GLIF.L Regulatory News (GLIF)

1 Jun 2009 15:38



T2 Income Fund Limited ("T2" or the "Company")

Appointment of new director and other board changes

The Company announces that it has been agreed that Geoffrey Miller will be appointed as a non-executive director of the Company and each of William Tozier, Saul Rosenthal and Patrick Conroy will retire from the board of directors of the Company.

These board changes will be effective immediately upon the later to occur of the publication of the Company's 2008 audited financial statements and receipt by the Company of confirmation from the Guernsey Financial Services Commission that it has no objection to the new appointment and resignations. 

Following the retirement of Mr. Tozier, it is intended that Mr. Miller will be appointed as chairman of the board of directors.

In light of the decision to proceed with these board changes, the requisition for an extraordinary general meeting that the Company announced on 15 May 2009 has been withdrawn. Besides addressing changes to the Company's board of directors, the requisition had contemplated the approval by shareholders of new option arrangements to compensate board members and it is now anticipated that a resolution for this purpose will be put forward at the Company's forthcoming annual general meeting.

Mr. Miller, the intended incoming chairman of the board of directors said: "On behalf of the board of directors and the Company's shareholders, I would like to thank William Tozier for his commitment to T2 Income Fund since its launch in 2005. We also look forward to continue working with Saul and Patrick in their capacity as representatives of the Company's investment adviser."

Information regarding Geoffrey Miller

Geoffrey Richard Miller, aged 43, has been involved in the investment company industry for twenty two years as an analyst, fund manager and director. He is a specialist in the financial sector, with twenty years experience in research and fund management in the UK, most recently as Director, Research at Bridgewell Securities Limited, before moving offshore. After working for Troika Dialog, a major Russian bank, he is now an independent consultant and a non-executive director of Asset Management Investment Company PLC, an investment trust listed on the London Stock Exchange. He is not resident in the UK.

Mr. Miller is, or has been in the previous five years, a Director of the following companies: 

Mr. Miller holds 250,000 shares in the Company, representing 0.6 per cent of the total voting rights of the Company.

The Company confirms there is no other information regarding Mr. Miller that falls to be disclosed under Schedule 2 paragraph (g) of the AIM Rules. 

For further information, please contact:

Geoffrey Miller

T2 Income Fund Limited

+44 7785 374247 or +79 629 869471

Jonathan Cohen

Saul RosenthalT2 Advisers LLC

+1 203 983 5275

Philip Secrett

Nominated Adviser

Grant Thornton UK LLP

+44 (0) 207 383 5100

Michael Wentworth-Stanley

JP Morgan Cazenove

+44 (0) 207 588 2828