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Why hasn't WUC disclosed the relationship between director Russell Fryer and the Siebels Hard Asset Fund, Ltd.?  Fryer owns 24.1% of WUC and the Siebels Fund owns 11.45%, for a combined 35.55%.  That's more than George Glasier's 27.26% stake.  Does Fryer control Siebels?


RNS Number : 8918G
Siebels Hard Asset Fund (Cayman) Ld
09 March 2015

STOCK EXCHANGE ANNOUNCEMENT

For Immediate Release
09 March, 2015

The Siebels Hard Asset Fund (Cayman), Ltd.
(the "Company")

The Siebels Hard Asset Fund, ltd.
(the "Fund")

Re: Change of Manager & Resignation & Appointment of Director
  
The Directors of the Company wish to announce that Baobab Asset Management LLC (the "Manager") has replaced Green Cay Private Client, Ltd as investment manager of the Company and the Fund. The Manager was incorporated in Delaware on January 26th 2009 and is an exempted advisor with the U.S. Securities and Exchange Commission. The Manager currently has $38.3 million in assets under discretionary management.

The change of manager took effect on January 31st, 2015, pursuant to the transfer of Management Shares to Baobab Asset Management LLC whereby the Manager will act under the exact same terms and conditions and for the same fees as the previous Manager.

Appointment and Resignation of Director

The Directors of the Fund also wish to announce the resignation of Ms. Jane Marie Siebels from the Board of Directors of the Company and Fund, for business reasons, with effect from January 31st, 2015. In her place, Mr. Russell Fryer has been appointed as a Director to the Company and the Fund, with effect from January 31st, 2015. Mr Fryer is also a Principle of the Manager.

Mr Russel Fryer
Mr. Fryer is the Chief Investment Officer of the Manager since 2009.  Mr. Fryer served as Managing Director covering the natural resources sector for North Sound Capital LLC, a $3 billion hedge fund based in Greenwich, Connecticut.  Mr. Fryer joined North Sound Capital LLC in 2006 from Deutsche Bank, where he had been a Director in Emerging Market Equities. Prior to that, he was a Director in Emerging Market Equities at HSBC in Johannesburg, South Africa.  Mr. Fryer started his investment career as a private client portfolio manager in 1990.  Over the course of his 24-year investment career, Mr. Fryer has travelled extensively seeking to obtain the on-the-ground perspective he believes is so important to successful investing in the natural resources sector. In addition to this significant international travel, Mr. Fryer was based primarily in Africa from 1987 to 2004.  While there, he was able to benefit from proximity to many of the properties he continues to follow, and developed relationships at both senior and working levels throughout the industry. During his time in Africa, Mr. Fryer wrote investment columns for various news sources such as South African Smart Investor and the Sunday Business Times.  Mr. Fryer holds an advanced diploma in International Taxation from Rand Afrikaans University and received a Bachelor's degree in Business Administration from the Newport University. He is a member of the New York chapter of Society of Mining Engineers and Minerals and Metals Professionals Globally.
  
Mr Russell Fryer has never:

(i) had any unspent convictions in relation to indictable offences; or
(ii)  been a director of any company or partnership which, while he was a director with an executive function or partner at the time of or within the 12 months preceding such events, been declared bankrupt, went into receivership, liquidation, administration or voluntary arrangements; or
(iii) been subject to any official public incrimination and/or sanctions by statutory or regulatory authorities (including designated professional bodies); or been disqualified by a court from acting as a director of a company or from acting in the management or conduct of affairs of any company.

These changes were not previously notified to the Irish Stock Exchange due to an administrative oversight through no fault of the Irish Stock Exchange.

Enquiries to;

	Column 1	Column 2	Column 3
0	Baobab Asset Management LLC	Joseph Byrne	+242 362 6400
1
2	Davy	Harriet Stewart	+353 1 614 8933

  
This announcement has been issued through the Companies Announcement Service of
the Irish Stock Exchange.

This information is provided by RNS
The company news service from the London Stock Exchange
​

http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/IRSH/12274236.html