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Share Name | Share Symbol | Market | Type |
---|---|---|---|
European Cobalt Limited | ASX:EUC | Australian Stock Exchange | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.037 | 0.037 | 0.039 | 0.00 | 01:00:00 |
RNS Number:3062O European Colour PLC 04 August 2003 For Immediate Release 4 August 2003 EUROPEAN COLOUR PLC Holding in Company and Appointment of Chairman European Colour, the specialist pigments manufacturer, has been notified that Shelby Corporation has acquired the 13,851,616 European Colour ordinary shares (representing 29.7% of the Company's issued share capital) previously held by Jarvis Porter Group plc. Shelby Corporation is an investment management company and European Colour has been informed that it intends to be a long-term, supportive investor in European Colour. The Board of European Colour is pleased to announce that Steve Smith has agreed to join the Board as Executive Chairman with immediate effect. Steve Smith is Chairman of Tianguis Limited (a private equity adviser and fund manager focused on the chemical and allied processing industries), which advises Shelby Corporation on its investments. Paul Deakin, who has served as Chairman of European Colour since 2001, will stand down from this role, but will continue as a Non-Executive Director of the Company. Steve Smith has enjoyed a long and successful career in the international chemical industry. From 1996 to 2002 he was Managing Director and Chief Executive Officer of Finnish Chemicals Oy, implementing a strategic plan to develop the company into an international business. Prior to 1996, he effected the merger of the Australian Penrice Group with the Brunner Mond Group in the UK, creating a world-leading integrated company in soda ash. Steve Smith was Managing Director and Chief Executive Officer of both companies. He previously held senior positions with Montedison in Italy and with Drew Chemical and Allied Chemical (later Honeywell Inc.) in the US. He is a US citizen but resident in the UK. The Board believes that, building on the turn-round in the Company's activities in the last two years, it will be possible to create a leading international pigments business manufacturing value added products for the printing ink and other colour using industries. Under Steve Smith's leadership, the Company will pursue an energetic growth strategy and intends to pursue opportunities for consolidation in the future. Paul Deakin, Chairman, commented: " I am delighted to welcome Steve Smith to the Board of European Colour. I am confident that the Company and shareholders will benefit from his extensive and successful experience in the international chemical industry and from his leadership skills. After a period of uncertainty, European Colour now has a supportive long term investor and the future looks positive". Steve Smith said: " European Colour is a fine company and I have been impressed with its achievements in recent years. I look forward to working with European Colour's people in the next stage of the Company's development, to create a dynamic specialty chemicals business, to the benefit of the Company and shareholders alike." 4 August 2003 Enquiries: Paul Deakin: Tel.: 0161 480 3891 (for European Colour) Suzanne Brocks: Tel.: 07776 234600 (Buchanan Communications) Steve Smith: Tel.: 001 786 338 1601 until 7 August 2003 (for Tianguis Limited) 0207 603 7788 thereafter Andrew Hay Tel.: 0207 8455955 (LCF Rothschild Securities Limited, advisors to Tianguis Limited and Shelby Corporation) For the purposes of rule 16.13 of the Listing Rules, European Colour announces that Mr. Smith does not hold any interest in the share capital of European Colour plc. Steve Smith has confirmed that there are no details to be disclosed in relation to him for the purposes of paragraphs 6.F.2 (b) to (g) of the Listing Rules. This information is provided by RNS The company news service from the London Stock Exchange END HOLBLGDIGBGGGXS
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