Board and Management Change, issue of options

 

TIDMPANC 
 
RNS Number : 0837R 
Panceltica Holdings Limited 
24 April 2009 
 

For Immediate Release 
                                       24 April 2009 
 
 
Panceltica Holdings Limited 
 
("Panceltica" or the "Company") 
 
 Board and management change, issue of options 
 
 
 Panceltica, which is the holding company for an international specialist 
fast track construction group is pleased to announce the appointment of David 
Ball as the interim Panceltica chief executive officer and a director of the 
Company with effect from 23 April 2009. 
 
 
David Michael Ball (aged 40 years) has more than 17 years of experience working 
in the US residential construction industry for leading builders such as Lennar 
Corporation, KB Homes and Del Webb.  Mr Ball has extensive experience of the 
development and implementation of light gauge construction techniques as well as 
in project management and efficiency optimisation of large residential 
developments.  He holds a Bachelor of Science degree in Building and 
Construction Management from Michigan State University. 
 
 
David Ball will carry out the duties of chief executive officer of the Company. 
Mr Paul Fraser, the former CEO, is currently gravely unwell and it is proposed 
that he will resign as a Director. 
 
 
The current Chief Operating Officer, Will Fatherley, will also step down in the 
near future and an amicable settlement of contractual claims between the 
Company, Paul Fraser and Will Fatherley has been agreed in principle.  This 
settlement does not involve any cash payment by the Company. 
 
 
Additionally Ben Bright has resigned on agreed terms as Financial Director of 
the Company with effect from 23 April 2009. 
 
 
Mr Allan Quan has been appointed acting Chief Financial Officer of the Company 
until such time as a new Finance Director is appointed to the Board. Allan Quan 
is a certified public accountant with extensive experience in the construction 
industry. It  is anticipated that he will appointed as a director. 
 
 
Additionally the senior management team will be strengthened by the addition of 
Mr Robert Smith as the Senior Vice President of Operations.  Robert Smith has 
over 20 years of construction industry experience.  It is anticipated that he 
will be appointed as a director. 
 
 
David Ball, Allan Quan and Robert Smith have considerable previous experience 
working together for major USA construction company Lennar Corporation. 
 
 
There are no other matters which require disclosure pursuant to paragraph (f) of 
Schedule 2 of the AIM Rules. 
 
 
Trading Update: 
 
 
At this point in time the financial outcome of the Barwa Contract is unknown. 
The Directors are confident that Panceltica will complete the requested works to 
a high standard however the Company has no firm indication over the extent to 
which the Company's expectations of the variations and additional payments due 
from Barwa match the expectations of Barwa.   The financial position of the 
Company is dependent on the final determination of the contract and is being 
kept under careful review by the Directors. 
 
 
Issue of share options: 
 
 
Under the terms of an employment agreement dated 23 April 2009 under which David 
Ball was appointed Chief Executive Officer of the Company, Mr Ball will be 
entitled to an option to subscribe for up to 750,000 new ordinary shares in the 
Company at the first lawful opportunity at the price of the then current share 
price.  The options which vest 3 years after the date of grant will be forfeited 
in the event that Mr Ball's employment with the Company ceases unless he is a 
good leaver (as defined in the Company's share option scheme). 
 
 
For further information please contact: 
 
David Ball, Director                                                        Tel: 
[phone] 
Patrick Mitchell, Company Secretary 
 
Blomfield Corporate Finance Limited, Nominated Adviser    Tel: [phone] 
4500 
Toby Howell / Peter Trevelyan-Clark 
 
Religare Hichens, Harrison & Co. plc, Broker                        Tel: +44 
(0)20 7382 4450 
Daniel Briggs / Nicholas Malins-Smith 
 
Buchanan Communications                        Tel: [phone] 
Mark Edwards / Jeremy Garcia 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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