Ls -3x Avgo Regulatory News (SAVG)

28 Sep 2007 13:02

Fairplace plc ("Fairplace" or the "Company")

Directorate change

The Board of Fairplace is pleased to announce the appointment of Peter Conroy as a non-executive director of the Company with immediate effect.

The Board further announces that Graham Hall, currently a non-executive director of the Company has today resigned as a director of the Company.

Peter Conroy is a chartered accountant with extensive experience in private equity and corporate transactions. Mr. Conroy is an executive director of Baltic Asset Management Limited and owns Bee Securities Limited which jointly with Jonathan Cohen is interested in 1,087,776 ordinary shares in Fairplace Plc.

Further information required by the AIM Rules

Current and past directorships of Peter Conroy, aged 46, held within the last five years are set out below:

Current directorships (excluding subsidiaries)

Bee Securities Limited (formerly Baltic Securities Limited)

Baltic Asset Management Limited Satman Holdings Limited UNS Group Limited Baltic Overseas Asset Management Limited Baltic Assets SA

Past directorships (excluding subsidiaries)

Baltic Financial Holdings SA

In his capacity as a corporate representative of the Baltic Group the following is reportable under Schedule 2 (v) of the AIM Rules:

PST (International) Limited

The company and subsidiaries was a reseller of refurbished goods. As a result of poor trading the company lost money and went into insolvency in 2004. The third party creditor shortfall was approximately ‚£500,000.

Domebond Management Services Limited

The company leased and sublet office space. As a result of an unfavorable rent review and a poor lettings market the company became insolvent in 2003. The third party creditor shortfall was approximately ‚£400,000.

TV Newsweb Limited

TV Newsweb was a new media business launched in 2000. The new technology was not a commercial success and insolvency ensued in 2002. There was a small third party creditor shortfall.

C.A.F.L. Limited

A leasing company sold by the Baltic Group in 1993. This company subsequently went into liquidation in 1994 due to lessee bad debts. The approximate creditor shortfall was approximately ‚£1m.

Concept Restaurants PLC

This company a restaurant operator raised money under the Business Expansion Scheme in 1988. The company did not trade profitably and was liquidated in 1993. The approximate creditor shortfall was less than ‚£200,000.

Rock Developments Limited

The company acquired and developed, on advice, a retail unit in Glasgow which that lost money and the company went into receivership in 1998 and despite a damages award in favour of the company for negligent advice, there was a creditor shortfall of approximately ‚£1.25m.

There are no other matters required to be announced with regard to this appointment under paragraph (g) of Schedule 2 of the AIM Rules.

Further information on the Company can be found on its website at www.fairplace.comEnquiries:Fairplace plcJonathan CohenChairmanTel: 020 7816 0707

Nominated Adviser to Fairplace

City Financial Associates Limited

Tony Rawlinson

Tel: 020 7492 4777