Last checked at 8 Jun 2011 07:00
8 June 2011
Corero plc (AIM: CORO)
("Corero" or the "Company")
Board changes
Corero plc, the AIM listed network security and business software provider, announces changes to its Board of Directors in line with the Company's stated strategy of managing and operating Corero as two separate divisions: Corero Security Systems, which includes recently acquired Top Layer Networks, Inc., and Corero Business Systems, which serves the education and commercial sectors.
Bernard Snowe, managing director of Corero Business Systems, will step down from the main board of Corero plc with effect from 30 June 2011. This will enable Bernard to focus entirely on the growth of Corero Business Systems and build on the division's strong presence in the UK education sector, in particular the fast growing Academy market, where the business continues to see strong growth. He remains a director of Corero Systems Limited (the Corero Business Systems trading entity).
Edward Forwood, a director of Loudwater Trust Limited ("Loudwater") will join the Board as non-executive director on 29 June 2011. His appointment is a result of Loudwater, which became a significant shareholder in the Company following the acquisition of Top Layer, exercising its right to appoint a non-executive director, as set out in the Admission Document dated 7 February 2011. The appointment of Mr Forwood will be ratified at a meeting of the Company's Board of Directors on 29 June 2011.
Disclosures required pursuant to Schedule 2(g) of the AIM Rules for Companies in respect of Mr Forwood are set out below.
Following the above changes, the Board of Directors of the Company will comprise Jens Montanana, (non-executive Chairman), Richard Last (non-executive director), Edward Forwood (non-executive director) and Andrew Miller (COO and executive director).
Jens Montanana, Chairman of Corero, said: "These board changes are an important part of bringing management focus to the operation of our two business divisions.
"The education sector in the UK offers us an excellent opportunity for growth, particularly in light of the significant increase in the demand for schools to convert to Academies. Bernard has led the division's strong performance to date and will now be able to focus his efforts on building it even further.
"Over the coming year we intend to invest further in Corero Business Systems to drive growth, enhance the service offering and increase market share.
"I would also like to welcome Edward Forwood to the Board. He has extensive experience of managing, advising and investing in technology companies and we are confident that the Company will benefit from his expertise."
Enquiries:
Corero plc | |
Andrew Miller, Chief Operating Officer | Tel: 01923 897 333 |
finnCap | |
Clive Carver/Henrik Persson | Tel: 020 7600 1658 |
Walbrook PR | Tel: 020 7933 8780 |
Bob Huxford | Mob: 07747 635 908 or bob.huxford@walbrookpr.com |
Paul McManus | Mob: 07980 541 893 or paul.mcmanus@walbrookpr.com |
About Corero
Corero acquired Top Layer Networks, Inc. in March 2011 as a first step in creating its Corero Security Systems division. The Group's strategy is to build, through a combination of acquisition and organic development, a network security technology business focused on delivering software and hardware solutions and related support services to mid-market commercial and enterprise customers and telecommunication service providers, through international channels.
Corero's Business Systems division serves the education and business sectors in the UK by delivering powerful, dynamic modular accounting and business management software and services. The Company's strategy is to continue to invest and grow this business and in particular to take advantage of the growth in the academy sector of the UK education market and the business' strong position and market share in the academy market.
Disclosures required pursuant to Schedule 2(g) of the AIM rules for companies
Name: Edward Langton Homfray Forwood (Age 53)
Mr Forwood currently holds, and has during the last five years immediately preceding the date of this announcement held, the following directorships or partnerships:
Current
| Past |
Loudwater Trust Plc Loudwater Investment Partners Limited Moorfields GP Limited Panmure Capital L.P. Agraquest, Inc. Glimmerglass Networks, Inc. 4 Clanricarde Gardens Management Company Ltd Little Tufton House Management Limited | Top Layer Networks, Inc. Pentadyne Corporation Gemfire Corporation Rochdale Spears Co Limited Julian Chichester Designs Limited Miles Capital Limited Loudwater Investors Limited |
Mr Forwood was a director of Morfax Limited. He resigned as a director on 12 July 1995. The company was then wound up by way of a creditors' voluntary liquidation on 22 August 1995.
There are no other matters which are required to be announced as required under Schedule 2(g) of the AIM Rules.