Athelney Tst. Regulatory News (ATY)

Athelney Trust plc

Legal Entity Identifier:

213800ON67TJC7F4DL05

Appointment of Directors

Athelney Trust plc is pleased to announce the appointment of Helen Sachdev as a Non-Executive Director of the Company, effective immediately. In addition, the Company announces that Frank Ashton, currently a Non-Executive Director of the Company, has also been appointed Executive Chairman of the Company with immediate effect.

Helen Sachdev

Helen Sachdev, aged 53, is currently Non-Executive Director and Audit Chair of Loughborough Building Society, and was Non-Executive Director of Communisis plc, the leading provider of personalised customer communication services, until its acquisition in December 2018. Helen is also currently a Director with the coaching consultancy, WOMBA.

Helen is a Fellow of the Chartered Institute of Management Accountants and has a BA (Hons) in Retail Marketing from Manchester Metropolitan University. Helen brings a wealth of experience as a non-executive director, underpinned by extensive blue chip executive experience having worked in senior positions at Barclays plc, Tesco and Sainsbury's, and she has a proven track record of operational expertise, corporate development and strategy implementation.

The current Board of the Company therefore comprises:

· Frank Ashton (Executive Chairman)

· David Lawman (Non-Executive Director)

· Helen Sachdev (Non-Executive Director)

All directors sit on both the Audit and Remuneration Committees, and Helen Sachdev will Chair the Audit Committee.

It is recognised that Frank Ashton's role as Executive Chairman is not compliant with the UK Corporate Governance Code. However after full consideration by the Board it is deemed appropriate at this critical time for the Company. As well as being a critical time in the financial reporting cycle the board is negotiating transition to the Company's future external Fund Management with Gresham House Asset Management. This was supported implicitly by voting at the EGM on 22 January 2019. A detailed explanation of the non-compliant position is available on the Company's website, as is the result of the EGM voting and 11 January 2019 statement on the EGM.

To the best of their knowledge, a majority of the Directors, namely Frank Ashton and Helen Sachdev, have no current or prior connection with any major shareholder of Athelney Trust plc.

Frank Ashton, Chairman of Athelney Trust plc, said: 

"I am delighted to welcome Helen Sachdev to the Athelney Trust Board, joining David Lawman and myself. 

"We now have a strong Board that I believe has the necessary experience and expertise to stabilise Athelney and move it forward to the next stage of its growth. I look forward to introducing each director to shareholders, and talking more about our plans for the Company's future, at the next scheduled meeting which is the Annual General Meeting on 3rd April 2019."

Listing Rule disclosures

Helen Sachdev was a Director of Communisis PLC until December 2018.

There are no further details or disclosures required under Listing Rule 9.6.13R in respect of Helen Sachdev.