Assetco Regulatory News (ASTO)

24 Aug 2005 07:00

Asfare Group plc24 August 2005 Asfare Group plc Press Release 24 August 2005 Board Changes, Potential Acquisition and Date of Final Results Asfare Group plc ("Asfare" or "the Group"), the UK's leading supplier of laddersand related equipment to the UK Fire Industry, today announces the strengtheningof the executive board and that it is in talks concerning a potentialacquisition within the Homeland Security sector. Board Appointments The Company has appointed with immediate effect, Tony O'Neill (54) as ChiefExecutive to succeed David Chisnall who will become Deputy Chairman. Davidbecame Chairman of FIRESA, the fire and rescue industry equipment suppliers'trade association, earlier this year. He will continue to make available to theCompany his industry expertise and wealth of relationships but will reduce hiscommitment to the business to three days a week. Tony O'Neill has considerableexperience in leading and developing growth businesses and for the last sevenyears to 2005 was UK Managing Director of Rentokil Initial's Security Division,which has a turnover in excess of £100 million. Matters for disclosure under paragraph (g) of Schedule 2 of the AIM Rules withrespect to the appointment of Tony O'Neill as Chief Executive of Asfare Groupplc: Full name: Anthony Arthur O'Neill Age: 54 Current directorships: None Directorships held within the last 5 years: Initial Aviation Limited Initial Security Limited Guardrite Public Limited Company British Security Industry Association Limited Adrian Jones, Group Finance Director, will resign with effect from 31 August2005 to take up another appointment and will be succeeded by Tim O'Connor (36)with effect from 1 September 2005. He was CFO of Tandberg Television ASA (aNorwegian listed company) between 2002 and 2005 during which time he wasinstrumental in the successful turnaround of the business to a current marketcapitalisation of approximately £500 million. He was also responsible forenlarging Tandberg's UK institutional shareholder base and was involved insubstantial acquisition activity for Tandberg. Matters for disclosure under paragraph (g) of Schedule 2 of the AIM Rules withrespect to the appointment of Tim O'Connor as Group Finance Director of AsfareGroup plc: Full name: Timothy Paul O'Connor Age: 36 Current directorships: Meredell Limited (UK) Directorships held within the last 5 years: Tandberg Television Limited (UK) Tandberg Television, Inc (USA) Tandberg Television Limited (Hong Kong) Tandberg Television BVI (BVI) Tandberg Television GmbH (Germany) Tandberg Television Holding GmbH (Germany) Tandberg Television Verwaltungs GmbH (Germany) Tim Wightman, Chairman, said: "These two widely-experienced executives willbring valuable skills to the Group as it grows organically and by acquisitionand they will be able to benefit from David Chisnall's deep knowledge of ourcore industry." Potential Acquisition Asfare is at an advanced stage of negotiation to purchase a UK manufacturer ofsecurity equipment which is a leader in its sector. A further announcement willbe made on satisfactory conclusion of these negotiations. The strengthening of the Board, along with the proposed acquisition, signal abroadening of Asfare's target markets from its established position in fire andrescue equipment into the wider field of homeland security. The board believethat this wider market will generate significant organic growth and acquisitionopportunities, as well as having considerable synergistic benefits for theGroup. Preliminary Announcement Asfare expects to announce its financial results for the year ended 31 March2005 on 20 September 2005. Tim Wightman Chairman 24 August 2005 For further information, please contact: Enquiries: Asfare Group plcDavid Chisnall, Deputy Chairman Tel: +44 (0) 2380 861 966Tim Wightman, Chairman Seymour PierceMark Percy/John Depasquale Tel: +44 (0) 20 7107 8000 Media enquiries:Abchurch CommunicationsAriane Comstive/Julian Bosdet Tel: +44 (0) 20 7398 7700ariane.comstive@abchurch-group.com - Ends - This information is provided by RNS The company news service from the London Stock Exchange