Last checked at 23 Jan 2020 07:00
The information communicated in this announcement is inside information for the purposes of Article 7 of the Market Abuse Regulation 596/2014.
23 January 2020
accesso® Technology Group plc
("accesso" or the "Company")
Intended Changes to Board Composition
accesso Technology Group plc (AIM: ASCO), the premier technology solutions provider to leisure, entertainment, hospitality, attractions and cultural markets, is pleased to announce its intention to appoint Mr. Steve Brown as the new Chief Executive Officer and a Director of the Company. This appointment is expected to be effective from Monday 27 January 2020, subject to completion of the customary Nominated Adviser diligence checks.
Steve Brown founded the Company's namesake accesso in 2008 which became part of what is now accesso Technology Group plc when it was acquired in 2012. Mr. Brown served as President & Chief Executive Officer from 2016 until 2018. He now steps back into the role as Chief Executive Officer to reinvigorate the Company's strategic plan to fully leverage the range of assets within its portfolio and deliver value-enhancing solutions to the marketplace, whilst creating value for shareholders.
The Company and Paul Noland have agreed that he will resign as Chief Executive Officer and step down from his role on the accesso Board concurrently with Steve Brown's expected appointment.
Intention to make LTIP Award:
The Company confirms that as part of Steve Brown's proposed appointment to the Board of accesso, the Board expects to agree a long-term incentive plan ("LTIP") that will appropriately incentivise Mr. Brown for delivering growth and shareholder value.
The LTIP will seek to create an incentive that is directly aligned with any increase in shareholder value and is planned to strongly incentivise Mr. Brown to further develop the Company's growth, profitability and cash generation to the benefit of all of accesso's stakeholders.
The Board will provide a further update outlining the details of the agreed LTIP upon Mr. Brown's appointment to the Board.
Bill Russell, Non-Executive Chairman of accesso, commented:
"We are thrilled that Steve has decided to return to the leadership role as the CEO. His understanding of the company's core business along with his vision and passion for accesso are unmatchable. We look forward to working with him as we re-energize the Company and move forward with our long-term growth plan. We thank Paul for his contribution and wish him the best for the future".
Steve Brown, commented:
"Accesso has an incredible team of talented professionals, a vast array of innovative technology and a global reach that is unmatched by any other company in our industry. I look forward to re-engaging myself with our clients and the accesso team as we regain the momentum of this truly unique company".
For further information please contact:
accesso Technology Group plc Bill Russell, Non-Executive Chairman John Alder, Chief Financial Officer Simon Chisholm, Investor Relations
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Canaccord Genuity Limited (Nominated Adviser and Joint Broker) Simon Bridges, Richard Andrews |
| +44 (0)20 7523 8000
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Numis Securities Limited (Joint Broker) Simon Willis, Mark Lander |
| +44 (0)20 7260 1000 |
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FTI Consulting, LLP Matt Dixon, Adam Davidson, Chris Birt |
| +44 (0)20 3727 1000 |