Ls -3x Avgo Regulatory News (SAVG)

20 Feb 2007 15:54

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

Substantial Shareholdings and Non-Executive Director Appointments

Substantial Shareholdings

The board of Fairplace (the "Board") announces that Jonathan Cohen and Peter Evans have become substantial shareholders in Fairplace, having on 19 February 2007 acquired the shareholdings previously held by Select Appointments ( Holdings ) Limited and The Blomfield Group Limited, totalling 2,175,552 ordinary shares and representing in aggregate 22.2% of the Company's issued share capital.

As a result, Jonathan Cohen now has an interest in 1,087,776 ordinary shares owned jointly by him and Baltic Securities Limited, and Peter Evans holds 1,087,776 ordinary shares in his own name, each representing approximately 11.1% of the Company's issued share capital respectively.

Non-Executive Directors

Furthermore, the Board is pleased to announce that Jonathan Cohen and Peter Evans have been appointed to the Fairplace Board as non-executive directors with immediate effect.

Jonathan and Peter bring to Fairplace strategic insight, expertise in complementary fields and extensive personal networks. The Board believes that they will contribute significantly to the ongoing development of Fairplace.

Jonathan Cohen, aged 63, is a founder and director of IDDAS Limited, a board level mentoring business. Formerly Chief Executive of County NatWest and subsequently Vice Chairman of Charterhouse, he is also a non-executive director of leading City search firm The Rose Partnership Limited, Eleco plc, Laird Capital Limited, Eurodirect Finance Limited and Independent Direction Directors Advisory Service Limited. In the past five years he has been a director of Imerge Limited, Independent Direction Limited, Laird Strategic Limited, Earthyellow Limited, Safeco Properties Limited, Rail Investments Limited, Cornersoft Technologies Limited, Lorehove Limited, Fields & Pimblet Limited and Standish Equipment Limited. Save for the disclosures set out at the end of this announcement, there are no disclosures in respect of Jonathan Cohen that fall to be made pursuant to Rule 17 or paragraph (g) (iii) to (viii) of Schedule Two of the AIM Rules for Companies.

Peter Wigley Evans, aged 47, is a qualified INSEAD coach and is currently a co-owner and director of Oxygen Coaching Limited, an executive coaching provider to the hedge fund and investment banking community. He is a partner of Castle Film Partners and also Panthea, a joint venture partner of Booz Allen Hamilton, which brings together strategy, executive search and organizational development for a wide variety of global clients. Peter's background is in commercial banking in the Middle East, and he was previously the owner of The Consulting Group, a financial services executive search firm which was subsequently sold to TMP Worldwide in 1998. There are no disclosures in respect of Peter Evans that fall to be made pursuant to Rule 17 or paragraph (g) (iii) to (viii) of Schedule Two of the AIM Rules for Companies.

Bob Newton, who joined the Board in 1998, advised the Board today that he intends to retire as a non-executive director with effect from 1 March 2007. We would like to record our appreciation of his valuable contribution over this period both as a Board director and as Chairman of the Audit Committee. Following Bob Newton's retirement, the Board intends to appoint Graham Hall as Chairman of the Audit Committee and Ken Brotherston as Chairman of the Remuneration Committee.

Schedule Two disclosures

Jonathan Cohen was a non-executive director and shareholder of Lorehove Limited, and its subsidiaries Fields & Pimblet Limited and Standish Equipment Limited, when each of those companies was placed into administrative receivership on 5 May 2000. Lorehove Limited was subsequently dissolved on 1 March 2005. The Statement of Affairs (Form 3.2) filed at Companies House records that as at 15 May 2000, Lorehove Limited had an estimated deficiency as regards creditors of ‚£680,688. Both Fields & Pimblet Limited and Standish Equipment Limited are still on the Register of Companies. However, the Statement of Affairs filed at Companies House records that as at 15 May 2000, Fields & Pimblet Limited had an estimated deficiency as regards creditors of ‚£ 427,269 and the Statement of Affairs for Standish Equipment Limited records that as at 15 May 2000, it had an estimated deficiency as regards creditors of ‚£485,426.

Enquiries :

Mark Allsup, Chairman 020 7816 0707

Fairplace plc

Tony Rawlinson, Chairman 020 7090 7800

City Financial Associates Limited