2 Nov 2007 07:00
Date: 2nd November 2007
On behalf of: Western Selection P.L.C. ("Western Selection")
Embargoed until: 0700hrs
Western Selection P.L.C.
Western Selection P.L.C. , the investment company, advised Swallowfield plc (AIM: SWL) on 1st November 2007 of its intention to propose the appointment of two non-executive directors at Swallowfield's Annual General Meeting ("AGM") on 8th November 2007.
Mr. Richard Organ will retire by rotation and Mr. Tony Wardell will not be standing for re-election at Swallowfield's AGM. Western Selection intends to propose that Mr. Peter Gyllenhammer and Mr. David Marshall, who are wholly supportive of the executive directors, are elected as non-executive directors of Swallowfield to replace them. Both Messrs Gyllenhammer and Marshall have extensive experience as independent non-executive directors of listed companies; Western Selection believes that their appointments will considerably strengthen the Swallowfield Board and will enable Swallowfield to accelerate the achievement of its goals of which they are wholly supportive.
Western Selection's key objective in proposing the new non-executive directors is to increase the knowledge and expertise on the Board of Swallowfield. Swallowfield Board's rejection of the proposal for Mr Organ to continue to serve as a non-executive director alongside Messrs Gyllenhammer and Marshall will necessitate Western Selection and Mr Gyllenhammer's votes being cast against the re-election of Mr Organ. We will, however, strongly recommend that Swallowfield's Board invites Mr Organ to rejoin the Board following the AGM.
Western Selection is proposing the election of Messrs Gyllenhammer and Marshallat the Swallowfield AGM under the terms of Swallowfield plc's Articles ofAssociation rather than convening an Extraordinary General Meeting, thusminimising any unnecessary disruption and associated costs for shareholders andthe Company. - ends - Enquiries to:Western Selection P.L.C. Via Redleaf Communications David Marshall/Edward Beale Redleaf Communications 020 7822 0200 Emma Kane/Sanna Lehtinen Notes to Editors: * Western Selection is an investment finance company and its investment policy is to hold strategic stakes in a few smaller UK quoted companies and maintain a diversified portfolio of U.K. listed equities, together with a few holdings on AIM, PLUS and some unlisted shares. Strategic investments are minority positions where the Board seeks to maintain a close working relationship with the management of the investee. Western Selection is represented on the boards of two of its three strategic investments. The general portfolio is managed by two non-executive directors, Andrew Hall and Michael Robotham, and the Board as a whole takes decisions in relation to both strategic and unlisted investments. * Western Selection owns 8.8% of Swallowfield's shares. * Mr Gyllenhammer owns 29.4% of Swallowfield's shares. * Mr Marshall is Chairman of Western Selection P.L.C. and Creston plc, Deputy Chairman of Finsbury Food Group plc and a non-executive director of Marylebone Warwick Balfour plc and Northbridge Industrial Services plc
SWALLOWFIELD PLC