Middlefield Canadian Income PCC (the "Company")
(a protected cell company incorporated in Jersey with registration number 93546)
Middlefield Canadian Income - GBP PC (the "Fund”)
Director Changes
As referenced in the Company’s half-yearly report for the six months ended 30 June 2018, the board intends to refresh its composition and has been planning for future succession. It has been considering various measures to be taken by the Company to continue to comply with the UK standards of good corporate governance and has been consulting with certain of the Company’s largest shareholders.
In this regard, Mr Raymond Apsey, a Jersey non-executive director and former Chairman of the Company and the Fund, has advised the board of his willingness to retire as a director of the Company and the Fund at the next Company and Cell Meeting to be held in June 2019. Mr Apsey’s retirement is conditional upon the consent of the Jersey Financial Services Commission (the “JFSC”) and the JFSC’s approval of the appointment of a replacement Jersey-resident director. Mr Apsey has served on the board since 24 May 2006, the date of incorporation of the Company.
The board would like to thank Mr Apsey for his invaluable contributions to the Board during his tenure and wishes him well for the future.
The board is in the process of identifying a new Jersey-resident director to be appointed in place of Mr Apsey and a further announcement providing details of the new director will be released in due course.
In terms of the Company’s intention to refresh its composition, the proposed appointment of a new Jersey-resident non-executive director follows the appointment of UK-resident non-executive director, Mr Richard Hughes, who was appointed to the board with effect from 1 July 2018. Further steps to be taken in terms of succession planning will be announced by the Company in its Annual Report for the year ended 31 December 2018, to be published in mid-April.
For further information contact:
JTC Fund Solutions (Guernsey) Limited
Assistant Secretary
Tel: 01481 702400
END OF ANNOUNCEMENT
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