Newmark reconciles with Thalassa, agrees to board changes

Wed, 15th Oct 2025 14:27

(Alliance News) - Newmark Security PLC on Wednesday reported plans for an executive reshuffle, after shareholder Thalassa Holdings Ltd last week threatened to replace Newmark's board.

Newmark is a London-based security and workforce management firm transitioning to subscription-based sales.

Thalassa is a Virgin Islands-based holding company targeting "a wide range of investment opportunities in the public and private markets". The firm's website specifies that it is "now actively seeking" new targets, having realised an exit from one of its subsidiaries.

Thalassa owns 21.3% of Newmark, as of last Wednesday, when the shareholder issued a letter raising "concerns regarding excess pay, governance and financial performance."

Newmark noted "positive dialogue" with Thalassa over the past week, and has agreed to appoint two independent non-executive directors, for which a search is currently underway.

Maurice Dwek, a relative of Chief Executive Marie-Claire Dwek, will leave the remuneration committee. This follows Thalassa's suggestion last week that Newmark is being run "for the benefit of the Dwek family".

Non-Executive Director Michael Rapoport will also leave the board. Following the new appointments, Newmark said its remuneration committee will comprise independent directors only, as per Thalassa's request.

Thalassa indicated last week that it would replace the entire board if Newmark did not address the issue of director independence.

In response, Thalassa agreed to withdraw its vote against the reappointment of the third remuneration committee member Terence Yap.

Thalassa on Wednesday responded: "In light of these constructive developments, the Thalassa board announces it has agreed to withdraw its vote against the re-appointment of Yap, both as a sign of compromise, but also as a clear indication of our willingness to work constructively with the boards of our investee companies."

The shareholder added: "We are grateful for the assurances that we have received that the proposed reconstitution of the [Newmark] board will lead to closer alignment of management’s compensation with the profitability attributable to the company’s shareholders."

Thalassa shares rose 8.2% to 26.50 pence on Wednesday afternoon in London. Newmark traded 5.2% higher at 110.50p per share.

By Holly Munks, Alliance News reporter

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