Nanotech Energy Plc ("Nano" or the "Company") Temporary suspension The Board of the Company announces that Adam Rodney Collins and Robert William
Long (the "New Directors") have today been appointed directors of the Company.
Adam Rodney Collins, Executive Director Mr Collins has held a number of senior positions in corporate finance and
private industry and has extensive experience in financial structuring, capital
raising and regulatory compliance. Mr Collins is currently a director of Impact
Funding UK Limited.
Robert William Long, Executive Director Mr Long is currently the Operations Director and Chairman of Veras Plc, and
Veras Funding Solutions Limited. Veras is an OFT licensed credit and FSA
authorised insurance broker specialising in the provision of litigation funding
and insurance solutions to the legal profession.
Stephen Dean, Vincent Nicholls and Jim McColl (the existing board of directors)
have today resigned as directors of the Company.
The New Directors have identified an opportunity for the Company in the
financial services sector. The opportunity involves the acquisition of a
company that is involved in the funding of personal loans arising from legal
litigation disbursement funding, matrimonial disputes, and deceased estates.
The contemplated transaction and the proposed change of investing strategy will
constitute a "Reverse Transaction" under the AIM Rules therefore the New Board
has requested that the shares of the Company are suspended from trading on AIM
until such time a readmission document is posted to shareholders and
shareholder approval given in relation to the proposed transaction.
Under the terms of the Corporate Service Agreement between the Company and
Griffin Corporate Finance Limited, Griffin Corporate Finance Limited has agreed
to provide various corporate finance services to Nano, including directors
services, general management services and the introduction of corporate finance
opportunities. Griffin Corporate Finance Limited introduced the New Directors
to Nano. In consideration for this service Robert Long has agreed to pay
Griffin Corporate Limited a fee of £150,000. There is no resulting cost to Nano
as a result of this payment.
Griffin Corporate Finance Limited under the AIM Rules is an "associate" of
Stephen Dean and Vincent Nicholls, both directors of the Company, and therefore
the payment made to Griffin Corporate Finance Limited under the AIM Rules is
deemed to be a "related party" transaction pursuant to the AIM Rules. Accordingly, the terms of the payment have been reviewed by Jim McColl, an
independent director of the Company, who after consultation with the Company's
Nominated Adviser (City Financial Associates Limited) believes the terms of the
payment to be fair and reasonable insofar as the shareholders of the Company
are concerned.
Save as disclosed below, there are no further details required to be disclosed
pursuant to schedule 2(g) of the AIM rules.
Adam Rodney Collins, Age 32 Other Directorships Currently Held Former Directorships Held Within
Last 5 Years
Impact Funding UK Limited Busy Time Pty Ltd
Impact Funding Limited Cabco (Queensland) Pty Ltd
Australian Lawyer Magazines Pty Capital Equity Group Pty Ltd
Ltimited
Falcon Waterfree Technologies Pty
Ltd
Falcon Waterfree Technologies
Australia Pty Ltd
Falcon Waterfree Systems Pty Ltd
Mainsail Pacific Holdings Pty Ltd
Q.A. Automotive Pty Ltd
Top Tier Investments Pty Ltd
Waterless South Pacific Pty Ltd
Robert William Long, Age 47 Other Directorships Currently Former Directorships Held Within Last 5
Held Years
Veras Plc R.W. Salt Communications Limited
Veras Funding Solutions R W Salt Limited
Limited
Advanced Fluid Connections Plc (formerly
Oysterec Plc)
Cyprotex Discovery Limited
Cyprotex Plc
Fedsig One Limited
Life Safety Communications Limited
Akusta IFE Limited
Fedsig Two Limited
Fedsig Three Limited
Federal Signal Limited
GL Communications International Limited
Prestek Limited
Galileo Innovations Plc
Sense-Sonic Limited END
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