Imtk4 Jan 2019 11:36
Chairman's statement
The six months to 30 September 2018 was one of significant change for the Company, employees and shareholders alike, with a change in management and a downsizing of the business. I described some of these initiatives in the announcement made on 11 September 2018 that accompanied the final results for the year ended 31 March 2018, but it is worth reminding stakeholders again of what happened and the reasons.
The first part of this financial year saw the Company complete a strategic review of the business and to consider the various potential options available to it to seek to maximise value for shareholders. As a result, in early June 2018 the board determined that the best path forward was to recapitalise the business and appoint substantially a new leadership team. Accordingly, Matt Cooper and Ralph Welborn left the board.
An important step in this direction was the appointment of Angus Forrest as CEO on 1 July 2018. Since his appointment Angus has set about implementing a series of changes across the business including a significant reduction in the company's fixed cost base to better align our costs with the recurring revenues and potential new business, changing the focus of our development activities and providing different leadership to the Company. I am grateful for his efforts over the period and the board will continue to implement change where necessary.
During the period we were approached by and had discussions with a range of parties interested in investing in or partnering with the business. Despite some setbacks the management team overcame several significant hurdles, not least of which was the resignation of our nominated adviser and broker and the suspension of our shares as a result. I am however pleased to report that on 26 October 2018 we were able to appoint WH Ireland as our new nominated adviser and broker and our shares were readmitted to trading on AIM.
I am grateful to and would like to thank all the investors who have provided fresh equity and loan finance in the period now under review, enabling the Company to stabilise its financial position.
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