Directorate Changes
Radicle Projects plc, the AIM quoted company involved in the acquisition and management of Australian agribusiness projects, has today announced various changes to the Board of the Company that will take effect over the next few weeks. The Company is now fully invested in Australian assets and the Board has therefore taken a strategic decision to strengthen the governance of the Company in the region where most of its income and asset management work resides. The Company is therefore pleased to announce that Myles Stewart-Hesketh and John McLennan are to be appointed as directors of the Company on 30 January 2009. Myles will be appointed as a Non-Executive Director and John, who is currently the Company’s Chief Operating Officer, will be appointed as Operations Director. Both Myles and John bring with them experience and skills that will benefit the growth of the Company.
At the same time the Company’s UK-based directors will stand down from the Board. Peter Johnson has resigned from the Board with immediate effect while Michael Finniston and Marc Winer will resign following the shareholders’ meeting to approve the 2008 Report and Accounts, which is expected to be on 27 February 2009. Myles Stewart-Hesketh will be appointed as Non- Executive Chairman following that meeting.
Michael will remain as a consultant to the Board for an initial period of three months following his resignation, to ensure a smooth hand over of responsibilities to Myles as the new Chairman, and to provide assistance to the Board generally over this period. The Board believes that by focusing the Company’s corporate activities in Australia, alongside the executive management team, Radicle can achieve improved operational efficiencies and make significant cost savings. The Company will retain its London Office and the Board will continue to be available in the UK to meet shareholders and to fulfil the Company’s obligations as an AIM quoted Company.
Commenting on the changes Tim Bennett, Chief Executive said ’We are delighted to welcome Myles and John to Radicle’s Board. At the same time we appreciate the energy, support and guidance that Michael, Marc and Peter have provided as Non-executive Directors of the Company.
This move to refocus management of the Company closer to its operations in Australia will benefit the Company and Shareholders.
Myles Stewart-Hesketh is an Australian national with 22 years of experience in the banking and finance sector executive and board level. Myles was formerly a Vice President with Citibank in Australia. He has also worked at a senior level with the Asian Development Bank in Manilla, Philippines and the Saudi Industrial Development Fund in Riyadh, Saudi Arabia. Myles is currently a non-executive director of Australian Wealth Management Ltd (’AUW’), which is listed on the ASX and is one of Australia’s largest wealth management companies with A$57.5 billion of funds under management and administration. AUW also operates in the superannuation (pension) sector, owns two Australian stockbroking firms and Australian Executor Trustees Ltd.
Myles is also a director and significant shareholder of Pacific Agriscience Pte Ltd (’Pacific Agriscience’), a private Singapore company which markets and distributes agricultural inputs globally. Pacific Agriscience is a significant shareholder in a 600 ha teak plantation in Southern China known as Forest Hills. Pacific Agriscience is also engaged in biotechnology and the marketing of high performance chemicals produced in China.
John Douglas McLennan (age 57) joined Radicle in April 2006 as Chief Operations Officer and is a director of the Company’s Australian subsidiary Radicle Projects Pty Ltd. John has responsibility for overseeing the investment portfolio and focuses on the development of forestry assets in Queensland. He is also a Partner of Radicle Research LLP which provides advisory services to Radicle. John is a rural valuer by profession, having spent much of his career as a regionally focused valuer in Eastern Victoria. John has spent the last ten years developing new agribusiness industries in Australia, including seafood exports, emu processing and marketing and fresh fruit production for speciality juices.
Myles Stewart-Hesketh, aged 67 has the following directorships:
Current Directorships
Agrichem Manufacturing Industries Pty Ltd
Australian Mining Fund Pty Ltd
IPM Technologies Australia Pty Ltd
VectorClear Pty Ltd
Wardella Pty Ltd T/A CICONIA
Optima Investments Pte Ltd
Pacific Agriscience Pte Ltd
Pacific Biotechnology Pte Ltd
Silicon Valley Pte Ltd
Australian Wealth Management Limited
SMF Funds Management Limited
United Funds Management Limited
Questor Financial Services Limited
Australian Executor Trustees Limited
Finium Trustees Limited
Previous Directorships
Asia Diversified Fund Ltd
John McLennan, aged 57, has the following directorships:
Current Directorships/Partnerships
Radicle Projects Pty Ltd
Managed Growth Australia Ltd
Radicle Research LLP
Growth Agri Funds LLP
Previous Directorships
Jesh Foundation Australia Ltd
Jesh Foundation Australia Ltd was a non-profit aid foundation that ceased trading and was deregistered on 11 April 2007.
There are no other details required to be disclosed under paragraph (g) of Schedule 2 of the AIM Rules.
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