Orchard Funding Group PLC Directorate Change (7022J)
21 August 2019 - 4:00PM
UK Regulatory
TIDMORCH
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 12(th) 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 GBP400m 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 GBP320m 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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END
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