– UK, London – Stellar Diamonds plc, the London listed (AIM: STEL) diamond development company focused on West Africa, is pleased to announce that Hansjörg Plaggemars has been appointed as a Non-executive Director of the Company with immediate effect.
Mr. Plaggemars is the board representative of Deutsche Balaton AG, who, following the passing of the resolutions at the General Meeting of the Company on 19 November 2015 and completion of a capital reorganisation of the Company’s share capital, are interested in 6,912,692 ordinary shares of 1 pence each, representing 29.0 percent. of the current issued share capital of the Company. Additionally through convertible loan notes and warrants granted to Deutsche Balaton as announced on 2 November 2015 and 19 November 2015 and pursuant to a waiver of Rule 9 of the Takeover Code which was approved by shareholders of the Company on 19 November 2015, conversion of the convertible loan notes and warrants granted to Deutsche Balaton would allow Deutsche Balaton to be interested in up to 37.5 per cent. of the issued share capital of the Company. Mr. Plaggemars is an Executive Director of Deutsche Balaton AG and does not personally hold a direct interest in the Company’s share capital.
Lord Daresbury, non-executive Chairman of Stellar commented: “We are delighted to welcome Hansjörg to the Board. Not only does he represent the interests of our new major shareholder but he also brings with him a diverse range of skills and experience that can benefit the Company as we evolve from an exploration to a mining company.”
Mr. Plaggemars has been a member of the board of Deutsche Balaton since 2014. He has a wealth of experience across a range of industries where he has acted in a variety of roles including executive roles such as CFO, COO and chief restructuring officer as well as acting as a supervisory board member for a number of companies. Most recently Mr. Plaggemars was managing director of Unister Holding GmbH, a leading online travel agency in the region of Germany, Switzerland and Austria and prior to this Mr. Plaggemars was CFO of Müller Holding Ltd. & Co. KG, a leading German drugstore chain and and previously Chief Restructuring Officer and CFO for Kampa AG, one of Europe’s leading prefabricated house manufacturers. Mr Plaggemars also has a background in private equity and corporate finance and is a graduate of the University of Bamberg, Bavaria, Germany, in business economics.
In addition, Mr Plaggemars was appointed to the board of KAMPA AG, one of Europe’s leading prefabricated house manufactures, as Chief Restructuring Officer and Chief Financial Officer in January 2009. Due to the financial position of the company and excessive liabilities owned to third parties, Mr Plaggemars filed for insolvency a few weeks after his appointment. The liabilities owed to third parties were approximately Euro 30 million.
In April 2015, Mr Plaggemars was appointed to the supervisory board of Youbisheng Green Paper AG (“Youbisheng”) by the local court of Cologne following the court appointment of a provisional insolvency administrator to Youbisheng in August 2014. Formal insolvency proceedings are yet to commence. Creditors as at 30 June 2015 were approximately Euro 1.5 million.
In April 2015, Mr Plaggemars was appointed to the supervisory board of Ultrasonic AG, by exercise of an appointment right of DELPHI Unternehmensberatung AG following the court appointment of a provisional insolvency administrator to Ultrasonic AG in March 2015. Ultrasonic AG is guarantor under a bank credit facility to Cathay United Bank for an amount of US$60 million.
About Stellar Diamonds plc
Stellar is an AIM quoted (AIM: STEL) West African focused diamond development company which is continuing trial mine evaluation of its Baoulé kimberlite in Guinea, and is progressing the 1.45 million carat Tongo Dyke-1 resource through the mining licence application process. In addition, Stellar holds the 3 million carat Droujba project in Guinea and continues to pursue channels to ensure the proper reinstatement of its Kono licences in Sierra Leone.
- Disclaimer - News, data, and statements included in this release are intended exclusively for general information purposes. Talent4Boards does not guarantee that news is accurate or about the correct person and accepts neither liability for the consequences of the reader’s reliance, nor responsibility for the accuracy of the information. Nothing in this release should be considered for decisions about referred securities. Products and brand names may be trademarks or registered trademarks of their respective owners.