22/11/2007 - 15:39

Repcol restructures board ahead of asset sale

22/11/2007 - 15:39

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Subiaco-based debt collection agency Repcol Ltd has appointed company secretary George Wilson as its managing director ahead of Monday's general meeting, in which the company plans to sell its major assets.

Repcol restructures board ahead of asset sale

Subiaco-based debt collection agency Repcol Ltd has appointed company secretary George Wilson as its managing director ahead of Monday's general meeting, in which the company plans to sell its major assets.

Current managing director John Wreford will remain the managing director of Repcol WA Pty Ltd.

Repcol holds a 50 per cent stake in Transpacific Debt Purchase Pty Ltd , which also purchases debts from banks, finance houses and credit providers, as well as operations in Bangalore.

The company plans to offload both assets to US-based Cargill Inc, which owns the remainder of Transpacific, for $4.96 million in order to discharge the $5 million in debt owed to the company under a convertible note.

The sale will enable Repcol to satisfy the Cargill Convertible Note, provided that Repcol either pays to Cargill an additional sum of $340,000 or, if it is unable to raise sufficient funds to make that payment, issues 42 million shares to Cargill.

 

 

The full text of a Repcol announcement is pasted below

Repcol Limited ("Repcol") has undertaken a significant organisational restructure to prepare for future opportunities and growth whilst continuing to meet the service needs of its debt collection clients. As a result of the restructure the following changes are to take effect immediately:

1. George Wilson has been appointed Managing Director of Repcol and will be responsible for all corporate activities, including current and future restructuring to enhance shareholder value. Mr Wilson was previously Repcol's Executive Director Finance & Operations and Company Secretary;

2. John Wreford has resigned as Managing Director of Repcol but will remain as the Managing Director of Repcol (WA) Pty Ltd and other Repcol group companies servicing the contingent public and private sector debt collection market in Australia;

3. Hua Jer Liew has been appointed Executive Director Finance and Operations of Repcol. Mr Liew was previously Repcol's General Manager Corporate Services; and

4. Hidio Jackson, Repcol's Financial Controller, has been appointed Company Secretary to the Repcol group of companies.

Concomitant with the restructuring, Repcol has mandated Patersons Securities Limited to assist with a recapitalisation of the Company.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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