TIDMFISH

RNS Number : 0749C

Fishing Republic PLC

27 September 2018

27 September 2018

AIM: FISH

FISHING REPUBLIC PLC

("Fishing Republic" or "the Group")

Appointment of Chief Executive Officer

Fishing Republic, the multi-channel retailer of fishing equipment, is pleased to announce the appointment of Daniel Quinn to the Board as its new Chief Executive Officer, with effect from 17 October 2018.

For the last six years, Daniel has been Commercial Director of GO Outdoors, one of the UK's largest retailers of outdoor clothing and equipment, which became part of the JD Sports Group Plc in 2016. Prior to this, he worked for Tesco PLC for over 20 years where he held a number of senior commercial positions, both in the UK and overseas, in Asia and Central Europe.

Following Daniel's appointment, James Newman, who has been acting in an executive capacity, will resume his role as Non-executive Chairman.

James Newman, Chairman, said:

"I am delighted to welcome Daniel to the Board as Chief Executive Officer. He has substantial experience in the retail sector, including outdoor pursuits, and we look forward to working with him as we turnaround Fishing Republic's performance and address the exciting opportunities that exist to significantly scale the business."

Daniel Quinn, incoming Chief Executive Officer, commented:

"I am looking forward to joining Fishing Republic and working with the team to drive both a recovery in the Group's financial performance and establish a long-term growth plan, aimed at positioning the Group as a multi-channel leader in the sector.

"As much as there are challenges to be overcome, there are also some very clear short-term opportunities to materially improve performance. We will be focusing on these opportunities as well as the longer-term strategy over the coming months. With a strong team and the continued support of shareholders and suppliers, I am confident of our future success."

Share Options

On commencement of his employment, Mr Quinn will be granted 1 million share options in the Company under the Company's EMI Scheme at a price of 10p per share. In addition, he will be guaranteed a bonus of GBP75,000 on 31 March 2019, which will be taken in Fishing Republic shares at the 30 day Volume Weighted Average Price of the Company's shares on 31 March 2019.

A Long Term Incentive Scheme ("LTIP") over three years, commencing on 1 January 2019, will also be created, which will allow Mr Quinn to be awarded a maximum of GBP700,000 of shares in the Company conditional on the Company achieving certain EBITDA and share price targets over this three year period.

Further information on Daniel Quinn

Daniel Francis Quinn, aged 51 years, is currently a director of the companies below, and has held no other directorships in the past five years.

 
 --   Go Outdoors Limited 
 --   Go Outdoors Topco Limited

Aside from the options he has been granted, as disclosed above, Mr Quinn currently has no further interest in the Company.

Save as set out in this announcement, there are no further mattes to be disclosed under Rule 17 or paragraph (g) of Schedule 2 of the AIM Rules for Companies.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

Enquiries:

 
Fishing Republic plc                  T: 020 3178 6378 (today) 
 James Newman, Executive Chairman 
 
KTZ Communications Limited            T: 020 3178 6378 
Katie Tzouliadis, Emma Pearson 
 
Northland Capital Partners Limited    T: 020 3861 6625 
Nominated Adviser and Broker 
Matthew Johnson, Jamie Spotswood, 
 David Hignell (Corporate Finance) 
Rob Rees (Corporate Broking) 
 
 
 1    Details of the person discharging managerial responsibilities/person closely associated 
 a)   Name                                                          Daniel Quinn 
     ------------------------------------------------------------  -------------------------------------------- 
 2    Reason for the notification 
     ---------------------------------------------------------------------------------------------------------- 
 a)   Position/status                                               Chief Executive Officer 
     ------------------------------------------------------------  -------------------------------------------- 
 b)   Initial notification/ Amendment                               Initial Notification 
     ------------------------------------------------------------  -------------------------------------------- 
 3    Details of the issuer, emission allowance market participant, auction platform, auctioneer 
       or auction monitor 
     ---------------------------------------------------------------------------------------------------------- 
 a)   Name                                                          Fishing Republic plc 
     ------------------------------------------------------------  -------------------------------------------- 
 b)   LEI                                                           213800MEU3P9317FQZ07 
     ------------------------------------------------------------  -------------------------------------------- 
 4    Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) 
       each type of transaction; (iii) each date; and (iv) each place where transactions have been 
       conducted 
     ---------------------------------------------------------------------------------------------------------- 
 a)   Description of the financial instrument, type of instrument   Ordinary shares of 1p each 
       Identification code                                           GB00BY7RY763 
     ------------------------------------------------------------  -------------------------------------------- 
 b)   Nature of the transaction                                     Grant of Options 
     ------------------------------------------------------------  -------------------------------------------- 
 c)   Price(s) and volume(s)                                        Price(s)             Volume(s) 
                                                                     Exercise price 10p               1,000,000 
     ------------------------------------------------------------  -------------------------------------------- 
 d)   Aggregated information 
       - Aggregated volume                                            n/a 
       - Price 
     ------------------------------------------------------------  -------------------------------------------- 
 e)   Date of the transaction                                       17 October 2018 (on joining the Company) 
     ------------------------------------------------------------  -------------------------------------------- 
 f)   Place of the transaction                                      Outside a trading venue 
     ------------------------------------------------------------  --------------------------------------------

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END

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