RCG Holdings Limited Re-Designation of Existing Director (4085U)

TIDMRCG

RNS Number : 4085U

RCG Holdings Limited

02 December 2013

2 December 2013

RCG Holdings Limited

(the "Company" and together with its subsidiaries, the "Group")

RE-DESIGNATION OF EXISTING DIRECTOR

The board of directors (the "Director(s)") (the "Board") of RCG Holdings Limited (AIM: RCG, HKSE: 802), announces that Mr. Wang Zhongling, an existing Executive Director of the Company ("Mr. Wang"), who had been serving as the Acting Chairman and Acting Chief Executive Officer of the Company, has been promoted to Chief Executive Officer of the Company with immediate effect.

The Company continues to seek a suitable permanent candidate for the role of Chairman of the Board. For the time being, Mr. Wang remains as the Acting Chairman of the Company.

Mr. Wang, aged 30, is presently one of the executive directors to the Company and is responsible for the Group's technology investment and management. He holds a Diploma in Computer Science from the Jiaying College in China. Prior to joining the Company, Mr. Wang was, from 2008, the deputy general manager of Shenzhen Giinwin Technology Co. Ltd., a company specializing in computer intelligence and software development, wireless communication, smart device development, system integration and technical consultancy and where he was responsible for its operation and management. Mr. Wang has had more than 10 years' experience in managing smart system projects in the technology sector and has held a number of senior technology related positions.

Under the present appointment letter of Mr. Wang entered into with the Company, the term of service is one year with an annual remuneration of HK$240,000.00. With the consent of both parties, this promotion shall be subjected to the same terms and conditions as stipulated in the present appointment letter. Mr. Wang's emolument was determined with reference to his duties and responsibilities with the Company and the Company's standard for emoluments.

Mr. Wang has not been a director in any other listed company in the past three years.

As at the date of this announcement, Mr. Wang does not have any interests or short positions in the Company's shares within the meaning of Part XV of the Securities and Futures Ordinance. Mr. Wang does not have any relationship with any current or former director, senior management, or substantial or controlling shareholders of the Company.

Save as disclosed above, the Board is not aware of any other matter in relation to the promotion of Mr. Wang that needs to be brought to the attention of the shareholders of the Company or any information about Mr. Wang required to be disclosed pursuant to Rule 13.51(2)(h) to (v) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

Enquiries:

   RCG Holdings Limited                                                         Tel: [phone] 

Wang Zhongling, Chief Executive Officer

[e-mail]

   Smith & Williamson Corporate Finance Limited                   Tel: [phone] 

(Nominated adviser and broker)

Dr. Azhic Basirov / David Jones

This information is provided by RNS

The company news service from the London Stock Exchange

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