Board Restructuring and Board Changes
20 November 2009 - 11:15AM
UK Regulatory
TIDMVTS
RNS Number : 8414C
Vantis PLC
20 November 2009
+------------------------------------+------------------------------------+
| For Immediate Release | 20 November 2009 |
+------------------------------------+------------------------------------+
VANTIS plc
("Vantis", "the Company" or "the Group")
Board Restructuring and Board Changes
Vantis, the accounting, tax and business recovery Group, announces a
restructuring of its Board ahead of its AGM to take place on 17 December 2009
(the "Restructuring"). The Board believes that the Restructuring is appropriate
to streamline the Group's management to take the Group through its next stage of
development. The Restructuring will also strengthen the Group's compliance with
the Combined Code on Corporate Governance.
Accordingly, the Company announces that Mr Graham Cole, Mr Bob Thornton, Mr
Trevor Applin and Mr Paul Ashton will be stepping down from the PLC Board at the
conclusion of the AGM. As reported at the recent preliminary results, Mr Paul
Gourmand will also be stepping down, retiring as Non-executive Chairman at the
conclusion of the AGM. As a result, Mr Mike Wheeler will be appointed as
Non-Executive Chairman of the Board to succeed Mr Paul Gourmand and Mr Steve
Smith will be joining the Board with immediate effect as Interim Finance
Director.
Mike Wheeler (aged 58), is a qualified Chartered Accountant and former Global
Managing Partner of Advisory Services at KPMG. He has provided strategic advice
to a very wide range of companies around the world. Formerly Senior Adviser and
Non-executive Chairman of Close Brothers Corporate Finance, Mike Wheeler is
currently a Non-executive director of the Department of Health and Chairman of
the Audit Committee of Dubai Holdings.
Stephen Smith (aged 56) is a Chartered Management Accountant, a Fellow of the
Association of Corporate Treasurers and a Member of the Institute for Turnaround
who, since 1995, has operated as an independent consultant, non-executive
director and interim manager on an international basis for a number of different
companies.
Trevor Applin, currently Finance Director of the Group, will be stepping down
from the PLC Board to become Chief Operating Officer on the Management Board,
which has responsibility for the day to day operations of the Group. To allow
Trevor to concentrate on this role, Stephen Smith will assume the Finance
Director's responsibilities on an interim basis until a new full time Finance
Director is appointed.
Paul Ashton and Bob Thornton will also be stepping down from the PLC Board to
the Management Board. Paul Ashton will continue as Company Secretary, and both
Paul Ashton and Bob Thornton will continue with their day to day
responsibilities.
Following the AGM, the PLC Board will comprise:
+-----------------------------------+-------------------------------------+
| * Mike | - Non-executive Chairman |
| Wheeler | |
+-----------------------------------+-------------------------------------+
| * Paul | - Executive Director & C.E.O. |
| Jackson | |
+-----------------------------------+-------------------------------------+
| * Nigel | - Executive Director |
| Hamilton-Smith | |
+-----------------------------------+-------------------------------------+
| * Stephen | - Executive Director & Interim F.D. |
| Smith | |
+-----------------------------------+-------------------------------------+
| * Ken | - Non-executive Director |
| Dulieu | |
+-----------------------------------+-------------------------------------+
| * David | - Non-executive Director |
| Potter | |
+-----------------------------------+-------------------------------------+
Save as detailed below, there is nothing further to disclose in relation to the
appointment of Mike Wheeler and Stephen Smith respectively, under Schedule Two,
paragraph (g) of the AIM rules.
Mike Wheeler has held the following directorships during the last five years:
Stephen Smith has held the following directorships during the last five years:
+-----------------------+-----------+--+--------------------------+-----------+
| Current | Date | | Current | Date |
| | Appointed | | | Appointed |
+-----------------------+-----------+--+--------------------------+-----------+
| Non-executive | 2006 | | ACLM Limited (in | 10.11.05 |
| director of the | | | liquidation) | 08.09.04 |
| Department of Health | | | Allergy Therapeutics plc | 26.02.09 |
| and deputy chairman | | | Breedon Holdings Limited | 26.02.09 |
| of the Audit | | | Breedon Services Limited | |
| Committee | | | | |
+-----------------------+-----------+--+--------------------------+-----------+
| Chairman of the Audit | 2006 | | Burlington Restaurant | 08.02.08 |
| Committee of Dubai | | | Limited (in | |
| Holding LLC | | | administration) | |
+-----------------------+-----------+--+--------------------------+-----------+
| Non-executive member | 2007 | | Corporate Doctors | 29.10.99 |
| of the Audit | | | Limited | 18.11.08 |
| Committee of the | | | Ennstone plc (in | 08.02.08 |
| Institute of | | | administration) | |
| Financial Services | | | Group Realisations | |
| | | | Limited (in | |
+-----------------------+-----------+--+--------------------------+-----------+
| Governor of Reed's | 2007 | | administration) | |
| School | | | | |
+-----------------------+-----------+--+--------------------------+-----------+
| | | | Hartford Operations | 08.02.08 |
| | | | Limited (in | |
| | | | administration) | |
+-----------------------+-----------+--+--------------------------+-----------+
| | | | Icknield Limited | 16.07.03 |
+-----------------------+-----------+--+--------------------------+-----------+
| | | | J Bar Limited (in | 08.02.08 |
| | | | administration) | |
+-----------------------+-----------+--+--------------------------+-----------+
| | | | Leisuretime (WWD) | 25.02.92 |
| | | | Limited (in liquidation) | |
+-----------------------+-----------+--+--------------------------+-----------+
| | | | Montana plc (in | 08.02.08 |
| | | | administration) | |
+-----------------------+-----------+--+--------------------------+-----------+
| | | | Newco SRS Limited | 08.07.08 |
+-----------------------+-----------+--+--------------------------+-----------+
| | | | Stephen R Smith | 15.05.95 |
| | | | Associates Limited | |
+-----------------------+-----------+--+--------------------------+-----------+
| | | | Texon International | 11.01.05 |
| | | | Group Limited | |
+-----------------------+-----------+--+--------------------------+-----------+
| | | | The Food & Drink Group | 08.02.08 |
| | | | plc (in administration) | |
+-----------------------+-----------+--+--------------------------+-----------+
| | | | The Sweater Shop (UK) | 02.12.97 |
| | | | Limited (in | |
| | | | administrative | |
| | | | receivership) | |
+-----------------------+-----------+--+--------------------------+-----------+
| | | | | |
+-----------------------+-----------+--+--------------------------+-----------+
| Past Directorships | Date | | Past Directorships | Date |
| | Resigned | | | Resigned |
+-----------------------+-----------+--+--------------------------+-----------+
| Association of | 22.04.05 | | Allergy Therapeutics | 08.10.04 |
| Business Recovery | | | (Holdings) Limited | |
| Professionals | | | | |
+-----------------------+-----------+--+--------------------------+-----------+
| Association of | 14.12.05 | | Alpine Investments | 11.08.09 |
| Certified Turnaround | | | Limited | |
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