CSFG Csf Group

TIDMCSFG

RNS Number : 1978Y

CSF Group PLC

22 January 2014

 
 22 January 2014 
 

CSF Group plc

("CSF" or the "Company")

Business update

CSF Group plc (AIM: CSFG), a leading provider of data centre facilities and services in South East Asia and the largest provider of data centre services in Malaysia, today provides the follow update.

Since July 2013, Phil Cartmell, a senior non-executive director of the Company, has been in the temporary role of 'interim' Chairman, overseeing the implementation of a strategic review of the Company ('the Review'). The Company has now completed the initial phase of the Review which continues to focus on developing network connectivity in all CSF data centres to improve the fiber optic connectivity between the data centres and restructuring and enhancing operational efficiencies. Management are also exploring opportunities with a number of strategic global partners in order to deliver a total service package to customers. Going forward, the board remains focused on continuing to restructure the business for the longer term.

The board have therefore decided that Phil Cartmell will continue as interim Chairman to oversee the progress of the Review. Mr Cartmell continues to be supported by a committee which was formed to manage the day-to-day operations of the Company and to implement the initial findings of the Review.

In light of today's announcement the Board have also concluded that to continue to stabilise the business remains a key strategic priority and that appointing a Chief Executive officer, whilst a longer term objective, is not on the near term horizon.

The board remains focused on protecting the Company's cash position as well as aligning cost control with the future strategic direction and business planning.

For further information:

 
 CSF Group                               via Buchanan 
  Phil Cartmell, Chairman 
 Cenkos Securities (Nominated Adviser 
  & Broker) 
  Bobbie Hilliam / Elizabeth Bowman      +44 (0)20 7397 8900 
 Buchanan 
  Jeremy Garcia / Gabriella Clinkard 
  www.buchanan.uk.com                    +44 (0)20 7466 5000 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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