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PSource Struct Debt (PSD)

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Tuesday 22 March, 2011

PSource Struct Debt

Portfolio Update

RNS Number : 3796D
PSource Structured Debt Limited
22 March 2011
 



 

 

22 March 2011

PSource Structured Debt Limited ("the Company")

PetroAlgae - Resignation of President and Chief Operating Officer and proposed expansion of senior management team

 

PSource Structured Debt Limited (LSE: PSD, the "Company"), the London listed fund investing in senior secured debt and equity warrants predominantly issued by US based small-cap companies, announces that PetroAlgae Inc, its largest holding, has made an announcement regarding the resignation of its President and Chief Operating Officer and proposed expansion of its senior management team. The text of the PetroAlgae announcement is set out below:

 

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

 

On March 8, 2011, Robert Harris, President and Chief Operating Officer of PetroAlgae Inc. (the "Company"), resigned as an officer of the Company and its subsidiary PA LLC. The Board of Directors of the Company has not appointed an interim or successor President and Chief Operating Officer.

 

In connection with the resignation, Mr. Harris, the Company and PA LLC entered into a Separation Agreement, dated March 8, 2011 (the "Separation Agreement"). In exchange for signing a general release of claims in favor of the Company and PA LLC, the Separation Agreement provides Mr. Harris with a severance payment of $275,000. All stock appreciation rights granted to Mr. Harris are forfeited. The Separation Agreement also provides that various restrictive covenants, including covenants relating to confidentiality and cooperation, continue to be in effect following the resignation.

 

The foregoing summary of the Separation Agreement does not purport to be complete and is qualified in its entirety by reference to the Separation Agreement, which is filed hereto as Exhibit 10.1 and is incorporated herein by reference.

 

Other Events.

 

The Company is in the process of expanding its senior management team, and expects to make a public announcement in the near future.

 

 

For further information, please contact:

PSource Capital Limited

Soondra Appavoo

+44 20 7925 3156


This information is provided by RNS
The company news service from the London Stock Exchange
 
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