SER.L Regulatory News (SER)

29 September 2015

Sefton Resources, Inc.

("Sefton" or the "Company")

Proposed Board Changes, Withdrawal of EGM Requisition

The Board of Directors of Sefton (the "Board") confirms that, further to the announcement of 10 September 2015, regarding the requisition for an extraordinary general meeting (the "EGM") of shareholders (the "Requisition") which proposed:

1. the removal of Thomas Milne, Keith Morris and Raylene Whitford as Directors of the Company; and

2. the appointment of Clement Chambers as Interim CEO and Michael Hodges as Non-Executive Director of the Company (the "Proposed Directors"),

that discussions have taken place between Mr Chambers and Jossy Rachmantio, the Company's Executive Chairman. 

As announced on 10 September 2015, Mr Milne had decided to stand down at the next Annual General Meeting ("AGM") of the Company, and as announced on 18 September 2015, Ms Whitford has resigned from the Board for personal reasons. It has been agreed by the Board and the Proposed Directors that they will jointly progress the appointment of the Proposed Directors to the Board and the concurrent resignations of Mr Milne and Mr Morris, and that these changes to the Board will occur in October 2015 (the "Board Changes"). A further announcement will be made once the date of the Board Changes is agreed.

The Requisition was made by Daniel Levi, Christopher Williams and Charnjit Matharu (the "Requisitioners"), who collectively represent 11.29 per cent of the Company's issued common shares of no par value ("Common Shares"). The Requisitioners have withdrawn the Requisition and no EGM will now take place. 

The Company now intends to hold its AGM at a date subsequent to the Board Changes and a separate announcement will be made in due course.

Following consultation with the Board, the Company's Nominated Adviser, Allenby Capital Limited, has informed the Board that while it will continue to act and support the current Board during this process, but will resign at the same time as the Board Changes. The Proposed Directors have introduced a prospective replacement Nominated Adviser and the Board and Allenby Capital Limited will work constructively to assist them in their required due diligence under the AIM Rules. Under the AIM Rules, any company that does not have a Nominated Adviser has its admission to trading on AIM immediately suspended, and if a new Nominated Adviser is not appointed within one month of the previous Nominated Adviser ceasing to act, then the admission to trading on AIM of its shares will be cancelled.

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