We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Newfound | LSE:NFND | London | Ordinary Share | NL0000686764 | ORD EUR0.01 (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.85 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMNFND RNS Number : 1740O Newfound N.V. 03 March 2009 3 March 2009 Newfound N.V. ("Newfound", the "Company" or the "Group") Board Changes and Restructuring Newfound N.V. (AIM: NFND) announces that Jayne McGivern has resigned as an Executive Director and Chief Executive Officer of Newfound NV with immediate effect. Ms. McGivern will however stay on the Board of the Company as a Non-Executive Director. Richard Foley has also resigned as a Director with immediate effect although he will remain an employee of the Group overseeing Newfound's Caribbean projects. For an interim period, Stephen Bentley, who is the Finance Director, will also assume the role of Chief Executive Officer while the Board seeks to outsource the day to day management of the Group's activities with a management company or similar. Upon procurement of such a management contract, Mr. Bentley will step down as Finance Director and Chief Executive Officer and become a Non-Executive director. John Morgan, Acting Chairman of Newfound NV, commented today: "It is clear in the current financial market that property development companies are struggling to raise capital to fund projects. Newfound NV is no exception to this and the Board has decided that the company needs to restructure its operations and executive management to reduce its expenditure. As a result, Jayne McGivern moves to a non-executive role while Stephen Bentley will take over as CEO on a part-time basis whilst the Board looks to put in place a management contract. Jayne will continue to have oversight of the plans for the Company's main assets in the Caribbean although, as a non-executive director, she will not work on the project day-to-day. I would like to thank Jayne for all her work during a very difficult period for the Company. She has achieved much in the last 6 months and I am delighted that we will retain her expertise on the Board. I would also like to thank Richard Foley who has done sterling work on our Caribbean projects as the main planner behind the developments. Although Richard is leaving the Board, he will continue to oversee the Company's Caribbean projects. Newfound remains a company with assets in the Caribbean that have real potential. I am pleased with the plans developed by the Company for those assets and with the progress made with the two projects. Nevertheless, it is a company with limited financial resources and the above board changes are designed to conserve those resources and allow it to maintain the priorities of continuing to service its debt, negotiating new finance and ensuring that the Company is well-placed when the development market recovers and credit becomes more readily available. Unless new finance can be found for the Group over the coming months, there is a risk that the Company will exhaust its cash resources, in which case it will need to cease operations. The Board continues to evaluate the Company's financial options and will keep shareholders fully informed over the coming months." Enquiries: +------------------------------------------------------+-----------------+ | Newfound N.V. | 020 7892 8300 | +------------------------------------------------------+-----------------+ | Stephen Bentley | | +------------------------------------------------------+-----------------+ | | | +------------------------------------------------------+-----------------+ | Collins Stewart Europe Limited | 020 7523 8350 | +------------------------------------------------------+-----------------+ | Adrian Hadden | | +------------------------------------------------------+-----------------+ | | | +------------------------------------------------------+-----------------+ | Citigate Dewe Rogerson | 020 7638 9571 | +------------------------------------------------------+-----------------+ | Media: George Cazenove / Nicola Smith | | +------------------------------------------------------+-----------------+ | | | +------------------------------------------------------+-----------------+ For more information, please visit www.newfoundnv.com. This information is provided by RNS The company news service from the London Stock Exchange END BOAILFVDVTIFIIA
1 Year Newfound Chart |
1 Month Newfound Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions