Viridas PLC ("Viridas"), a company planning to plant 120 square miles of the dedicated energy crop, jatropha, in Brazil to produce EU compliant sustainable Crude Jatropha Oil ("CJO") is pleased to announce that it has placed 8,500,000 new ordinary shares of 10 pence each ("New Ordinary Shares"), with warrants, conditional only upon Admission to AIM, at 10 pence per New Ordinary Share (the "Placing Price") raising £850,000 gross ("The Placing").
Placing Highlights
ESTABLISH A PILOT PLANT TO CARRY OUT RESEARCH AND DEVELOPMENT ON JATROPHA PLANT SCIENCES AND DOWN-STREAM ACTIVITIES SUCH AS MECHANICAL HARVESTING, DE-HUSKING, OIL EXTRACTION AND PELLETISATION.
Once the base farm is established and performing in accordance with expectations Viridas will commence on the fourth stage of the project, the rolling out of commercial operations for the annual production of 60,000 tonnes of CJO which is contracted to be sold to Viridas' development partner INEOS Enterprises Limited, as announced on 15th December 2008, and for which further funding will be required.
Board and management changes
As the business now progresses in the development of its jatropha project the Company has appointed, with immediate effect, Martin Brink as Managing Director and David Thompson as Director with responsibility for finance.
Martin Brink (40) is a multi lingual Dutch national who has been resident in Salvador, Brazil for the last five years where he has been Managing Director of Universal Properties Brazil Administrac*a*o de Imo*veis Ltda., involved in consequential real estate projects including development of Teak and Eucalyptus. Other Directorships currently held by Martin are Universal Properties SAS, MNM Concepts SARL, Weltevree Foundation, Universal Travel Services LLC, Universal Agri*cola e Empreendimentos Turi*sticos Ltda., MNM Gesta*o Empreserial Ltda. (previously MNM Concepts Empreendimentos Turi*sticos Ltda.) and Valuebiz Brasil Ltda. Past directorships held by Martin over the last five years were SCI de la Baie Orientale and Baker*s Island Liqueurs N.V..
Martin was also a director of Papagayo SARL and Orientique SARL which were both voluntarily liquidated in 2008 as well as Dolphin Watersports SARL and Baker's Island Trading SARL both of which were voluntarily liquidated in 2007. All were closed due to non-activity and without any outstanding debts or liabilities.
Martin has a BA in International Business and Marketing and prior to moving to Brazil had been Managing Director of a leading resort on the Caribbean island of St Martin. For the past 14 months Martin has been successfully acting as a consultant to Viridas regarding the development of their jatropha project.
David Thompson (58) has been Finance Director of M Higgins Ltd ("Higgins") one of the largest potato suppliers to the processing industry, since 1988. Higgins has the largest seed growing operation in Scotland. Amongst other interests David has for 9 years also been a Non-Executive Director of Johnsons of Whixley, ("Johnsons") one of the longest established and largest commercial nursery businesses in the UK, supplying the amenity and retail sectors. Higgins and Johnsons operate in both the UK and overseas markets. David is also a Director of Essco Ltd, APLH Limited and D Thompson Limited.
Previously David was a non-executive director of Acer Landscapes Ltd until his resignation in 2006 and a director of Advantage Property Lawyers Limited until January 2009.
David was also a director of WL Pawson plc, a clothing manufacturer and importer which went into receivership in 1982.
David has a BA in economics, an MA in Finance and is a Certified Accountant.
There are no further disclosures required to be made pursuant to Schedule 2, Paragraph g, of the AIM rules.
Directors' participation
All Viridas Directors have participated in the Placing by subscribing in aggregate £130,000 for 1,300,000 New Ordinary Shares. The beneficial and non-beneficial interests of the Directors in the Ordinary Shares following completion of the Placing will be as set out below:-
Director Current interest in Current percentage Number of New Interest in Percentage interest
the issued share interest in the Ordinary Shares to Ordinary Shares in Ordinary Shares
capital of the issued share capital be acquired in the after the Placing after the placing
company of the Company Placing
S.J.Wootliff 4,858,263 19.9% 250,000 5,108,263 15.5%
K.M.Robinson 188,571 0.8% 250,000 438,571 1.3%
J.Posner 182,857 0.8% 100,000 282,857 0.9%
G.Haselden 25,000 0.1% 200,000 225,000 0.7%
M.Brink - - 250,000 250,000 0.8%
D.Thompson - - 250,000 250,000 0.8%
Significant Shareholders
The anticipated significant shareholders in the company (in addition to Mr Wootliff) holding more than 3% of the enlarged issued Share Capital following the Placing are set out below:
Shareholder Current interest in Current percentage Number of New Interest in Ordinary Percentage interest
the issued share interest in the Ordinary Shares Shares after the in Ordinary Shares
capital of the share capital of the being acquired in placing after the placing
company company the placing
Banque Pasche - - 4,500,000 4,500,000 13.7%
(Liechtenstein)SA*
RockNomineesLTD* 7,219,562 29.6% - 7,219,562 22.0%
