Paul Rusling's Resignation from IOMIB, and subsequent denials

Form 9N – used to give notice of change of directors and secretaries or in their particulars – stating "Paul Rusling resigned as a director on 9th June 2006" (from Isle of Man International Broadcasting PLC) was received by the Isle of Man Financial Supervision Commission on 12th June 2006.

Source: Isle of Man Government.

In a private e-mail sent to Christopher England @ 16:49 on 18th July 2006, Paul Rusling states:

"Secondly, I have not resigned, but elaborating further will take too long to explain and also opens a right old can of worms."

In a public statement on a number of radio discussion boards, shareholder David Parr said that Paul Rusling had not resigned. Source: http://www.anoraknation.com 19th July 2006 David Parr writes, "Paul Rusling did not resign as a director of IMIB, and is still a director of IMIB."

Indeed, he indicates that the 9N is a false one, by saying "you won't find Paul Rusling's signature on that form that's for sure. I have sent a copy to Paul; it is up to him to decide if he needs to take things any further."

However, neither the IOM FSC nor the police have had a complaint about the filing of a 'false' 9N. No police investigation is underway.

Further, David Talbot, IOMIB's Company Secretary resigned from IOMIB on 13th June 2006, and wasn't ever replaced, leaving IOMIB plc without a Company Secretary.

Source: Isle of Man Government's FSC.

11th AUGUST 2006 PRESS RELEASE:

The following press release was issued regarding the resignation (or non-resignation) of the Director Paul Rusling and Company Secretary David Talbot:-

"The Company has experienced several problems this year, mostly resulting from the previous delays encountered by the project. These have manifested themselves in further delays which have been explained to our regulator and which are now being resolved. One fundamental change currently underway is the strengthening and expansion of the team and our Board of Directors.

Rumours of resignations from the Board are inaccurate; specifically, the founder of the project, Paul Rusling, has not left the Company. The misunderstanding may be the result of a posting error.

For the avoidance of doubt, the Board has neither received nor accepted any resignations. Indeed, the converse is happening with the appointment of a Station Director / General Manager and a Finance Director. As it is a condition of our licence that Board changes be first notified to the regulator (the Communications Commission) and a matter of courtesy that these be approved by shareholders before making them public, a more detailed announcement will be made once compliance matters are duly completed.

ENDS

Issued by Rodney Collins on behalf of Isle of Man International Broadcasting plc."