RNS Number : 9578F
Multipower ASA
16 October 2008
MultiPower ASA
Board Changes and Director's Interest
The Board of MultiPower ASA ('MultiPower' or the 'Company') announces that Mr Morten Hansson, who has been Chief Executive Officer (CEO) of the Company for the last two years, has decided to step down from his position to pursue other interests. Mr Hansson will remain with the Company until January 2009 to assist with the continuing relationship with some of the Company's key clients. We wish him well in his future endeavours and would like to thank him for his considerable contribution to the Company.
Mr Jens Morten Teigen (49) has been appointed as interim CEO with immediate effect. Mr Teigen has been an entrepreneur in the telecom sector since 1992 and has considerable international experience. The Company is seeking a suitable, long term appropriate candidate to help develop future business.
Mr. Teigen has an interest in 68,785,802 ordinary shares, representing 36.57% per cent of the issued share capital of the Company. This interest comprises 48,785,802 ordinary shares held by Mr. Teigen through Springfield AS and 20,000,000 shares through Megard AS (companies controlled by Mr Teigen). Megard AS acquired the ordinary shares today from SoftCity Holding AS (a company which Mr Teigen also controls) for NOK 0.05.
In addition, Mr Teigen has a 24.5% interest in Maribu Holdings AS which holds 19,142,840 ordinary shares in the Company.
The following are Mr Teigen's current directorships and those held within the last five years:
Current Directorships:
Director Springfield AS
Director IT-Venture AS
Director Soft City Holding AS
Director Strukturinvest AS
Director Gremar AS
Director Megard AS
Director 3g3mobile AS
Past Directorships:
Gyda Invest AS
IT-Corporate ASA
Transmitt Medicial
Invitra AS
Mr Jens Teigen has confirmed that there is no further information to be disclosed in accordance with the requirements of Schedule Two (g) of the AIM Rules.
Enquiries:
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Hanson Westhouse Limited
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Martin Davison / Anita Ghanekar
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020 7601 6100
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This information is provided by RNS
The company news service from the London Stock Exchange
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