Directorate Change

19 Jul 2005 18:09

Cubus Lux plc19 July 2005 CUBUS LUX PLC Board changes Directors' dealings Board changes Cubus Lux Plc ("Cubus" or the "Company") are pleased to announce the appointmentof Mr. Gerhard Huber (aged 45) and Mr. Michael Martin Janssen (aged 39) asexecutive chairman and non-executive director respectively. Gerhard Huber brings with him many years of experience in banking, real estatedevelopment and tourism in Croatia. Michael Janssen brings with him years ofexperience in financial management and investor relations. As part of these appointments, Moshe Har Adir has stepped down from his positionas executive CEO and director. Haggai Ravid has stepped down as interim chairmanand will remain a non-executive director. Mr. Gerhard Huber commented - "I am pleased to have the opportunity to bring inmy expertise to Cubus with our aim of growing it into the premier tourismcompany in Croatia." Details on directors Gerhard Huber Current directorshipsXelector Ltd Past directorshipsGSX Leisure Limited - a company which was put into liquidation. Michael Janssen Current directorshipsFAS AGCryptovision GmbHVC on Target GmbH Past directorshipsNone There are no further disclosures required to be made in respect of Mr. Huber andMr. Janssen with regard to paragraph (g) of Schedule 2 of the AIM Rules. Directors' dealings In conjunction with the board changes Mr. Har Adir has entered into an agreementto sell 9,878,763 ordinary shares, representing approximately 44.7% of theissued share capital of the Company to various entities and individuals,including Mr. Huber and Mr. Janssen. Completion of this share sale is due totake place on 22 July 2005, following which Mr. Huber and Mr. Janssen'sinterests in the Company will be as follows: Number of shares % of issued share capital Gerhard Huber 2,160,763 9.5%Michael Janssen 1,564,000 6.8% The Company is not currently subject to the City Code on Takeovers and Mergers. For information contact: Graham HerringThreadneedle Communications - 020 7531 2620 Olly CairnsCorporate Synergy Plc - 020 7626 2244 This information is provided by RNS The company news service from the London Stock Exchange