TIDMNFND 
 
RNS Number : 1740O 
Newfound N.V. 
03 March 2009 
 

 
 
 
 
3 March 2009 
Newfound N.V. 
 
 
("Newfound", the "Company" or the "Group") 
 
 
Board Changes and Restructuring 
 
 
Newfound N.V. (AIM: NFND) announces that Jayne McGivern has resigned as an 
Executive Director and Chief Executive Officer of Newfound NV with immediate 
effect. Ms. McGivern will however stay on the Board of the Company as a 
Non-Executive Director. Richard Foley has also resigned as a Director with 
immediate effect although he will remain an employee of the 
Group overseeing Newfound's Caribbean projects. 
 
 
For an interim period, Stephen Bentley, who is the Finance Director, will also 
assume the role of Chief Executive Officer while the Board seeks to outsource 
the day to day management of the Group's activities with a management company or 
similar. Upon procurement of such a management contract, Mr. Bentley will step 
down as Finance Director and Chief Executive Officer and become a Non-Executive 
director. 
 
 
John Morgan, Acting Chairman of Newfound NV, commented today: 
"It is clear in the current financial market that property development companies 
are struggling to raise capital to fund projects. Newfound NV is no exception to 
this and the Board has decided that the company needs to restructure its 
operations and executive management to reduce its expenditure. As a result, 
Jayne McGivern moves to a non-executive role while Stephen Bentley will take 
over as CEO on a part-time basis whilst the Board looks to put in place a 
management contract. 
 
 
Jayne will continue to have oversight of the plans for the Company's main assets 
in the Caribbean although, as a non-executive director, she will not work on the 
project day-to-day. I would like to thank Jayne for all her work during a very 
difficult period for the Company. She has achieved much in the last 6 months and 
I am delighted that we will retain her expertise on the Board. 
 
 
I would also like to thank Richard Foley who has done sterling work on our 
Caribbean projects as the main planner behind the developments. Although Richard 
is leaving the Board, he will continue to oversee the Company's Caribbean 
projects. 
 
 
Newfound remains a company with assets in the Caribbean that have real 
potential. I am pleased with the plans developed by the Company for those assets 
and with the progress made with the two projects. Nevertheless, it is a company 
with limited financial resources and the above board changes are designed to 
conserve those resources and allow it to maintain the priorities of continuing 
to service its debt, negotiating new finance and ensuring that the Company is 
well-placed when the development market recovers and credit becomes more readily 
available. 
 
 
Unless new finance can be found for the Group over the coming months, there is a 
risk that the Company will exhaust its cash resources, in which case it will 
need to cease operations. The Board continues to evaluate the Company's 
financial options and will keep shareholders fully informed over the coming 
months." 
 
 
Enquiries: 
 
 
+------------------------------------------------------+-----------------+ 
| Newfound N.V.                                        | 020  7892 8300  | 
+------------------------------------------------------+-----------------+ 
| Stephen Bentley                                      |                 | 
+------------------------------------------------------+-----------------+ 
|                                                      |                 | 
+------------------------------------------------------+-----------------+ 
| Collins Stewart Europe Limited                       | 020 7523 8350   | 
+------------------------------------------------------+-----------------+ 
| Adrian Hadden                                        |                 | 
+------------------------------------------------------+-----------------+ 
|                                                      |                 | 
+------------------------------------------------------+-----------------+ 
| Citigate Dewe Rogerson                               | 020 7638 9571   | 
+------------------------------------------------------+-----------------+ 
| Media: George Cazenove / Nicola Smith                |                 | 
+------------------------------------------------------+-----------------+ 
|                                                      |                 | 
+------------------------------------------------------+-----------------+ 
 
 
 
 
For more information, please visit www.newfoundnv.com. 
 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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