Directorate change

Directorate change

Armadale Capital Plc

Armadale Capital Plc / Index: AIM / Epic: ACP / Sector: Investment Company

21 July 2016

Armadale Capital Plc (‘Armadale’ or ‘the Company’)

Directorate Change

Armadale, the AIM quoted investment company focused on natural resource projects in Africa, is pleased to announce that it has appointed William Frewen to the Board as non-executive Chairman with immediate effect. With extensive corporate experience Mr Frewen will support the Company in the development of its portfolio of African resource projects, which includes the Mpokoto Gold Project in the Democratic Republic of Congo which has near term production potential, and the recently acquired Mahenge Liandu Graphite Project in south-east Tanzania. Peter Marks remains on the board as a non-executive director.

Mr Frewen has extensive experience of many varied boards both as an investor and non-executive director/chairman. He has an MA from Oxford University and in his career has worked for Chemical Bank, JP Morgan, HSBC and Nomura, primarily in credit trading, and was notably a Director at Credit Suisse First Boston. Subsequently he has worked on the buy side as a consultant to the Man Group in 2005 and then Threadneedle Asset Management, where he was a member of the Executive Board and Head of Fixed Income from 2007-2010.

Since then he has worked as an investor and/or board member for many companies (including in the mining sector) and is currently non-executive Chairman of NB Global Floating Rate Income Fund Ltd., a FTSE 250 listed fund.

Peter Marks, Chairman of Armadale, said, “William has built a prestigious career in identifying and developing interesting and profitable companies across the landscape and I am delighted to welcome him to the Board. His notable experience in the securities industry, not to mention his widely supportive capital markets network, will prove invaluable as we progress the development of the projects and investments in our portfolio.”

The following information regarding William Francis Frewen, aged 56, is disclosed under Schedule 2(g) of the AIM Rules for Companies:

Current directorships and/or partnerships	Â	Â	Former directorships and/or partnerships (within the last five years)
Edplace Limited			(None)
NB Global Floating Rate Income Fund Limited
Paperless Receipts Limited
Raflr Limited
WFF Ventures Limited

As part of his remuneration, Mr Frewen is being issued 1,000,000 Ordinary Shares of 0.1 pence each in the Company (‘Ordinary Shares’).

Pursuant to the rules of the Company’s share option scheme, Mr Frewen has been granted 1,000,000 options over Ordinary Shares exercisable at 2 pence per Ordinary Share and 1,000,000 options over Ordinary Shares exercisable at 4 pence per Ordinary Share. The options are exercisable up to four years from his commencement and the vesting period is six months for the options at 2 pence per Ordinary Share and twelve months for the options at 4 pence per Ordinary Share.

There are no further disclosures to be made under Schedule 2g of the AIM Rules for Companies.

In addition the Company has today issued a further 2,700,000 Ordinary Shares together with an warrant over 2,000,000 Ordinary Shares, exercisable at 4 pence per Ordinary Share prior to 31 December 2019, to an adviser in consideration of work carried out.

The Company has applied for admission of the 3,700,000 new Ordinary Shares to trading on AIM. Dealings are expected to become effective on 28 July 2016 (‘Admission’). Following Admission, the Company will have 202,001,967 Shares in issue with each Ordinary Share carrying the right to one vote. There are no Ordinary Shares currently held in treasury. The total number of voting rights in the Company therefore will be 202,001,967 and this figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority’s Disclosure Rules and Transparency Rules.

This announcement contains inside information.

**ENDS**

Enquiries:	Â	Â
Armadale Capital Plc Charles Zorab, Company Secretary			[phone]
Nomad and broker: finnCap Ltd Christopher Raggett / Simon Hicks			[phone]
Joint Broker: Beaufort Securities Limited Jon Belliss			[phone]
Press Relations: St Brides Partners Ltd Charlotte Heap / Susie Geliher			[phone]

Notes

Armadale Capital Plc is focused on investing in and developing a portfolio of investments, targeting the natural resources and/or infrastructure sectors in Africa. The Company, led by a team with operational experience and a strong track record in Africa, has a strategy of identifying high growth businesses where it can take an active role in their advancement.

More information can be found on the website www.armadalecapitalplc.com.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160720006493/en/