Last checked at 28 Sep 2011 07:00
Cheerful Scout Plc / Index: AIM / Epic: CLS / Sector: Media
28 September 2011
cheerful scout plc ('cheerful' or 'the Company')
Board Changes and Proposed Change of Name
cheerful scout plc, the AIM-traded multi-media specialist, has restructured its Board with immediate effect to support the Company's next stage of growth as it leverages its creative expertise in the corporate communications arena.
Following the restructuring, Gary Fitzpatrick, previously Managing Director of cheerful, has become CEO, replacing Peter Litten, who now holds a dual role as Deputy Chairman and Creative Director. Mr. Litten's combined position emphasises the pivotal role the Board places on providing an innovative and creative product to its clients.
Additionally, Stephen Garbutta has joined the Board as Non-executive Director. Stephen has been a partner for 30 years with Harris and Trotter LLP, a leading firm of Chartered Accountants, and heads its Corporate Finance and Mergers and Acquisition department. Non-executive Director Neville Newman has stepped down from the Board.
cheerful has also decided, subject to shareholder approval, to change the holding company name to Aeorema Communications Group Plc. This will allow the Company to add additional disciplines and companies to complement its existing operations, cheerful scout and twentyfirst. A further announcement will be made in due course.
Mike Hale, Chairman, commented, "I am confident that this restructuring exercise will strengthen the Board significantly and, combined with our proposed name change, we are now well positioned to increase our footprint in the corporate communications arena. Gary has 17 years of experience in this area and has been key in helping the Company maintain sales and a strong balance sheet. Importantly, he was critical in organising the very successful acquisition of events company Twentyfirst last year which has given the Company a strong presence in this lucrative industry as well as a range of blue chip clients.
"As Peter's dual role demonstrates, maintaining our reputation as an innovative communication specialist is a top priority. The quality of work already achieved this year by our creative events and video production units, led by highly experienced long-term team members, is testament to this and we believe that a number of outstanding corporate videos produced have an excellent chance of winning major industry awards. I would also like to take this opportunity to thank Neville Newman for his support and work during his time at the Company and we wish him all the best in his future pursuits."
Disclosures under Schedule 2 of the AIM Rules
Gary Robert Fitzpatrick, aged 49, is or has been a director of the following companies during the previous five years:
Current Directorships:
| Cheerful Scout Productions Limited |
Directorships held within the previous five years:
| Cheercharm Limited - was subject to a creditors voluntary liquidation on 22 April 1996. As a result of this liquidation Mr. Fitzpatrick was subject to a Directors' Disqualification Order dated 21 April 1997 for a period of four years which expired on 21 April 2001. Cheercharm Restaurants Limited - was subject to a creditors voluntary liquidation. As a result of this liquidation Mr. Fitzpatrick was subject to a Directors' Disqualification Order dated 21 April 1997 for a period of four years which expired on 21 April 2001. |
As civil partner of Peter Litten, Gary Fitzpatrick has a beneficial interest in 3,400,000 ordinary shares representing 43.38% of the issued share capital of the Company.
Stephen Michael Garbutta, aged 62, is or has been a director or partner of the following companies during the previous five years:
Current Directorships/Partnerships:
| Grosvenor Park (Harris & Trotter) 2002 Film LLP Harris & Trotter LLP 80 Clerkenwell Road LLP Hartrott Nominees Limited Gardenoak Limited Villamaze Limited E&J Ground Rents No2 LLP Haymarket One LLP Haymarket Two LLP
|
Directorships held within the previous five years:
| Daltenreys Limited - subject to voluntary creditors liquidation 9 January 1998 Harris & Trotter (Services) Ltd. Swanfast Limited Mancross Investments Limited Gildmoor Limited A1 Golf & Tennis Centre Limited
|
Stephen Garbutta has a beneficial interest in 50,000 ordinary shares representing 0.64% of the issued share capital of the Company.
There are no other matters, which are required to be announced with regard to the appointments under paragraph (g) of Schedule 2 of the AIM Rules.
** ENDS **
For further information visit www.cheerfulscout.com or contact:
Gary Fitzpatrick | cheerful scout plc | Tel: 020 7291 0444 |
Mark Percy/Catherine Leftley | Seymour Pierce | Tel: 020 7107 8030 |
Elisabeth Cowell | St Brides Media & Finance Ltd | Tel: 020 7236 1177 |