TIDMBOX
RNS Number : 8724Y
Boxhill Technologies PLC
20 May 2016
20 May 2016
BOXHILL TECHNOLOGIES PLC
("Boxhill", the "Group" or the "Company")
Company Update and Board Changes
Company Update
The board of directors of Boxhill (the "Board") has made
considerable progress since the announcement of 10 February 2016
(the "Announcement") on both the restructuring described in the
Announcement and the integration of the newly acquired Emex (UK)
Group Limited, and the associated company, FreePayMaster Limited
(collectively, "Emex").
During the period of suspension of trading in the Company's
shares, growth in the business has continued. The payments division
has continued to win new customers across all areas of e-commerce.
With the additional services provided by Emex, the Company can now
offer a more complete set of traditional and alternative payment
services to customers. As part of this expansion, the Company has
established a new 100% owned Maltese subsidiary, Boxhill
Technologies (Malta) Limited ("BTM"), to focus on the expanding
Maltese payments and gaming sectors.
The Board is pleased to announce that having received
confirmation of the appropriate licences, FreePayMaster Limited is
today launching its new set of services, which includes accounts
for individuals and businesses, peer-to-peer and alternative
payments, access to foreign and crypto currency exchanges and wire
and mass payment services. Beta customers are currently testing the
systems with positive results.
Boxhill's former subsidiary, Pay Corporation Limited ("PayCorp")
was subject to a consumer awareness notice by the FCA on 16
November 2015 regarding the alleged undertaking of activities that
require authorisation by the FCA. The Company has been in
discussions with the FCA as the activities of PayCorp were not of a
nature that required authorisation by the FCA and any such notice
was erroneous; the Board can to confirm that the FCA has agreed
with this position, and the "Unauthorised" status of PayCorp has
been removed from the FCA Register.
The Company's shares remain suspended from trading pending
publication of its Report and Accounts for the 18 month period to
31 January 2016. The Board anticipates that it will publish the
Report and Accounts before the end of May, and at that point will
seek a return from the suspension of trading of its shares on the
AIM Market.
Board Changes
The rapid growth of the payments business has inevitably
required the Board to review the appropriate management structure
to move the company forward. In order to continue building upon the
momentum in the payments business already achieved, Phil Jackson
will step down from the Board with effect from 20 May 2016 to
concentrate on the development of the business, including the
integration of the former PayCorp business into Emex, and the
establishment and growth of FreePayMaster and BTM in Malta and
other locations.
In order to drive growth and allow operational management the
time to dedicate to the Company's commercial development, the
Company will be introducing a structure with the Board overseeing
an operational committee of the key management ("OpCom"). With
effect from 20 May 2016, the Board will consist of:
-- Lord Timothy Razzall - Executive Chairman
-- Andrew Flitcroft - Finance Director
-- Clive Hyman - Non-Executive Director
-- Arno Rudolf - Non-Executive Director
Lord Razzall will temporarily hold the position of Executive
Chairman while the Company seeks a new Chief Executive to help
build the next stage of Boxhill's development. On the appointment
of a new Chief Executive, he will revert to Non-Executive Chairman.
Further details about the OpCom, which includes Phil Jackson and
James Rose (who heads the Company's lottery operations), will be
released in due course.
Clive Hyman joins the Board as a Non-Executive Director and
brings with him over 30 years of experience as a financial
professional, working with companies involved in many sectors and
industries. Clive is a Fellow of the Institute of Chartered
Accountants in England & Wales, having practiced at KPMG from
1983 to 2005, becoming a Partner in 1995. Since leaving
professional practice, Clive has been a director of a number of
companies, both quoted and unquoted, and brings significant
expertise in matters of corporate governance, capital markets and
business strategy.
Additional information on Clive Hyman
Clive Mark Hyman, aged 54, is, or has been, a director or
partner of the following entities within the past five years:
Current Directorships Directorships and Partnerships
and Partnerships: held in the previous 5
years:
------------------------ -------------------------------
Bedford Row Capital PCG Entertainment plc
Advisers Limited
Advanced Oncotherapy plc
DoesWork24 Ltd
Carecapital Limited
Hyman Capital Services
Limited Carecapital (Southampton)
Limited
The Healthcare Property
Company (Allesley) Limited
The Healthcare Property
Company (West Wirral)
Limited
The Women's Cancer Centre
Limited
Petrol Ofisi AS
Damson PR Limited
Kensington Partnership
(Property) Limited
Hyman Capital Telecoms
Services Limited
Hyman Capital Financial
Services Limited
Hyman Capital Nominee
Services Ltd
The Carecatalyst Limited
------------------------ -------------------------------
There are no further disclosures to be made in relation to Clive
Mark Hyman under Schedule Two, paragraph (g) (i)-(viii) of the AIM
Rules for Companies.
Arno Rudolf also joins the Board as a Non-Executive Director.
Arno is a Fellow of the Association of Chartered Certified
Accountants, and has a varied and successful commercial career over
some 50 years. He has built and sold several businesses in
different sectors, most recently a successful debt recovery
business focussed on the bloodstock and horse racing industry.
Additional information on Arno Rudolf
Arno Rudolf, aged 78, is, or has been, a director or partner of
the following entities within the past five years:
Current Directorships Directorships and Partnerships
and Partnerships: held in the previous 5
years:
-------------------------- -------------------------------
AR Legal Collection Harbury Media Limited
Limited
Peridune Management
Limited
Bloodstock Account
Services Limited
Group1 Credit Management
Limited
Racing Credit Control
Limited
-------------------------- -------------------------------
Arno Rudolf was a director of Regents Park Linen Hire Limited,
which was placed into creditors' voluntary liquidation in April
1998 and has subsequently been dissolved. He was also a director of
G.M. Containers Limited which was placed into creditors' voluntary
liquidation in December 2003 and subsequently dissolved.
There is no further information required in accordance with
Schedule Two, paragraph (g) (i)-(viii) of the AIM Rules for
Companies.
For further information contact:
Boxhill Technologies PLC 020 7493 9644
Philip Jackson, CEO
Website www.boxhillplc.com
Allenby Capital Limited (Nomad & Broker)
John Depasquale/Nick Harriss/ Richard Short 020 3328 5656
This information is provided by RNS
The company news service from the London Stock Exchange
END
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