Directorate Change

15 Aug 2005 10:20

4Less Group plc (The)15 August 2005 THE 4LESS GROUP PLC Board changes Issue of Options Board changes The 4Less Group Plc ("4Less" or the "Company") are pleased to announce theappointments of Richard John Charles Collier (aged 51) and David Brian Haddon(aged 60) as chief executive officer and marketing director respectively. David Haddon commences his role with immediate effect. Nigel Paul will continueas chief executive officer during a period of handover which is anticipated tobe completed by the end of September, following which Nigel will continue as anon-executive director. James Corsellis is resigning as non-executive directorwith immediate effect. Chairman Eric Peacock said "Following the completion of the re-organisation, wenow move to the next stage of expansion of the business. We are delighted withthese appointments. Richard's knowledge of the industry and his skills andexpertise as CEO combined with the dedicated marketing role of David asMarketing Director are central to our development plans. Having taken over the role of CEO to oversee the reorganization process, Nigelwill continue to provide his expertise to the company in the role ofnon-executive director. We would also like to express our thanks to James for his valuable contributionsto the business since its earliest days." Details on directors Richard John Charles Collier Current directorships High Marsh Holdings Maghreb Mining plc Past directorshipsLenlyn Holdings PlcLenlyn UK LimitedLenlyn LimitedInternational Currency Exchange PLCInternational Currency (Europe) Exchange PLCExchange Corporation Europe LtdHoopoe Investments LimitedHoopoe Finance LimitedMerchant Trade Finance LimitedMerchant Commercial Finance LimitedICE Properties LimitedTravelcare Services LimtedR Raphael & Sons PlcSiberian Platinum LimitedSiberian Copper LimitedTundra Gold PlcZetech Power Plc Richard Collier was a director of Zetech Power Plc, a pre-commercial fuel cell development company which was placed intoadministration when the company was unable to raise further development capital following the events in New York 2001. In their report to the creditors of Zetech Power Plc dated 10 January 2002 the joint administrators reported that the statement of affairs made by the directors of Zetech Power Plc as at 5 November 2001 revealed that the company was insolvent on both a going concern basis and break-up basis. On any basis of realisation, the assets would after costs besufficient only to pay the costs of administration and make small payments on account of preferential claims leaving nothing for any other class of creditors. The joint administrators further proposed that at the end of administration the company be placed into liquidation and by the Order of the High Court of Justice dated 8 December 2003 the administration order of 5 November 2001 was discharged and Zetech Power Plc was ordered to be wound up. David Brian Haddon Current directorships / partnerships The Smart Chemical Company Limited Quintim Contract Management Past directorships None Save as disclosed above there are no further disclosures required to be made inrespect of Mr. Collier and Mr. Haddon with regard to paragraph (g) of Schedule 2of the AIM Rules. Issue of options Following the AIM flotation there were share options over 2,408,886 ordinaryshares and share warrants over a further 858,329 ordinary shares. As a resultof the reorganisation 2,251,886 share options have lapsed, including thosegranted to the executive directors. The Company has granted the following new options to Directors: Number of options Exercise period Exercise price Total Number of options following issue Nigel Paul 600,000 Up to 5 years 28p 600,000Tim Sullivan 1,000,000 3 to 10 years 30p - 60p 1,000,000Richard Collier 1,000,000 3 to 10 years 34.5p - 75p 1,000,000David Haddon 300,000 Up to 10 years 37.5p 300,000Ian Collins 150,000 3 to 10 years 30p-60p 187,333 After the granting of these options there are share options over 3,207,000ordinary shares and no change in the number of share warrants For information contact: Nigel Paul The 4Less Group - 020 7594 0594 Olly Cairns Corporate Synergy Plc - 020 7448 4400 This information is provided by RNS The company news service from the London Stock Exchange