TAIH.L Regulatory News (TAIH)

2 Sep 2009 07:00



Taihua plc

("Taihua" or the "Company")

Board changes

The Company can announce that Richard Tanner and Lauren Lau have stepped down from their positions as Non-executive Chairman and Non-executive Director of the Company, respectively, with immediate effect.

In addition, the Company is pleased to announce the appointments of Nicholas Lyth and Chong Cao to the board of directors, effective from 31 August 2009.

Nicholas James Lyth, aged 43, has been appointed as Non-executive Chairman. He is an experienced finance professional having spent many years as a director of UK companies and having lived and worked in China. Nicholas speaks and writes Mandarin. 

Nicholas is currently a director of the following companies:

China Molybdenum Limited

NL Consulting Limited

In the past five years Nicholas has been a director of the following companies:

Avon Equipment Limited

Belle Engineering (Sheen) Limited

Belle Holdings Limited

Defiant Diamond Tools Limited

Errut Products Limited

Panther International Engineering Limited

Chong Cao, aged 38, has been appointed as Non-executive Director. Chong is a qualified Chinese lawyer based in the UK and since October 2005 has worked as the Chinese legal consultant to Halliwells LLP advising on numerous cross border AIM transactions involving Chinese companies. Prior to joining Halliwells LLP, Chong worked at Wen & Partners, a law firm in Dalian, Liaoning Province, China, dealing with legal affairs relating to international trade and investment. Chong is a fluent Mandarin and English speaker. Chong's previous forename was Yingwei. 

Chong is currently a director of HCT Consultancy Limited.

Both Nicholas and Chong will be members of the audit and remuneration committee of the Company. Nicholas and Chong have also each been granted options over 816,473 new ordinary shares of 1p each in the Company ("Ordinary Shares") on 31 August 2009. The exercise price is 7p per Ordinary Share. The exercise period begins one year from the date of grant and ends on the tenth anniversary of the date of grant. 

There is no further information required to be disclosed pursuant to the AIM Rules for Companies.

Commenting on the board changes, Mr Yunwu Liu, Chief Executive Officer, said, "The board would like to thank both Richard and Lauren for their contribution to the development of Taihua over the last couple of years. In particular, we would like to thank them for their help in assisting with the company's admission to AIM in December 2006.

We are pleased that both Nicholas and Chong have agreed to join the board and we look forward to working with them going forward." 

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