TIDMBAGR

RNS Number : 6265D

Bagir Group Ltd

28 April 2017

28 April 2017

Bagir Group Limited

("Bagir" or the "Company")

Directorate change

posting of report and accounts

notice of AGM

and

acquisition update

Bagir (AIM: BAGR), a designer, creator and provider of innovative tailoring, is pleased to announce the conditional appointment of Jonathan Feldman as the Company's second external Non-Executive Director to the Company. Pursuant to Israeli Companies Law, 5759-1999 (the "Companies Law") the shareholders are required to approve the nomination of an external (independent) director for an initial term of three years and the Company wishes to nominate Mr Feldman.

Jonathan is Joint Managing Director of Global Mutual Properties ltd, specialists in the asset management of and investment in, retail and leisure centres, offices and industrial complexes across Europe. Prior to Global Mutual, Jonathan was Joint Managing Director of Jayroma London Limited, a UK based international clothing manufacturer. Jonathan qualified as a member of the Royal Institution of Chartered Surveyors and was a senior surveyor with Hillier Parker Chartered Surveyors (now CB Richard Ellis), specialising in retail.

Tessa Laws, Chairman of Bagir said, "Jonathan's appointment to Bagir is ideal for the business as he brings significant retail experience and understanding of the UK and International retail world. We look forward to working alongside Jonathan and benefiting from his contribution to the business."

This appointment is conditional upon the consent of the shareholders at the Company's forthcoming AGM. Notice of the AGM, to be held on 6 June 2017, will be sent to shareholders today, together with copies of the Company's report and accounts for the year ended 31 December 2016, and will be made available on the Company's website, in compliance with AIM rule 20. If approved, the appointment will become effective as of the close of the AGM.

Notice of AGM

The Board also announces that the AGM will be held at 10.00 a.m. on 6 June 2017 at the offices of N+1 Singer, One Bartholomew Lane London EC2N 2AX.

An External Director is, inter alia, an individual who him/herself, or whose relative, partner, employer or a corporation in which she/he has control, does not have a connection with the Company or with a holder of control of the Company, or to another corporate body controlled by the controlling shareholder of the Company on the date of appointment or during the two years preceding the date of appointment.

Acquisition update

On 6 February 2017 Bagir announced the conditional acquisition of the remaining 50% shareholding in Nazareth Garments ("NGSC"), the joint venture owner of its manufacturing site in Nazareth, Ethiopia, for a total consideration of US$1.9 million (the "Acquisition"). At that time, it was announced that the Acquisition was conditional on, amongst other things, certain procedural share registrations in Ethiopia and capital gain tax clearance on the sellers of NGSC (the "Sellers"), which were expected to be completed on or before 30 April 30 2017.

Since the announcement of the conditional Acquisition in February, Bagir has had full operational control of the manufacturing site and this is continuing. Bagir paid the $600,000 advanced instalment to Sellers in February 2017 in accordance with the terms of the acquisition agreement. Bagir has completed its part of the share registration procedures and the materials required have been submitted to the Ethiopian tax office by the Sellers. However, Bagir has been informed by the Sellers that the Sellers will not be in a position to complete the Acquisition before the end of April as they continue to wait for a final response from the Ethiopian tax office. Bagir understands that the tax clearance is an entirely procedural process and once received will enable them to complete their part of the share registration procedures. Further announcements will be made at the appropriate time.

Enquiries:

 
 Bagir Group Limited 
  Eran Itzhak, Chief Executive Officer      +44 (0) 1483 
  Udi Cohen, Chief Financial Officer              751577 
 N+1 Singer (Nominated Adviser & 
  Broker)                                 +44 (0)20 7496 
  Alex Price                                        3000 
 Novella Communications (Financial 
  PR) 
  Tim Robertson                           +44 (0)20 3151 
  Toby Andrews                                      7008

Regulatory disclosures

Pursuant to Schedule 2 (g) of the AIM Rules for Companies the following is disclosed in relation to Mr Jonathan Feldman:

Mr Jonathan Paul Feldman (aged 48) holds or has held the following Directorships or Partnerships in the past five years:

 
 Current Directorship          Directorships and partnerships 
  and partnerships held         held in the last 5 years 
 Brandmead Limited             Eagle-Eye Services Limited 
  Global Mutual Properties      Finchley Road Property Investments 
  Limited                       Limited 
  Global Property Management    Global Mutual Retail Limited 
  Services Limited              Sheldon Farm Limited 
  GM Ground Rents LLP 
  Magnus Real Estate 
  Limited 
  The Happy Tenant Company 
  Limited 
  Value Property Partners 
  US Limited 
  VPP1 Limited

There is no further information required to be disclosed in respect of the above appointment pursuant to Schedule Two paragraph (g) of the AIM Rules.

This information is provided by RNS

The company news service from the London Stock Exchange

END

NOALDLLLDZFZBBF

(END) Dow Jones Newswires

April 28, 2017 02:01 ET (06:01 GMT)

Bagir (LSE:BAGR)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Bagir Charts.
Bagir (LSE:BAGR)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Bagir Charts.