11 Aug 2017 11:11
11 August 2017
Vitesse Media plc
("Vitesse" or the "Company")
Directorate change, holding(s) in Company
and proposed fund raising
Vitesse Media Plc, the AIM-listed digital media and events business, announces that Simon Stilwell has been appointed as Chief Executive Officer of the Company with immediate effect. As a consequence, Niki Baker, formerly Chief Executive Officer, has been appointed as Managing Director, Events/Marketing of the Company with immediate effect to focus on expanding the Company's flourishing events business.
Simon was until 2015 Chief Executive of Liberum, the Investment Bank that he co-founded in 2007 and grew from a start up to £55m of revenue and 170 people in seven profitable years. Prior to Liberum, he served as Head of Sales, Small Companies, at Collins Stewart plc and was also a director at Beeson Gregory Limited. He was commissioned into the Gloucestershire Regiment in 1992 and served in a variety of countries and roles before starting his City career in 1996. Simon graduated with a BSc in Geological Sciences from Durham University. Since leaving Liberum, Simon has pursued a number of different business interests.
The Company has been notified that earlier today, Simon Stilwell and Anthony Cross have each acquired 6,373,799 and 7,013,799 existing ordinary shares of 1 penny each in the Company ("Ordinary Shares") respectively, at 2.5 pence per Ordinary Share. Simon Stilwell and Anthony Cross' resulting holdings are 7,013,799 and 7,013,799 Ordinary Shares respectively, each representing approximately 10.9 per cent. of the Company's issued share capital.
Anthony Cross has worked in fund management for 27 years and for the last 20 years has successfully managed a range of funds for Liontrust Asset Management. This investment is being made in a personal capacity and he has no role within the Company.
Simultaneously, Chris Ingram has sold 8,387,598 Ordinary Shares. This reduces his holding to 8,387,597 Ordinary Shares, representing approximately 13.0 per cent. of the Company's issued share capital. In addition, at the same time, Sara Williams has sold 5,000,000 Ordinary Shares. This reduces her holding to 3,892,263 Ordinary Shares, representing approximately 6.0 per cent. of the Company's issued share capital.
The Company also announces that subject to shareholder approval it is considering an issue of new Ordinary Shares by way of a placing to raise up to £2.0 million, the proceeds of which will be used to repay the Company's current indebtedness and for working capital purposes. In particular, the proceeds will be used to fund the development of the Company's Events business, including the successful 'Woman in.." series as well as expanding the capabilities of the Company's exisiting digital platforms and to fund new business development. The new business areas will concentrate on the provision of media and equity research for both institutional and private investors. The Company has been informed that Messrs Stilwell and Cross intend in aggregate to invest £0.5 million in the proposed fund raising. A further announcement will be made in due course.
David Smith, Chairman of Vitesse, commented:
"On behalf of the Board, I am pleased to welcome Simon to the Company and look forward to working with him in shaping the future direction of business. I wish to place on record the Board's appreciation of Niki's role as Chief Executive over the past 5 years and look forward to her continuing contribution leading our growing events business."
Appendix: disclosures required pursuant to Rule 17 and Schedule 2(g) of the AIM Rules for Companies
Simon Leslie Stilwell (aged 48), is currently and has in the past 5 years been a director of the following companies:
Current directorships | Former directorships |
Bedham Holdings Limited | ALTLending (UK) Limited |
Little Forest Folk Too Limited | LAF Advisory Limited |
Vintage Tack Room Limited | LAX1 Limited |
| LAX2 Limited |
| LAX3 Limited |
| Liberum Alternative Finance Limited |
| Liberum ALTFI Limited |
| Liberum Capital Limited |
| Liberum Capital Nominees Limited |
| Liberum Foundation |
| Liberum Limited |
| Little Forest Folk Limited |
| Optic Systems Limited |
|
|
Save as set out in this announcement, there are no further details to be disclosed under Rule 17 or Schedule 2(g) of the AIM Rules for Companies in respect of Mr Stilwell.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further enquiries please contact:
Vitesse Media plc |
|
David Smith, Non-Executive Chairman | +44 (0)20 7250 7010 |
Niki Baker, Managing Director, Events/Marketing |
|
Simon Stilwell, Chief Executive | 07900 825657 |
Stockdale Securities Limited |
|
Tom Griffiths David Coaten | +44 (0)20 7601 6100 |
|
|
About Vitesse Media plc
Vitesse Media plc is a leading B2B media business specialising in events, digital activities, data and research for the technology, SME business and high-net-worth investment industries. Its flagship titles include SmallBusiness.co.uk, Growth Company Investor, Information Age, GrowthBusiness.co.uk and What Investment. Vitesse Media is also responsible for a growing portfolio of high-profile events, including The Quoted Company Awards and 'Women in …' Awards. Vitesse Media is focused on developing innovative products and services while evaluating further business opportunities in the fragmented B2B and B2C media and Equity space. Vitesse Media is quoted on AIM.