Sign In
14 Aug 2008 07:00
Ninety Plc ('Ninety' or the 'Company')
Change of Executive Director
Ninety announces that Angus Irens has resigned as Executive Director and is to be replaced by John McLean with immediate effect.
John McLean, aged 55, has a successful track record across a number of sectors in developing growing companies and he has also managed operations globally, with specific expertise in China, Australia, the USA, Canada and Europe. John was originally a chartered accountant with Coopers & Lybrand in both London and New York.
He is Chairman of the AIM-listed investment company Albany Capital plc which focuses on investments into growing companies with high quality local management teams based in the Peoples Republic of China. Albany operates from offices in London and Qingdao, North Eastern China. John is also Chairman of AIM-listed China Food Company plc which is based in Shandong province, North Eastern China.
In 1998, he was appointed by Gamma Holdings NV to carry out a strategic review of their UK interests, including Sanderson, the textile and wallpaper company. John remained with Sanderson until 2003, serving as its managing director, successfully implementing a turnaround and disposal plan. From 1992 to 1996, he was employed as General Manager with ICS and co-led a management buy-out of the company with 3i, prior to its successful disposal to Hays plc in 1996.
Contacts and website:www.ninetyplc.co.uk
John McLean, Executive Director
Tel: 020 3178 4506
Geoff Nash, FinnCap
Tel: 020 7600 1658
In accordance with Schedule 2(g) of the AIM Rules, the following further information in relation to the appointment of John McLean to the Board of Ninety is disclosed:
Full name: John Nigel Major McLean
John McLean holds and has held within the five preceding years the following directorships and partnerships:
Current directorships and partnerships:
Albany Advisers Limited
Albany Capital Plc
ASSL (Realisations) Limited (in liquidation)
China Food Company plc
Fairfax Acquisitions Limited
Fairfax Classical Properties Limited
Flymenow Limited
Pedstowe plc (formerly Humberts Group plc)
Pedstowe (Kensington) Limited
Westminster Growth Capital Limited
Past directorships and partnerships:
Arthur Sanderson & Sons (Holdings) Limited (dissolved)
Arthur Sanderson & Sons (Scotland) Limited (dissolved)
Atholl Ventures Limited (dissolved)
Cameron Corporation Limited (dissolved)
Gamma (Nelson) Limited
M&C (Artworkers) Limited (dissolved)
S of l Limited
WM Wallpapers Limited
An administrative receiver of ASSL (Realisations) Limited (formerly Arthur Sanderson & Sons Limited) was appointed on 7 August 2003 and the company was placed into creditors' voluntary liquidation on 20 November 2003. Mr McLean was a director of that company on both such events, having been appointed on 26 June 1998 by Gamma Holdings NV to implement a strategic review of the business. Although the company did return to profitability while Mr McLean was a director, the company required additional funding both to grow and to complete the restructuring. However, it was not possible to obtain the additional funding for the company and so an administrative receiver and then a liquidator were appointed. The deficiency to creditors was £41.078 million.
An administrative receiver of Arthur Sanderson & Sons (Holdings) Limited was appointed on 7 August 2003 and the company was placed into creditors' voluntary liquidation on 20 November 2003. Mr McLean was a director of that company on both such events, having been appointed on 24 January 2001 by Gamma Holdings NV. Arthur Sanderson & Sons (Holdings) Limited was the parent company of ASSL (Realisations) Limited. After paying creditors, the surplus was £143,863.
Save as set out above, there is no further information to be disclosed in respect of Schedule 2(g) of the AIM Rules.
Follow the stocks
