Sorbic International PLC Board changes and update on fund's transfer (9510K)
April 22 2015 - 2:16AM
UK Regulatory
TIDMSORB
RNS Number : 9510K
Sorbic International PLC
22 April 2015
Press Release 22 April 2015
Sorbic International plc
("Sorbic" or the "Company")
Board changes and update on fund's transfer
Shareholders will be aware from the Company's earlier
announcements that the Sorbic Board has been frustrated by its
inability to move money out of China both to repay the outstanding
loan stock of approximately GBP3.75 million (including accrued
interest and redemption premium) and cover Sorbic's plc expenses.
In addition, the Board has been unable to adequately progress
resolution of the compensation due regarding Inner Mongolia and the
proposed expansion of the Company's operations in China.
To remedy this position, the two UK-based directors have sought
advice from the Company's lawyers and advisers in China and
announce today that Mr Wang Yan Ting, the Group and Company CEO,
has been removed from office, both at the Board (plc) level and in
respect of the operating subsidiary ("LVST") in China. Furthermore,
Mr Wang Yan Ting's role as Legal Representative in China has been
terminated and he has been replaced by Mr Cai Lun, the managing
partner of Guolan, a Beijing law firm. As part of the change, the
remaining two directors of LVST have also been replaced.
The new board of LVST will consist of the new Legal
Representative, together with Jay Boyle and Matt Winter, each of
whom are directors of eCFO, the Company's financial advisers in
China and with whom the Board has been working since last year.
Day-to-day management of the China operation will be conducted by
the new Board and the senior managers within LVST.
Following these changes, the new team will focus on releasing
the funds held within China (approximately RMB 72 million (GBP7.8
million) as of 31st March 2015) and improving the financial
performance of LVST's operations in China.
The above changes represent a first step in returning the Group
to a more centralised corporate governance structure and the Board
will provide further details as appropriate.
- Ends -
For further information:
Sorbic International plc Tel: +44 (0) 7768 031 454
John McLean, Chairman www.sorbicinternational.com
finnCap (Nomad)
Geoff Nash / Kate Bannatyne Tel: +44 (0) 20 7220 0500
Hybridan LLP (Broker)
Claire Louise Noyce Tel: +44 (0) 20 3713 4581
Media enquiries:
Abchurch Communications
Henry Harrison-Topham / Canace Wong Tel: +44 (0)20 7398 7714
canace.wong@abchurch-group.com www.abchurch-group.com
Notes to Editors: www.sorbicinternational.com
About Sorbic International plc
Sorbic International's principal activity is the production and
sale of the food preservatives Sorbic Acid and Potassium Sorbate
from its base in Linyi City, Shandong Province, Peoples Republic of
China. Approximately half of Sorbic International's production is
sold to overseas markets and half into the Chinese domestic
market.
Sorbic Acid is a naturally occurring organic compound that is
used in all kinds of foods for its anti-decomposition and
anti-fungus function and also in grains, medicines, cosmetics,
toothpaste, tobacco, animal feed, latex, paper-manufacturing and
pesticides. Potassium Sorbate is used to inhibit moulds and yeasts
in many foods, such as cheese, wine, yogurt, dried meat, baked
goods, cosmetics and pharmaceuticals.
Sorbic International operates through its wholly owned
subsidiary Linyi Van Science and Technique Co. Ltd ("LVST").
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCSELSMEFISEFL
Sorbic (LSE:SORB)
Historical Stock Chart
From May 2024 to Jun 2024
Sorbic (LSE:SORB)
Historical Stock Chart
From Jun 2023 to Jun 2024