Strategic Review Update and Mgt Changes
15 Juli 2009 - 8:00AM
UK Regulatory
TIDMVERI
RNS Number : 6718V
Veris PLC
14 July 2009
Veris plc
Update on Strategic Review
Review of Head Office Costs and Senior Management Changes
Veris plc ("Veris" or the "Group") today announces an update on its
previously announced strategic review and review of head office costs.
Update on Strategic Review
As stated in the Group's announcement on 2 March 2009, following the receipt of
a number of unsolicited approaches from unconnected 3rd parties investigating
the possibility of purchasing its Facilities and Property Management business
(the "FM/PM Division") and its Moving & Storage Division ("the M&S Division"),
the Board engaged in a strategic review process. As previously announced, the
disposal of the M&S Division completed on 17 April 2009. The review process in
respect of the FM/PM Division is still ongoing and the Group will provide an
update at the annual general meeting in late August 2009.
Review of Head Office Costs and Senior Management Changes
As announced on 5 March 2009, the strategic review also incorporated a full
review of the cost structure of the Group and considered the necessity for
certain head office costs in an environment where the Group is focusing solely
on its FM/PM business which has a stand alone management team. That announced
also noted that there is likely to be little if any acquisition activity in the
foreseeable future.
This review of head off costs has now concluded and Veris announces that:
* Bernard Farrell will be resigning as Group CEO on 31 July 2009 in order to
pursue a number of private investment opportunities. He will remain as a
non-executive director until conclusion of the strategic review referred to
above
* John O'Donoghue, Company Secretary and Group CFO will be resigning as Company
Secretary with immediate effect but will remain as Group CFO until 30 October
2009 after which he is leaving to pursue an opportunity in the venture capital
sector
* Declan Cassidy has been appointed Company Secretary with immediate effect
* Martin McMahon, CEO of the FM/PM Division will continue in that role
* Niall McFadden, currently Non-Executive Chairman has assumed the role of
Executive Chairman
* The group head office in Sandyford, Dublin will be closed in due course
Speaking earlier today, Bernard Farrell said;
"Veris is now in a position to focus solely on its core FM division which is an
outstanding business. After a period of over 2 years as the Group CEO during
which the business has grown successfully and we have managed to improve our
balance sheet and cash flow management significantly, I believe now is an
appropriate time for me to step down from day to day involvement with the Group
and pursue a number of private investment opportunities. I would like to take
this opportunity to thank the Board for their support during my tenure."
Mr Niall McFadden Executive Chairman commented:
"Following on from the disposal of the Moving and Storage division, Veris now
has a more focused business with well managed and defensive revenue streams. We
remain committed to further strengthening our outsourced integrated services
business model and we will continue to seek opportunities to grow revenues and
deliver cost efficiencies within our Group operations.
On behalf of the Board and management team, I would like to thank Bernard, for
his outstanding contribution to Veris over the past two years. I would like to
thank John for his excellent contribution to Veris and am appreciative that he
will remain as Group CFO until 30 October 2009 which will allow sufficient time
to effect a full and proper handover. I wish both Bernard and John every success
in the future."
For further information
Contact
+------------------------------+------------+---------------------------+
| Veris plc | | |
+------------------------------+------------+---------------------------+
| Bernard Farrell | Tel: | + 353 1 294 7080 |
+------------------------------+------------+---------------------------+
| Q4 Public Relations | | |
+------------------------------+------------+---------------------------+
| Nuala Buttner | Tel: | + 353 85 174 42 75 |
+------------------------------+------------+---------------------------+
| Davy Corporate Finance | | |
+------------------------------+------------+---------------------------+
| Des Carville, Director | Tel: | + 353 1 679 63 63 |
+------------------------------+------------+---------------------------+
End
This information is provided by RNS
The company news service from the London Stock Exchange
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