23/05/2008 - 16:04

Jamie Cullen joins Repcol

23/05/2008 - 16:04

Bookmark

Save articles for future reference.

Former PCH Group Ltd managing director Jamie Cullen has agreed to join the board of Repcol Ltd and invest $666,300 into the restructured and downsized debt collection company.

Former PCH Group Ltd managing director Jamie Cullen has agreed to join the board of Repcol Ltd and invest $666,300 into the restructured and downsized debt collection company.

Mr Cullen will be a non-executive director of Repcol, which is chaired by John Saleeba.

With Repcol now on a sure financial footing and, in conjunction with the ongoing initiatives to grow and enhance the agency debt collection business, the Company is now actively seeking appropriate additional investment opportunities away from the debt collection business, the company said in a statement.

Repcol has agreed to make a placement to Mr. Cullen and/or his nominees of 66,636,674 shares and 33,318,337 options on the same terms and conditions as applied to the recent rights issue to shareholders; however these shares and options will be subject to a twelve month escrow period.

Repcol said expects to report a loss of approximately $1.5 million before tax for the full year ending 30 June 2008, inclusive of restructuring and other unusual income and expenditure.

As previously announced, Repcol's wholly owned subsidiary, Repcol (WA) Pty Ltd, has been appointed to the Western Australian State Government Common Use Arrangement Panel for debt recovery services.

Repcol (WA) Pty Ltd is one of four panel members appointed for an initial term of three years with two options to extend by one year at the discretion of the State Government.

In April 2008, Repcol (WA) Pty Ltd won its first major contract under the panel with the Department of Housing and Works to provide all of its collection services for vacated housing, housing bond assistance and general debts.

Repcol (WA) Pty Ltd has also just been awarded a new contract with the Department of the Attorney General for Metropolitan and Country Execution of Fines Enforcement Warrants for a two year term, with two options to extend the term by one year exercisable at the discretion of the Department of the Attorney General.

The appointment to the panel and the new contracts provide a solid platform for Repcol to consolidate and then grow its agency commission business.

Repcol has also recently moved to new and improved premises in Balcatta, recruited additional collection staff and completed a significant upgrade of its core debt collection system.

Initiatives to further streamline and improve the efficiency of operations are ongoing.

The Board has requested that trading in the Company's securities be re-instated on ASX and has been advised by ASX that this will occur prior to the opening of trade on Thursday, 29 May 2008.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options