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Orchard Funding Grp (ORCH)

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Wednesday 21 August, 2019

Orchard Funding Grp

Directorate Change

RNS Number : 7022J
Orchard Funding Group PLC
21 August 2019
 

21 August 2019

Orchard Funding Group Plc

("Orchard" or the "Company")

Director Appointment & Retirement

Orchard is pleased to appoint Ketan Malde as Non-Executive Director and Chairman of the Audit & Risk Committee, effective 1 September 2019. Jonathan Shearman, who has been a Non-Executive Director of Orchard since its listing on AIM, has notified the Board that he will not be seeking re-election at the AGM and so will retire from the Board, effective 12th December 2019.

Ravi Takhar, CEO stated: "We are delighted to appoint Ketan Malde to our Board. He has many years of banking experience, with the most recent being a Board Director and Chief Financial Officer of Hampshire Trust Bank plc and will be key to our future banking aspirations. We would also like to thank Jonathan Shearman for his many years of support and dedication to our business. We wish him the very best for the future."

Regulatory disclosures

In accordance with Schedule 2(g) of the AIM Rules, Ketan Jayantilal Malde (aged 62), holds or has held the following directorships and partnerships:

Current Directorships

Past Directorships

Nesate Consultants Limited 

Hampshire Trust Bank plc

Green Park Climate Change LLP

Hampshire Trust Nominees Limited

Heritable Bank plc

Nationwide Compensation Service Limited


Litigation Funding Limited


Hampshire Bank Limited


Abbey View (Radlett) Residents Association Limited

 

Ketan Malde was appointed as a director of Heritable Bank plc on 1 October 2002. Heritable Bank plc's immediate 100% owned parent bank was Landsbanki Islands hf, a company incorporated in Iceland and quoted on the Icelandic Stock Exchange ("Landsbanki"). Landsbanki provided a committed line of credit equal to £400m to Heritable Bank plc. On 7 October 2008, Landsbanki was put into receivership and was therefore unable to fulfil its remaining undrawn funding obligations of £320m to Heritable Bank plc. As a consequence Heritable Bank plc entered into administration on 7 October 2008. As at 23 May 2019, unsecured creditors of Heritable Bank plc have been paid dividends equal to approximately 98 pence in 100 pence. Ketan Malde still remains a nominee director of Heritable Bank plc (in administration) and was also a director of the following wholly-owned subsidiaries of Heritable Bank plc:

·    Heritable Capital Partners Limited, from 1 October 2002 to 23 September 2009;

·    Heritable Asset Finance Limited, from 18 April 2005 to 20 December 2011;

·    Key Business Finance Corporation plc, from 15 April 2005 to 23 September 2009; and

·    Key Business Finance Limited, from 15 April 2005 to 16 July 2010.

As a consequence of the administration of Heritable Bank plc, all of the subsidiary companies set out above entered into administration on 15 October 2008. Heritable Bank plc was the only creditor of the subsidiary companies.

Ketan Jayantilal Malde holds no shares in the Company.

There are no other disclosures require under paragraph (g) of Schedule 2 of the AIM Rules.

 

**ENDS**

 

For further information, please contact:

 

Orchard Funding Group PLC                                                    +44 (0)1582 346 248

Ravi Takhar, Chief Executive Officer

 

Liberum (Nomad and Broker)                                                 +44 (0)20 3100 2222

Neil Patel

Richard Bootle

Laura Hamilton 


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