Geo Global Disposes of U.S. Subsidiary and Implements Management Changes
Geo Global Group Ltd. (“Geo Global”), a Marshall Islands Company formerly listed on the ISDX Market in London and RB Consultancy Ltd. (“RBC”) have entered into an agreement and Geo Global Group Ltd. shuffles management and names new CEO. Former CEO becomes Chairman.
The consideration for the transfer is an assumption by RB Consultancy Ltd. of all liabilities of Geo Global Group Ltd. with an effective date of April 1, 2016. This change provides important cost savings to Geo Global in light of its recent acquisition of Helm Natural Resources Ltd. in the U.K. and the resulting strategic and geographic re-orientation of its activities.
Geo Global also announces that Helm Natural Resources Ltd. has changed its name to Geo Natural Resources Ltd. with an effective date of April 30, 2016. The necessary permissions have been applied for at the companies house in the UK and the Board believes that such change of name will not be in conflict with any existing company names and that the companies house will accept the request for the name change.
To the extent Roger Bendelac has an executive involvement in RB Consultancy Ltd. this transaction is disclosed as a related party transaction. Also effective May 1, 2016, Roger Bendelac resigned as CEO of Geo Global Group Ltd. and Mr. Arun Raman, President of Geo Global Ltd. add the title of CEO. Roger E. Bendelac shall remain an executive director of the company and shall become its Chairman.
Mr. Marc Koplik, formerly Chairman and Independent Director, shall remain an Independent Director of the company with an effective date of May 1, 2016.
The Directors of Geo Global Group Ltd. have taken responsibility for this announcement.
Any questions can be directed to:
Mr. Arun Raman