Frp Advisory Group Regulatory News (FRP)

19 Aug 2005 07:00

Debt Free Direct Group PLC19 August 2005 19 August 2005 DEBT FREE DIRECT GROUP PLC PROPOSED NON-EXECUTIVE CHAIRMAN APPOINTMENT Michael Blackburn to be appointed Non-executive Chairman to Debt Free Direct PLC("Debt Free Direct" or the "Company") The board of Debt Free Direct, a leading debt advice and solutions company, ispleased to announce that Jeffrey Michael Blackburn, aged 63, has agreed to joinand will be proposed for appointment to its Board as non-executive Chairman atits forthcoming Annual General Meeting ("AGM") to be held on 29 September 2005. Mike is currently a director of George Wimpey Plc, ID Data Plc, Apollo AdvisersLimited and Freeport Plc. He has also been a director of Town Centre SecuritiesPlc, Jacobs Holdings Plc, DFS Furniture Company Plc, Aquila Group Holdings Ltdand Poptones Group Plc. In a banking career of almost forty years, Mike was a senior executive withLloyds Bank, latterly as Chief Manager, Business Advisory Service, before beingseconded as Chief Executive of Access (The Joint Credit Card Company). Leeds Permanent Building Society recruited Mike as its Chief Executive in 1987.In 1993 he joined Halifax Building Society as Chief Executive. The twosocieties merged in 1995 and Halifax plc entered the Top 10 of the FTSE 100 in1997. Since retiring, Mike has served on a number of plc boards, including GeorgeWimpey and DFS Furniture Company as Senior Independent Director, a position hecurrently holds with Freeport plc. He is a Trustee of The Duke of Edinburgh'sAward, a school governor and has other charitable involvements. There are no further details required to be disclosed under paragraph (g) ofSchedule 2 of the AIM Rules. Mike, who worked closely with Gren Folwell at Halifax Plc for 7 years, willreplace Gren as Chairman. Gren will step down at the AGM after serving on theboard for 3 years. Andrew Redmond, Chief Executive, said: "We are looking forward to welcoming Mike Blackburn onto the board of Debt FreeDirect. Michael has been an adviser to the Company since we were admitted toAIM in December 2002 and I am convinced that his experience and market knowledgewill greatly benefit the company in the future. I would also like to thank Gren Folwell for his invaluable contribution to thebusiness during three years of strong performance." The proposed appointment of Michael Blackburn and the resignation of GrenFolwell will be formally ratified by shareholders at the forthcoming AGM. Market Update Latest available figures for July 2005 show that Debt Free Direct's market shareof individual voluntary arrangements ("IVAs") in the UK was 19.1%. The total number of IVAs registered in the UK market for July reached a newrecord level of over 1,800. Commentators are now predicting greater growth inthe IVA market this year than the growth of 40% recorded last year. The Board are not surprised by these predictions, given: (a) increased awareness of the IVA brought about by the advertising of DFD and others; (b) signals from the market in the United States ("US"). The proportion of individuals entering into the US equivalent of the IVA is almost 5 times greater than the proportionate number per capita of people entering into IVAs in the UK. Debt Free Direct continues to trade in line with the expectations set out at thetime of our preliminary results announcement of 28 June 2005. We are wellpositioned to continue our organic growth for the year ahead. Enquiries: Debt Free Direct Group plcAndrew Redmond, Chief Executive Officer 01257 240599Paul Latham, Finance Director 01257 240529 Teather & Greenwood 020 7426 9000Mark DickensonJon Drage Financial Dynamics 020 7831 3113Ed Gascoigne-PeesDominick Peasley Note to Editors Debt Free Direct helps individuals find the best solution to their debtproblems, based upon an analysis of their particular financial circumstances.Financial information on an individual is process through a computer model (TheBest Advice Model) developed by Debt Free Direct in order to recommend asolution suitable for that individual's particular financial circumstances. Thesolutions offered range from basis advice, such as simply destroying creditcards and curbing unnecessary expenditure, to the following solutions: • consolidation loan • re-mortgage • informal arrangement • individual voluntary arrangement (IVA) • bankruptcy Debt Free Direct is unique in the marketplace in that, unlike most of itscompetitors who sell specific products, Debt Free Direct looks to provide thebest advice to the consumer and recommends them the most appropriate service. Debt Free Direct is based in Chorley, Lancashire, and was admitted to AIM inDecember 2002. This information is provided by RNS The company news service from the London Stock Exchange