Image Scan Holdings Regulatory News (IGE)

30 Nov 2007 16:33

Image Scan Holdings PLC30 November 2007 30 November 2007 Image Scan Holdings plc ("Image Scan" or "the Company") NEW CHAIRMAN APPOINTED AWARD OF OPTIONS The Board of Image Scan, a leader in the field of real-time 3D and 2D x-rayimaging for the 'Homeland Security' and 'Industrial Inspection' markets, todayannounces the appointment of Gilbert Chalk as non-executive Chairman. Mr Chalk is a senior private equity manager and corporate finance adviser. Withprevious directorships and advisory roles in blue chip institutions includingBaring Private Equity Partners Limited, ABSA Bank and Hambros Group, Mr Chalkhas wide sector knowledge and extensive Board experience in large and small,listed and unquoted companies. Commenting on his appointment, Chairman Gilbert Chalk said: "I am delighted tobe asked to join the Board of the Image Scan. The Company has established itselfat the leading edge of x-ray technology with its products now installed, or intrial, across a range of major industrial and public authority locationsworldwide. All Image Scan's customers require sophisticated x-ray imaging andinspection where safety and accuracy are of vital importance. The recentlyannounced sales of the Company's Axis-3d(R) system to the Chinese for use at theBeijing Olympics is a further endorsement by a major high profile internationalcustomer of one of the Company's range of products. In the near term the Board'sprincipal aim will be to extend the Company's ability to obtain high margindirect sales growth by widening its current customer base. Measures are inprocess to refocus and add to the Marketing and Sales effort, and the recentaddition of Jerry Horwood to the Board will add further to the strategicdirection of the Company's customer focus. Steps have also been taken to reduceoverheads to bring Image Scan closer to achieving profitability as further salesrevenues are generated." In line with the Company's stated objective to control costs, the remunerationcommittee has agreed not to increase the salaries of the directors, but insteadto reward their long term commitment to the company through the award ofoptions. The Chief Executive, Nick Fox, and the Finance Director, LouiseGeorge, will therefore each be granted options over 750,000 shares. In addition, Mr Johnson, non-executive director since 2001, has been grantedoptions over 250,000 shares, and the new Chairman, Mr Chalk, is to be issuedwith options over 500,000 shares. The exercise price of share options issued to Mr Chalk and Mr Johnson was agreedat 10p, whereas those issued to Mr Fox and Mrs George will have an exerciseprice of 15p reflecting the price at which the placing was carried out in June2007. Image Scan's CEO, Nick Fox commented "We are delighted to welcome Gilbert Chalk to the Board as Chairman. Thechallenge for the Company is to capitalise on its leading position by winningfurther orders on a larger scale across the Industrial Inspection and HomelandSecurity markets. Gilbert's appointment will provide a wealth of experience, andwill enable the management team to focus on achieving this goal. Image Scanwould like to express its thanks to Ian Johnson for acting as interim Chairmanover the past month, and is grateful for his ongoing contribution as along-standing member of the Board." Pursuant to Rule 17 of the AIM Rules, the information required to be given inrespect of Gilbert Chalk is as follows: Full name: Gilbert John Chalk Previous names: None Age: 61 Apart from his directorship of the Company, Gilbert Chalk has been a director orpartner of the following companies or partnerships, during the previous fiveyears: Present The Baring English Growth FundConstantine Holdings Limited Past Baring Private Equity Partners LimitedNCM Management (UK) LimitedBaring Private Equity Partners International LimitedSecure Mail Services LimitedParkside International Limited Gilbert Chalk, as a result of his position as an employee of Hambros BankLimited and later Baring Private Equity Partners Ltd, was a non executivedirector of a number of private companies in which these companies, or theirmanaged funds, invested along with other investors. As an employee of Baring Private Equity Partners Ltd ("BPEP") Gilbert Chalk wasa director of Parkside International Limited, founded in 2000. BPEP sold theirinterest in the company in January 2004 at which time Gilbert Chalk resigned asa director. The company was placed into administration in December 2004. In his capacity as an employee of the Hambros Group, he was appointed a directorof Melcham Limited, a distributor of electrical goods, in August 1983 andresigned in May 1984. In July 1984, a liquidator was appointed and the companywas dissolved in April 1988 with a deficit due to unsecured creditors ofapproximately £0.4m. Also in this capacity, he was appointed a director of Melville TechnologyLimited (which later changed its name to Sigma Corporation Limited), a holdingcompany of a group of companies involved in the manufacture and sale ofmetrology products on 14 January 1986 and resigned as a director early 1990.Administrative receivers were appointed in September 1990, and ceased to act inSeptember 1998, with an estimated total deficiency as regards creditors ofapproximately £5.5m. He was a non executive director of Bear Brand plc which acquired LeisureInvestments plc, a diversified Leisure Group in April 1990, at which time he wasbriefly appointed to the board of Leisure Investments plc and from which heresigned in May 1990. Administrative receivers were appointed in May 1990 andceased to act in November 1999. The company entered voluntary creditors'liquidation and was wound up in March 1991 with an estimated total deficiency asregards creditors of approximately £110m. Under Schedule Two, paragraph g, of the AIM Rules, there is nothing further todisclose. --ENDS-- For further information, please contact: Image Scan Holdings plc Tel: +44 (0) 1664 503 600Nicholas Fox, CEOinfo@ish.co.uk Seymour Pierce Tel: +44 (0) 207 107 8008David Newton / Sarah Jacobs Bishopsgate Communications Ltd Tel: +44 (0) 207 562 3350Jenni Herbert / Louise Cook This information is provided by RNS The company news service from the London Stock Exchange