Monchhichi plc Market Update & Appointment of Directors (1097W)

TIDMMCC

RNS Number : 1097W

Monchhichi plc

10 November 2017

 
 For Immediate Release   10 November 2017 
 

This announcement contains inside information for the purposes of Article 7

of the Market Abuse Regulation (EU) No 596/2014

Monchhichi Plc ("Monchhichi" or the "Company")

Update on move to Standard List of the Main Market

Proposed appointments of additional Directors

Time extension to Bonus and other Warrants

Change of Accounting Reference Date

Update on Move to Standard List of the Main Market

Monchhichi's plan is to make a series of cohesive and meaningful acquisitions with clear existing industry validation and disruptive growth trajectory in the Technology, Media and Internet sectors.

The Directors are pleased to announce that the process to complete the move to the Standard List of the Main Market is substantially complete and that in due course the Company can publish its prospectus together with the notice to convene a General Meeting. As was previously communicated, the Company has already received irrevocable voting undertaking substantially in excess of the minimum simple majority requirement for the two proposed Resolutions to approve the initial Sentiance investment and the extension of the Company's Investment Policy.

Proposed appointment of additional Directors

The Company is pleased to announce that the following Directors are expected to be appointed upon commencement of trading of the Company's Ordinary Shares on the Standard List of the Main Market:

Henry Gordon (44) as Executive Director and Chief Operating Officer. Henry has 20 years of equity markets experience with a deep understanding of capital raising and management in both the public and private arena and previously worked at Goldman Sachs in Australia and Credit Suisse in London before returning to Asia as CEO of BTIG in Singapore. Henry is currently Senior Director Equity Sales and Trading at Macquarie Bank Hong Kong and is expected to join Monchhichi in a fulltime capacity in early 2018.

Johnny Chan (58) as Non-Executive Director. Johnny has 30 years of extensive Asia based experience in venture capital and equity capital markets combined with major senior public service positions in education and technology across the region. His current roles include President and Executive Director of HK Venture Capital & Private Equity Association and Non-Executive Director of CNQC International Holdings.

Gerald Rossi (67) as Senior Non-Executive Director. Jerry has over 40 years of executive experience in the TMT sector. His initial experience included various posts with NYNEX (Verizon) in the US and abroad followed by his appointment as CEO of PT Excelcomindo Pratama ("XL"), one of the largest South East Asia mobile network operators. He held this position until the company was sold to Telekom Malaysia in January 2005.

Full details of the additional Directors will be included in the prospectus.

Time extension to Bonus and other Warrants

In view of the timeline upon which the Ordinary Shares of the Company are anticipated to commence trading on the Standard List, the Directors are pleased to confirm that they have agreed to extend the exercise deadline of the 60p Bonus Warrants and all other issued Warrants by a period of 3 months. As a result, the Bonus Warrants would now require to be exercised or otherwise lapse by the holders on or prior to 24 March 2018.

Change of Accounting Reference Date

The Directors have decided to change the accounting reference date from 31 March to 31 December. As a result, the current financial period will be for a period of 9 months, ending 31 December 2017.

Commenting on today's announcement Simon Fry, Executive Chairman, said:

"We are pleased that the transaction process on our first major investment and move to the Standard List of the Main Market is now nearly completed. I am very much looking forward to start working with the additional Directors in the near term. Their collective experience and complementary skill sets shall undoubtedly yield considerable positive benefits for Monchhichi and its stakeholders in the future".

Market Abuse Regulation

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

For further information:

 
 Buchanan (Financial communications) 
 Richard Oldworth / Henry Harrison-Topham   Tel: +44 (0)20 
  /                                          7466 5000 
  Catriona Flint                             www.buchanan.uk.com 
 [e-mail] 
 

Enquiries:

 
 Panmure Gordon (Nominated Adviser   Tel: +44 (0)20 
  and Broker)                         7886 2500 
 Dominic Morley / Alina Vaskina 
 

Notes to the editors:

Monchhichi (MCC.L) is a UK quoted company that focuses on making conviction investments / acquisitions in people, organisations and outstanding businesses with proven track records, industry validated market positions and clearly visible disruptive growth opportunities in the Technology, Media and Internet space globally. For more please visit www.monchhichi.life

This information is provided by RNS

The company news service from the London Stock Exchange

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November 10, 2017 02:00 ET (07:00 GMT)