Neos Resources PLC Silex Agreements (8084E)
May 15 2013 - 10:08AM
UK Regulatory
TIDMNEOS
RNS Number : 8084E
Neos Resources PLC
15 May 2013
NEOS Resources plc ("NEOS" or the "Company")
Outsourcing of Finance Function and Geneva Office Space
NEOS today announces that it has entered into an agreement with
Silex Management Limited ("Silex") for the provision of accounting
and administrative services, including those functions previously
performed by the Chief Financial Officer. The Company has further
agreed to take office space at Rue Kleberg 6, CH-1201 Geneva,
Switzerland from a Silex affiliate and will terminate its present
rental at 22 Arlington Street, London SW1A 1RD.
Both of these agreements constitute related party transactions
by virtue of the relationships between the Silex companies, which
are subsidiaries of the Principle Capital Group ("Principle"), and
Principle Capital Investments Limited, a substantial shareholder of
NEOS that is managed by Principle. However, the Directors are
pleased to report that net cost savings will be delivered in
respect of both arrangements. Internal accounting and
administrative support will be reduced from approximately GBP150k
per annum to GBP75k per annum and subsequent to the termination of
the London office rental agreement, accommodation costs will be
reduced from approximately GBP50k per annum to approximately GBP36k
per annum. The accounting and administrative services are subject
to 3 months' notice expiring on any date after 30 September 2013
and the Geneva office accommodation runs until 28 February
2014.
In accordance with AIM Rule 13, the Independent Directors (being
those other than Nicholas Myerson) consider, having consulted with
finnCap Limited, NEOS' nominated adviser, that the terms of the
transaction are fair and reasonable insofar as its shareholders are
concerned.
Enquiries:
+44 (0) 20 7499
NEOS Resources plc 5626
Nicholas Myerson - Chief
Executive Officer
+44 (0) 20 7220
finnCap Ltd 0500
Stuart Andrews
Christopher Raggett
This information is provided by RNS
The company news service from the London Stock Exchange
END
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