Sefton Resources Inc Update on Proposed Board Changes (8890B)

TIDMSER

RNS Number : 8890B

Sefton Resources Inc

12 October 2015

12 October 2015

Sefton Resources, Inc.

("Sefton" or the "Company")

Update on the Proposed Board Changes & Management Change

Update on the Proposed Board Changes

Further to the announcement of 29 September 2015, the Board of Directors of Sefton (the "Board") has been informed that the prospective replacement Nominated Adviser introduced by the proposed new directors (Clement Chambers as Interim CEO and Michael Hodges as Non-Executive Director of the Company (the "Proposed Directors")) has decided not to proceed. Allenby Capital Limited, the Company's existing Nominated Adviser, has confirmed to the Board that while it will continue to act and support the current Board, it will resign at the same time as the appointment of the Proposed Directors and the resignation of Tom Milne and Keith Morris (the "Board Changes") as announced on 29 September 2015.

Under the AIM Rules for Companies, any company that does not have a Nominated Adviser has its admission to trading on AIM immediately suspended, and if a new Nominated Adviser is not appointed within one month of the previous Nominated Adviser ceasing to act, then the admission to trading on AIM of its shares will be cancelled.

Jossy Rachmantio, the Executive Chairman of the Company, is today arriving in the UK and is due to meet with Mr Chambers this week to discuss the best way forward as regards the interests of all shareholders of the Company; a further update will be provided at the appropriate time.

Management Change

Ms Raylene Whitford, the Company's Chief Financial Officer (non-Board) and Company Secretary has handed in her notice and will leave the employment of the Company once a suitable handover has been completed and no later than 10 November 2015.

Jossy Rachmantio, Executive Chairman, commented, "The Board, on behalf of shareholders and individually, wish to express their appreciation and thanks for Ms Whitford's service to the Company. Often the sole face and voice of the Company, she dealt with a wide variety of issues, problems, challenges and opportunities in her short time with Sefton. At all times, she reflected professional values, leadership and high quality decision making. She came into the Company at a time of transition to new hands- on leadership following a period without defined officer roles in place, and immediately provided stewardship over assets, records, and people. In the unsettled period following the transition to UK from USA, she was the measure of integrity in dealing with investors, creditors and service providers. "

Visit www.seftonresources.com or contact:

 
 Jossy Rachmantio, Executive Chairman        Tel: [phone] 
                                              5570 
------------------------------------------  -------------- 
 Nick Harriss, Nick Athanas, Allenby         Tel: [phone] 
  Capital (Nomad)                             5656 
------------------------------------------  -------------- 
 Nick Bealer, Cornhill Capital (Broker)      Tel: [phone] 
                                              9612 
------------------------------------------  -------------- 
 Tim Blythe, Camilla Horsfall, Blytheweigh   Tel: [phone] 
  (PR)                                        3224 
------------------------------------------  -------------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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October 12, 2015 02:00 ET (06:00 GMT)