New GlobalCapital chairman, focus on banking

GlobalCapital plc has appointed Nicholas Ashford-Hodges as group chairman, taking over from Christopher J, Pace, who remains on the board as non-executive director.

The decision was taken following the annual general meeting and the first meeting of the new board.

Mr Hodges (picture, left) is currently vice chairman of British American Investment Co. (Mtius) Ltd and is chairman of its operations in Kenya. He also holds directorships in British American Insurance Co. (Mtius) Ltd and several other companies of the British American Group.

The board of directors thanked Mr Pace for his dedication, commitment and determination throughout his years at the helm of the group.

"I am taking over as chairman of a listed company which has experienced significant growth and diversification over the years and has exciting plans for future growth," Mr Hodges said.

Mr Pace (picture right)said the group’s banking ambitions demanded a clear and distinct direction and energy. "After taking GlobalCapital to uncharted heights, I feel this is the most suitable time to step down as chairman. After taking a short break, I intend focusing on local and international property investments and will serve as director on the group’s main board. The group’s property investments have performed very well in the past and have huge potential to return excellent value to shareholders in the future and this revenue stream needs further consolidation”.

During the AGM, held this morning, GlobalCapital’s Chief Executive Officer reiterated that the group needs to continue developing and expanding the services it currently offers - banking currently being the missing link.

Mr Portelli said that the group remains committed to continue developing its operation into a one-stop financial services point for individuals and corporations alike.

Earlier this year, GlobalCapital announced the proposed acquisition of 85.5% of the issued share capital of Medifin Holding Limited, which holds 99.9% of the issued share capital of Mediterranean Bank p.l.c. Mediterranean Bank p.l.c. is licensed by the Malta Financial Services Authority to operate as a bank under the Banking Act, 1994 and to provide investment services under the Investment Services Act, 1994.

“The agreed terms were subject to confirmation following due diligence and further to all necessary regulatory approvals. Presently we are working with all the parties involved to have the deal confirmed and in due course to obtain regulatory approval. These processes, however, take time to complete in view of their complexity. In the meantime, we are preparing the structures required to enable us to pursue our banking strategy alongside our existing businesses. We look towards to our future with confidence and optimism” said Mr Portelli.

“Notwithstanding the 2007 results, GlobalCapital is in a strong and stable financial position and able to withstand uncertain times. Despite the prevailing environment in the local and international capital markets, the Group is well-positioned to take advantage of the eventual upturn in the markets” he concluded.

GlobalCapital registered a profit before tax for the period ended 31 December 2007 of €353,743 (Lm151,862).

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