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27 Feb 2013 14:40
27 February 2013
Northacre PLC
("Northacre" or the "Company")
Board Changes
The Company is today pleased to announce that Jassim Alseddiqi and Mustafa Kheriba have been appointed as directors of the Company.
Messrs Alseddiqi and Kheriba are the only two directors of Spadille Limited ("Spadille"), which made a recommended mandatory cash offer to acquire the entire issued and to be issued share capital of Northacre on 7 February 2013. On 15 February 2013, Spadille announced that it then held or had valid acceptances of the offer in respect of 50.49% of the Company's issued share capital and that the offer was declared unconditional in all respects. Spadille is 100% owned by Abu Dhabi Capital Management LLC ("ADCM").
Jassim Mohammed RMS Alseddiqi Alansaari, 28, is the Chief Executive Officer of ADCM which he established in January 2011. Mr Alseddiqi joined Abu Dhabi Capital Group in 2006 and became Chief Executive Officer in 2008, managing global assets including public equities, hedge funds, fixed income, private equity and real estate. Mr Alseddiqi played an integral part in establishing several reputed financial services firms in the United Arab Emirates, and was instrumental in setting up Al Nahda Investments, Reem Finance (where he served on the board from 2006 to 2010) and Essdar Capital (where he served on the board from 2007 to 2010). Mr Alseddiqi received his Masters of Science degree in Electrical Engineering from Cornell University, and has several publications in international engineering journals.
Mustafa Ghazi Kheriba, 38, has been Chief Operating Officer of ADCM since July 2011 and is directly responsible for the day to day operations and financials of ADCM and is also responsible for origination, deal sourcing, fund raising, due diligence and corporate compliance. Prior to ADCM, Mr Kheriba was Vice President of Operations and Investment Management at Brainnox Investment Group and Vice President of Operations at Global Investment Council. Mr Kheriba has an MBA from Ohio Dominican University, and a BA from the University of Toronto.
The following information is disclosed pursuant to Rule 17, Schedule Two (g) of the AIM Rules.
Director
| Current Appointments | Previous Appointments |
Jassim Alseddiqi | Abu Dhabi Capital Group LLC Candle One Ltd AD Cap Manage Ltd Abu Dhabi Capital Management LLC Abu Dhabi Capital Management (DIFC) Ltd ADCM SPEF GP Ltd Bayswater One Ltd SPE Qannas B Ltd SPE Qannas C Ltd MJS International Trading LLC Emirates Buildings Establishment Qannas Investment Limited Spadille Ltd | Reem Finance JSC Essdar Capital (DIFC) Ltd. Dnata Travel Abu Dhabi LLC Mobile Telecom Group LLC Injaz Mena Investment Company Khidmah Property Management LLC First Gulf Financial Services LLC Emirates Buildings Establishment PJSC Al Dhabi Investment Company PJSC JLA International LLC Galaxy Building Materials LLC Acosta Investments Ltd. Optimo Commercial Investments Ltd. |
Mustafa Kheriba | AD Cap Manage Ltd ADCM SPEF GP Ltd SPE Qannas B Ltd SPE Qannas C Ltd Abu Dhabi Capital Management (DIFC) Ltd ADCM Ltd (Cayman) Bayswater Limited Spadille Limited
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Jassim Alseddiqi is interested, indirectly, in 50.49% of the share capital of the Company. Jassim's interest is through ADCM, of which he is a director and controller, and which holds 100% of Spadille. Jassim also has a 15% beneficial interest in ADCM, which may increase or decrease in the future. Mustafa Kheriba holds no direct or indirect interest in the share capital of the Company.
Enquiries:
Northacre PLC
Ken MacRae (Chief Executive Officer & Finance Director)
Klas Nilsson (Chairman)
Tel: (020) 7349 8000
Daniel Stewart & Company
Antony Legge
James Thomas
Tel: (020) 7776 6550
Hudson Sandler Ltd
Michael Sandler
Tel: (020) 7796 4133
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