Directorate Changes & Update

 

TIDMDXR 
 
RNS Number : 3738W 
Directex Realisations Plc 
17 November 2010 
 
                                                                17 November 2010 
                            Directex Realisations plc 
 
                            ("DXR" or the "Company") 
 
      DIRECTORATE CHANGES, PROPOSED NEW INVESTMENT STRATEGY AND NAME CHANGE 
 
The Board of Directex Realisations plc ("Directex" or the "Company") is pleased 
to announce the appointment of Mr Nicholas Hall M.A., FCA (aged 64) as Director 
with immediate effect and the proposed appointment of Mr Tom Winnifrith as Chief 
Investment Officer. The Company is also pleased to announce a proposed new 
investment strategy focusing on investing in the shares of principally silver 
and precious metal companies quoted on stock exchanges in the UK, Canada and 
Australia. 
 
Directorate changes 
 
Mr Hall is a Chartered Accountant trained with KPMG and currently Chief 
Executive Officer of Angel Mining plc.  Mr Hall has international experience 
managing mining companies and is former Managing Director of Rand London 
Corporation Limited (South Africa) and President of PBS Coals Inc. (USA). Mr 
Hall has also acted as an independent consultant specialising in cost reduction 
programmes for major retailers and specialist project management. 
 
Mr Hall holds no shares in the Company. 
 
The Company has also been notified that Nick Lander has resigned with immediate 
effect. 
Proposed New Investment Strategy and Name Change 
 
The Company also announces that, subject to shareholder approval, it is planning 
to change its name to Woodburne Square Ag Plc ("Woodburne Square") - to reflect 
a proposed change in investing strategy. The focus will be on precious metals - 
and silver in particular. Woodburne Square will invest in companies quoted on 
stock exchanges in the UK, Canada and Australia. 
 
In order to drive the new strategy, the Company has agreed, subject to contract 
and the necessary approvals, to appoint Tom Winnifrith, manager of the SF t1ps 
Smaller Companies Gold Fund, as its Chief Investment Officer ("CIO"). 
 
The principal terms of the proposed appointment are that Mr Winnifrith will 
receive no fee for his services but his employer, t1ps Investment Management 
(IoM) Limited ("TIM") will receive a fee equivalent to 15% of the increase in 
the net asset value ("NAV") of the Company payable in shares at the NAV each 
quarter. 
 
The Company intends shortly to convene a general meeting to approve resolutions 
including the change of investing strategy and the change in the Company's name 
to Woodburne Square Ag Plc. 
 
Additionally, the Company is pleased to announce the appointment of Rivington 
Street Corporate Finance Ltd as broker with immediate effect. 
 
Martin Kiersnowski, Directex Chairman commented "The proposed name change and 
new investment strategy mark an exciting time for the Company. The opportunity 
afforded by silver's prospects looks set to rejuvenate the Company, providing 
the perfect springboard for us to drive shareholder value. 
 
"Additionally, I wish to thank Nick Lander for his contribution to the Company 
and wish him well for the future." 
 
Tom Winnifrith commented: ""I believe that the competitive devaluation of paper 
currencies will drive gold to in excess of $2,000 oz - 35% upside - within a 
year. But silver is under valued relative to gold in terms of long term ratios 
and its supply demand imbalance  is even greater so I believe the upside for 
silver is far more dramatic. Shares in silver producers are a highly 
operationally geared play on this. But there are few quality silver plays listed 
in the UK. We will invest our cash mainly in Canada and Australia so giving UK 
investors a direct stake in high quality companies which are via operational 
gearing will benefit immensely as silver races ahead." 
 
For further details, please contact: 
 
Directex Realisations plc 
Martin Kiersnowski, Chairman 
Tel: + 44 (0) 7769 684290 
 
Libertas Capital Corporate Finance Limited 
Sandy Jamieson 
Tel: + 44 (0) 7569 9650 
 
Rivington Street Corporate Finance 
Peter Greensmith 
Tel: [phone] 
 
Bishopsgate Communications 
Nick Rome 
Tel: [phone] 
Notes: 
 
Mr Hall holds or has held the following directorships or partnerships within the 
past five years: 
 
CurrentPrevious 
Angel Mining plc                                                 The Wharf Group 
Limited 
 
Nicholas J Hall Limited 
 
 
Mr Hall was a Director of Brookford Distributors Limited, a distribution 
company, six months prior to the company going into administration in December 
1998. The Company confirms there is no other information that falls to be 
disclosed under Schedule 2 paragraph (g) of the AIM Rules 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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