12 Dec 2014 07:00
NOVA RESOURCES LIMITED
("Nova" or the "Company")
12 December 2014
Board Changes, Appointment of Nominated Adviser and Update on Investments
Board Changes
The Company announces that Chan Fook Meng has resigned from the Board with immediate effect. Christopher Morgan, currently non-executive director, will assume the role of Chairman of the Company. Ajay Rajpal has been appointed as a non-executive director of the Company with immediate effect.
Brief details on the new director are as follows:
Ajay Rajpal ACA Non-Executive Director
Ajay is a Chartered Accountant, with a broad-ranging commercial experience developed through an international career with blue chip companies, having had extensive experience in the US, Europe, Middle East and Far East, with a particular expertise in M&A, financial management and insolvency/restructuring. Recent work experience has focussed on providing Board representation and finance director services for AIM-quoted and private companies based in the Far East. Ajay is a non-executive director of New Trend Lifestyle Group Plc and Zibao Metal Recycling Holdings Plc, and non-executive chairman of MNC Strategic Investments Plc.
Appointment of Nominated Adviser
SPARK Advisory Partners Limited has been appointed as the Company's nominated adviser with immediate effect.
Update on Investments
Further to the interim announcement on 30 September 2014, the Company has received an interim repayment of $289,384 from Enerstry Group Ltd ("EG") of the unsecured loan of $806,480 provided to EG in January 2014. A further amount is expected to be received shortly, with the balance of the loan (and interest) due to be repaid by the end of the 2015. Progress with the investment in EG has been slower than expected, and the Board will continue to seek investments in line with the Company's approved investing policy.
The following information is given in accordance with paragraph (g) schedule Two, the AIM Rules for Companies:
Full name and age:
Ajay Kumar Rajpal, ACA (aged 45)
Current Directorships/Partnerships:
Zibao Metals Recycling Holdings PLC
New Trend Lifestyle Group PLC
MNC Strategic Investments PLC
NAS Corporate Services Limited
Brookmans Park Roads Limited
Past Directorships/Partnerships (previous 5 years)
Tricor PLC
Tricor Supply Side Carbon Limited
Green Fuel Tech Limited
Premier Investment Consultancy FZE
Shareholding
NAS Corporate Services Ltd (a company owned and controlled by Mr Rajpal) currently holds 1,125,000 shares in Nova (representing 0.29 per cent of the issued share capital). In addition NAS Corporate Services Ltd holds 5,500,000 warrants (500,000 of which are exercisable at 1.5p and 5,000,000 exercisable at 1p) and has an agreement to acquire a further 10,000,000 warrants of 1p (which vest in January 2015 and January 2016). In addition NAS holds a convertible loan note for £31,500 (which is repayable in December 2014 or convertible into 3,150,000 new ordinary shares in the Company at NAS' option).
Other
There is no other information required to be included in accordance with paragraph (g) of Schedule Two of the AIM Rules for Companies.
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Enquiries:
Nova Resources Limited 07966 332232
Christopher Morgan, Chairman
SPARK Advisory Partners Limited (Nominated Adviser) 0203 3683554
Neil Baldwin/Mark Brady