RCG Rcg Holdings

TIDMRCG

RNS Number : 7316J

RCG Holdings Limited

19 July 2013

19 July 2013

RCG Holdings Limited

("RCG" or the "Company" and together with its subsidiaries, the "Group")

RESIGNATION OF CHAIRMAN

The board of directors (the "Director(s)") (the "Board") of RCG Holdings Limited (AIM: RCG, HKSE: 802), (the "Company" and together with its subsidiaries, the "Group"), announces that Tan Sri Dato' Nik Hashim Bin Nik Ab. Rahman ("Tan Sri Nik") has resigned as non-executive director and chairman of the Board (the "Chairman") with effect from 19 July 2013, due to his ill-health and advanced age. Upon his resignation, he has also ceased to be a member of audit committee of the Company (the "Audit Committee") and remuneration committee of the Company, and the chairman of nomination committee of the Company (the "Nomination Committee").

Tan Sri Nik has confirmed that he has no disagreement with the Board and there is no further information in relation to his resignation that needs to be brought to the attention of the shareholders of the Company or The Stock Exchange of Hong Kong Limited (the "Stock Exchange").

Following the resignation of Tan Sri Nik, the number of Audit Committee members will fall below the minimum number required under Rule 3.21 of the Rules Governing the Listing of Securities on the Stock Exchange (the "Listing Rules"). In addition, the Company will deviate from the Code Provision A.5.1 as set out in Appendix 14 to the Listing Rules as the Nomination Committee is not chaired by the Chairman or an independent non-executive Director.

The Company will endeavour to identify suitable candidates for the position of the Chairman and to fill in the vacancies as soon as practicable and within three months from 19 July 2013 so as to meet the requirement as set out in the Rule 3.23 of the Listing Rules. The Company will make further announcements as and when appropriate.

The Board would like to take this opportunity express its sincere gratitude to Tan Sri Nik for his valuable contribution to the Company during his tenure of office.

Enquiries:

 
 RCG Holdings Limited 
 Danny Chew, Acting Chief Executive Officer     Tel: +852 2637 2800 
  ir@rcg.tv 
 Smith & Williamson Corporate Finance Limited 
  (Nominated adviser and broker) 
 Dr. Azhic Basirov / David Jones                Tel: +44 (0) 20 7131 
                                                 4000 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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