portfolios plc (formerly Aon Investment Co plc)
Close Multi Manager International Limited
Lindsell Train Global Fund plc (formerly Close Investment Global Funds plc)
Laredo Umbrella Fund plc
Lontana Umbrella Fund plc
Skandia Global Funds plc
SGF Marketing Limited
Baring Asia Strategic Fund plc
Baring Global Equity 130/30 Fund plc
Baring Alpha Currency Fund plc
Brandes Investment Fund plc
Cnp Europe Life Limited
Ignis Strategic Funds plc (formerly Axial Strategic Solution Funds plc)
Axial Investment Management Ireland Limited
Past directorships
Bedlam Funds plc
AON Multi-Manager Portfolios plc (formerly Aon Asset Manager Limited)
GMA Capital Markets Ltd (registered in England)
Baring European Smaller Companies Absolute Return Fund plc
Close Managed Funds plc
InvestmentPlus plc
Bramdean Fund Management Limited
The Siberian Investment Company plc
Baring Japan Absolute Return Fund plc
Baring EMEA Absolute Return Fund plc
Baring China Absolute Return Fund plc
Axial Short Term Multi Asset Fund plc
Baring Emerging Markets Absolute Return Fund plc
Mediolanum Asset Management Limited
Old Mutual Global Dynamic Fund plc
Skandia Fund Management (Ireland) Limited
Baring Japan Absolute Return Fund plc
Baring European Smaller Companies Absolute Return fund plc
There is no further information to disclose in respect of Gerald Moloney under paragraph (g) of schedule 2 of the AIM Rules.
END