16 Dec 2021 07:01
16 December 2021
GYG plc
("GYG", the "Company" or the "Group")
Statement re Board Changes
GYG (AIM: GYG), the market leading superyacht painting, supply and maintenance company, announces that Stephen Murphy has decided to step down from his role as Independent Non-Executive Chairman. Stephen will be replaced by Richard McGuire with immediate effect.
Richard McGuire has almost 40 years of experience of investment markets, having worked within private equity, investment banking, institutional asset management companies and as a board member of various listed companies. Richard's most recent roles were with Sportech plc which he joined in 2016 as a Non-executive Director, becoming Chairman in 2017 and then Chief Executive Officer in 2019, overseeing a restructuring of the business completed in August 2021 when he stepped down from Sportech's board. Richard has also previously served as a Non-executive Director of Timeweave plc and Mitchells & Butlers plc. Mr McGuire has, in the past, also held management positions at Tavistock Group, Citigroup, Salomon Brothers and HSBC.
Commenting, Stephen Murphy said : "I have very much enjoyed working with the GYG board and wider team throughout my time as Chairman and decided that now is the right time to hand over to Richard as my successor. Clearly this year has had its challenges, however, the outlook for the business is positive and GYG remains well-positioned to capitalise on the clear growth opportunities ahead. I look forward to watching the business progress over the coming years and wish Richard, Remy and the rest of the team all the very best for the future."
Remy Millott, Chief Executive Officer of GYG, said: "My board colleagues and I would like to thank Stephen for his wise counsel and stewardship as Chairman and his substantial contribution over the last few years. We all wish him well in his future endeavours."
Richard McGuire, Independent Non-Executive Chairman of GYG, said : "I am pleased to be taking on this role with GYG. The fundamentals are in place and the business is well-positioned for the future. Remy and his management team provide a wealth of industry expertise and I am looking forward to working with them all going forward."
For further information:
GYG plc Remy Millott, Chief Executive Officer Kevin McNair, Chief Financial Officer
| via FTI Consulting Tel: +44 (0) 20 3727 1000 |
Singer Capital Markets Tom Salvesen Peter Steel, Amanda Gray
| Tel: +44 (0) 20 7496 3000 |
FTI Consulting Alex Beagley Fiona Walker Rafaella de Freitas
| Tel: +44 (0) 20 3727 1000
|
The following disclosures are required regarding Mr McGuire's appointment pursuant to Rule 17 and Schedule Two paragraph (g) of the AIM Rules for Companies ("AIM Rules"):
Full name: Richard Anthony McGuire
Age: 55
Current directorships:
· Grey Wolf Investments Limited
Previous directorships in the last five years:
· Bet 247 Limited
· C&P Promotions Limited
· Datatote (England) Limited
· Fortem Capital Holdings Ltd
· Fortem Capital International Ltd
· Fortem Capital Limited
· Fortem Capital AGF Limited
· Pools Company Limited
· Pools Promotions Limited
· Sportech Gaming Limited
· Sportech Group Holdings Limited
· Sportech Holdco 1 Limited
· Sportech Holdco 2 Limited
· Sportech Management Limited
· Sportech plc
· Sportech Pools Competitions Limited
· Sportech Pools Games Limited
· Sportech Pools Limited
· Sportech Pools Trustee Company Limited
· Thepools.com Limited
· Lot.To Systems Limited
· PlayLot.To Limited
· Sportech Lotteries LLC
· Sportech Retail LLC
· IC Development Limited
· Sportech Racing, LLC
· eBet Technologies Inc.
· Sportech Racing Canada Inc.
· Racing Technology Ireland Limited
· Sportech France SAS
· Sportech Racing Elekronik ve Bilgisayer Hizmetleri Sangayi Ticaret Limited Sirketi
· Autotote Europe GmbH
· Sportech Racing GmbH
Save as set out above, there is no further information to be disclosed in respect of Mr Richard McGuire under Rule 17 and Schedule 2(g) of the AIM Rules.
Notes to Editors:
GYG is the market leading superyacht painting, supply and maintenance company, offering services globally through operations in the Mediterranean, Northern Europe and the United States. The Company's brands include Pinmar, Pinmar Yacht Supply, and Technocraft. GYG's operations can be divided into three key sales channels:
· Refit: repainting and finishing of superyachts, normally as part of a refit programme. Revenues also include scaffolding and containment work;
· New Build: fairing and painting of new vessels as part of the build process; and
· Supply: selling and delivery of maintenance materials, consumables, spare parts and equipment primarily to trade customers.
This announcement contains information which, prior to its disclosure, was inside information as stipulated under the UK version of article 7 of the Market Abuse Regulation (EU) No. 596/2014.