Aquatic Foods logo

AFG - Aquatic Foods News Story

12.5p 0.0  0.0%

Last Trade - 28/06/17

Sector
Consumer Defensives
Size
Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £105.8m
Position in Universe th / 1819

Aquatic Foods Group - Appointment of Finance Director

Tue 9th August, 2016 7:01am
RNS Number : 5941G
Aquatic Foods Group PLC
09 August 2016

Press Release

9 August 2016

Aquatic Foods Group Plc

("Aquatic Foods" or the "Group" or the "Company")

Appointment of Finance Director

Aquatic Foods Group Plc (AIM: AFG), a leading Chinese marine foods and seafood processor and producer, supplying to export and local markets, is pleased to announce the appointment of Ms Po Ling Low as Finance Director.

Po Ling has over 18 years of experience in the corporate finance, audit and investor relations sectors across the UK and Asia. As a Chartered Certified Accountant, Po Ling has previously held positions at PwC (Kuala Lumpur), BDO (Singapore and London), PKF (UK) LLP, and Goldenway Capital, a private equity and financial advisory firm in Beijing. In 2008, Po Ling became CFO of West China Cement Limited (HKEx: 02233), which had previously been listed on AIM before moving to a Hong Kong main board listing in 2010.

Po Ling will sit on the main Board of Directors of Aquatic Foods and its AIM Compliance committee.

Pursuant to her service agreement, Ms. Low has been granted a total of 500,000 warrants over Ordinary Shares and are exercisable as follows:

200,000 warrants exercisable at 20 pence whereby 40% (80,000 shares) are exercisable after the first anniversary of the Service Agreement, 30% (60,000 shares) are exercisable after the second anniversary of the Service Agreement and the remaining 30% (60,000 shares) are exercisable after the third anniversary of the Service Agreement;

150,000 warrants exercisable at 35 pence whereby 40% (60,000 shares) are exercisable after the first anniversary of the Service Agreement, 30% (45,000 shares) are exercisable after the second anniversary of the Service Agreement and the remaining 30% (45,000 shares) are exercisable after the third anniversary of the Service Agreement;

150,000 warrants exercisable at 50 pence whereby 40% (60,000 shares) are exercisable after the first anniversary of the Service Agreement, 30% (45,000 shares) are exercisable after the second anniversary of the Service Agreement and the remaining 30% (45,000 shares) are exercisable after the third anniversary of the Service Agreement;

Each warrant entitles Ms. Low to subscribe for one new ordinary share of nil par value in the share capital of the Company at the prices and subsequent to the periods set out above.

Li Xianzhi, Chief Executive of Aquatic Foods Group, commented, "I am pleased to welcome Ms Po Ling Low to the Board. Po Ling brings significant financial and commercial experience as well as an understanding of Chinese markets having worked in China and South East Asia for most of her career. Her AIM experience at West China Cement Limited, now listed on HKEX main board with a market capitalisation of approximately 375 million (HKD $3.80 billion), will be strongly relevant for assisting Aquatic Foods to execute its growth strategy.

"Aquatic Foods is confident that Po Ling's appointment as Finance Director will be invaluable to the Company as we continue to improve our operational efficiency and expand in both the local Chinese and international markets. Ms. Low will also be fundamental in building and developing the Company's international investor audience."

This announcement sets out the disclosures required pursuant to Schedule 2, paragraph (g) of the AIM Rules for Companies.

Po Ling Low, aged 41, currently holds or has held the following directorships and partnerships in the last five years:

Current Directorships

Past Directorships

Oxygen 8 Limited

West China Cement Limited

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

- Ends -

For further information:

Aquatic FoodsGroup Plc

Tel: +44 (0) 20 7398 7714

Dr Wang Shaodong

www.aquatic-foods.com

SP Angel Corporate Finance LLP

Nominated Adviser and Broker

Stuart Gledhill / David Facey

Tel: +44 (0) 20 3470 0470

www.spangel.co.uk

Media enquiries:

Abchurch Communications Limited

Tel: +44 (0) 20 7398 7714

Julian Bosdet / Canace Wong/ George Robinson

www.abchurch-group.com

AquaticFoods@abchurchgroup.com

Notes to Editors:

Aquatic Foods Group is a leading marine foods and seafood processor and supplier based in China. The Group initially built its business through focusing on the export market (principally to Japan under the "Kanwa Foods" brand), and subsequently established the "Zhenhaitang" brand in 2007 in mainland China to take advantage of the burgeoning domestic market, driven by growing disposable income within the Chinese middle-classes and a more health conscious consumer base.

The Group benefits from excellent food safety procedures developed over many years which have helped the Group to build a strong track record of supplying its products into overseas markets. This track record has enhanced the perception of the quality and reliability of the Group's products in China and has allowed the Group to expand significantly into local markets as demand for seafood products has increased. In a market that has seen regular public health scares relating to food safety, the Group considers its adherence to these standards to be a key strength. The Group has achieved compliance to the following key standards:

- ISO 9001 Quality Management System certification

- HACCP Food Safety System certification

- BRC certification; and

- Marine Stewardship Council certification.

Aquatic Foods works with a network of distributors to effectively market its products in China. The Group has continued to grow its distributor relationships and now distributes its products in 16 provinces, municipalities and autonomous regions in China through 50 regional distributors. These distributors in turn sell the Group's products to sub-distributors and retailers, including supermarket chains and hypermarkets.

Further information can be viewed at www.aquatic-foods.com.

- Ends -


This information is provided by RNS
The company news service from the London Stock Exchange
END
BOAPPMFTMBJMBAF
© Stockopedia 2021, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.