LONDON (Alliance News) - Castleton Technology PLC Wednesday said it has appointed Spencer Dredge, who was heavily involved in the company's recent merger and acquisition activity, as its new Finance Director, with Peter Hallet stepping down from the role straight away, as the company had previously announced.
In a statement, the software support and consultancy formerly known as Redstone PLC, said Dredge will take the role on a part-time basis, scaling his commitment as the company requires.
Dredge has over a decade of experience in the UK technology sector, the company said, and helped to execute merger and acquisition programmes at Redstone, Maxima Holdings and RedCentric.
Redstone bought Maxima in 2012, and then in 2013 demerged its network-based managed services business into a new company called Redcentric.
In November last year, it sold its ICT infrastructure and data centre business to Coms PLC for GBP9.5 million, and then changed its name to Castleton Technology.
Hallett had given notice of his intention to reign last June after it demerged Redcentric.
Dredge will remain an associate consultant at MXC Capital, the corporate advisory practise focused on the tech, media and telcoms sector. MXC Capital was involved in the recent demerger and asset sale that created Castleton, and Castleton Chief Executive Ian Smith and non-executive Director Tony Weaver are controlling shareholders of Mantin Capital Ltd, which is a partner in MXC Capital.
Castleton Technology shares were up 11.1% at 0.7497 pence early Wednesday, one of the biggest gains on AIM.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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