NEWS | Wednesday, 30 July 2008

New Chairman for GlobalCapital plc

Following the Annual General Meeting and the first meeting of the Board of Directors of GlobalCapital plc, Mr Nicholas Ashford-Hodges has been appointed Chairman of the Group.
Mr Hodges brings a wealth of experience in international finance to GlobalCapital and will undoubtedly contribute positively to the Group’s plans of entering into banking. Mr Hodges has served as Director of GlobalCapital plc since 2003.
Currently, Mr Hodges is Vice Chairman of British American Investment Co. (Mtius) Ltd and is Chairman of its operations in Kenya, British American Investment Company Ltd and its subsidiaries, with a key stake in Kenya’s fastest growing and highest capitalised bank, Equity Bank. He also holds Directorships in British American Insurance Co. (Mtius) Ltd and several other key operating companies of the British American Group.
Mr Hodges is a Fellow of the Institute of Chartered Accountants in England &
Wales (FCA) and holds a Masters Degree in Engineering Science from Wadham College, Oxford (MA).
He assumes the Chairmanship of GlobalCapital plc from Mr Christopher J. Pace, founder, Director and outgoing Chairman. The Board of Directors thanked Mr Pace for his dedication, commitment and determination shown throughout his years at the helm of the Group. Mr Pace remains on the Board as a Non-Executive Director.
Mr Hodges said: “Chris has dedicated his life and career to the growth of GlobalCapital and its transformation into a leading financial services organisation. 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.
“Throughout 2007, despite a downturn in the stock markets, the Group has been highly active in consolidating its market position and undertaking preparations to embark on further activities. The Board members have a diverse spectrum of skills and experience matching the Group’s strategic objectives, including banking” Mr Hodges said.
Commenting on his future plans, Mr Pace said “The Group’s banking ambitions demand 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.
“Nick Hodges has a sound understanding of the insurance and financial services sectors. He brings a wealth of experience in international finance and the strong backing of the British American Group” Mr Pace said.