16 Nov 2016 12:04
16 November 2016
World Trade Systems PLC ("WTS")
Update on New Business Activity and Board Changes
Further to the Company's previous announcement dated 18 May 2016, we are pleased to announce the following update on the ongoing development of WTS with business activities similar to that of Suzhou Weibao Investment Co Ltd ("SZWB") and/or those of other companies in the SZWB group.
WTS has now established Shimao Bio-technology Co. Ltd., a new wholly-owned subsidiary in Suzhou, China ("WTS China") which has been fully licensed as a wholly foreign-owned enterprise to engage in the development and sale of bio-technical medical and healthcare products. WTS China has begun developing its operations and commenced trading.
The Company is now in the process of seeking the re-admission of the Company's ordinary shares. It is envisaged that any re-admission will be onto the standard segment of the Official List of the UKLA ("Admission").
At the time of Admission, the Company currently expects to raise new funds by way of a firm subscription of new ordinary shares with a number of new shareholders and also offer existing shareholders the right to participate in a pre-emptive fund raising.
The Admission and fund raising are likely to take place in the first quarter of 2017 and shareholders will be kept informed on significant developments during this time.
In preparation of the Admission, the Company announces the following board changes:
The Company is delighted to announce the appointment of Abdul Khader Mohamed Ismail ("AKM Ismail") (aged 55 years) and Ellen Xin Lu (aged 41) as Finance Director and an independent non-executive director respectively with effect from 15 November 2016.
AKM Ismail, a banker by background has considerable experience with mainland Chinese companies, and has been instrumental in the creation and subsequent development of WTS China.
Ellen Lu, who previously worked for McKinsey & Co is fluent in Cantonese and Mandarin and has considerable experience of business within China.
There is no information to disclose in respect of paragraph 9.6.13 (2) to (6) of the Financial Conduct Authority Listing Rules in respect of both Ismail and Ellen.
It is envisaged that at the time of Admission, the board will appoint a further independent non-executive director and Antares Cheng will resign from the board.
As previously announced Dr Shao Chen has recently joined the board and at the time of Admission will become the Chief Executive Officer of the Company. Robert Lee will continue his role as non-executive Chairman.
For further information please contact:
Robert Lee or
AKM Ismail at akm.ismail@gmail.com or +44 1494 590515