Board Changes, Deregulation & Change of Name (8793E)

TIDMOPF

RNS Number : 8793E

Off-Plan Fund Limited (The)

14 April 2011

 
 AIM: OPF   14 April 2011 
 

THE OFF-PLAN FUND LIMITED

("Off-Plan" or the "Company")

Board Changes, Deregulation of Company as a Collective Investment Fund and Change of Name

Board Changes

Further to the announcement on 31 March 2011 regarding the approval of the proposed continuation of the Company and adoption of a new investing policy focused on the waste/waste to energy section, the Company is pleased to announce the appointment of Brian Howard as Non-executive Director of Off-Plan with immediate effect.

Mr. Howard has held senior positions in the waste management and recycling industry for over 25 years. This included fifteen years as the Managing Director of Thames Waste Management Limited, a subsidiary of Thames Water Plc and then RWE A.G. the German multi-utility company, and nine years with Cleanaway Limited. Prior to this, having obtained a degree in Civil Engineering from University College London and a masters degree in Structural Engineering from Imperial College, he held appointments in both civil engineering consultancy and contracting companies.

More recently he has worked with the private equity group, Englefield Capital, researching and negotiating possible acquisitions and investments in this sector. Two companies were acquired successfully which had a combined annual turnover of over GBP40 million. He is a member of both the Institution of Civil Engineers and the Chartered Institute of Waste Management and has an MBA from the City University.

In addition, the Company announces that Donald Reid, Non-executive Director, has stepped down from the Board and that Roger Maddock, Non-executive Director, becomes an executive director of the Company, both with immediate effect. The Board would like to thank Mr Reid for his contribution to Off-Plan.

Status of the Company

The Company also announces that consent has been received from the Jersey Financial Services Commission to the proposals detailed above and in the announcement on 31 March 2011. Hence, the Company has ceased to be classified as a regulated collective investment fund and has now been reclassified as a Jersey registered ordinary operating company.

Change of Name

In addition, and as a result of obtaining the consent referred to above, the Company's name has been changed to Cholet Investments plc and its issued capital will be traded on AIM with the EPIC code 'CIP' with effect from Friday 15 April 2011. The Company's ordinary shares will continue to be traded under the new ISIN JE00B5NFKB77, which was adopted upon completion of the capital reorganisation and the partial redemption on 1 April 2011.

Roger King, Non-executive Chairman of Off-Plan, commented:

"The Board thanks Donald Reid for his contribution to the Company and is pleased to welcome Brian Howard as a Non-Executive Director with his depth of knowledge and long experience in the waste management and recycling industry.

"The completion of the deregulation process and the change of name to Cholet Investments plc marks a new start for the Company and we hope to deliver shareholder value through the pursuit of our new investing policy."

List of Contacts:

Development Capital Management

Andy Gardiner

Tom Pridmore

020 7355 7600

Merchant Securities Limited

(Nominated Adviser and Broker)

Bidhi Bhoma/Simon Clements

020 7628 2200

Under Schedule 2, paragraph (g) of the AIM Rules, the following information is disclosed:

Mr Brian Henry Alfred Howard, 66, is currently a director of Roberts Metal Packaging Limited and does not hold any shares in the capital of the Company

Mr Howard has confirmed there is no additional information to be disclosed in accordance with 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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