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4 Jun 2009 13:00
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4Β JuneΒ 2009
Avanti Screenmedia Group plc
("Avanti" or the "Company") (AIM: ASG.L)
Directorate Change
Avanti, the leading digitalΒ screenΒ media specialist,Β todayΒ announcedΒ thatΒ following board changes that will take place with effect fromΒ 4Β June, 2009.
Christian Vaglio-Giors will join the Board as Non Executive Chairman.Β Β Christian is currently CEO and Chairman of Neo MediaΒ Group SA ("Neo Media"). He joined Neo Media in January 2009, having previouslyΒ workedΒ as investment banker andΒ then asΒ CEO of Neo Advertising,Β a subsidiary of Neo Media, andΒ the Swiss leading digital screen specialist.Β Β Christian has wide experience of the European digital media industryΒ in general,Β and the Digital Out-of-Home market in particular.Β Β Neo Media acquired a 29.9% shareholding in Avanti in August 2008 and has continued to support the Company with a further Β£1.8m of Convertible Loans.
The current Non Executive Chairman Mick Desmond and his fellow Non Executive Director Richard VosΒ willΒ both resign from the Board.
After spending two years achieving the turn around in Avanti's fortunes Simon ReesΒ will resign asΒ Chief ExecutiveΒ in order to concentrateΒ on his other business interests,Β although he has agreed to remain as a consultant to Avanti.Β Β At the same time the Company is pleased to announce the appointment of JamieΒ BallΒ to the position of Managing Director.Β Β Jamie joined the Company in May 2004 from Granada Media Sales Ltd and has been a key member of the Avanti management team. Gary Truman, Finance Director, moves up to Group CFO.
The first priority of the new Board is to oversee a refinancing of the Company in order to provide Avanti with a stable financial base and to enable the Company to take full advantage of the various opportunities which continue to present themselves. To this end Avanti isΒ undertaking a further fundraising ofΒ approximatelyΒ Β£2.5m,Β whilstΒ at the same timeΒ aimingΒ toΒ reach agreement with the holders of the Convertible loan notes to restructure the Company's debt. While the Board is confident that it will attract sufficient support to complete the refinancing as anticipated, the Board also emphasises that in the current uncertain economic climate it cannot be certain that it will achieve the refinancing that it requires.
Avanti has made significant progress over the last twelve months, winning several new contracts with many of theΒ UK's leading shopping malls, which now include Trafford Centre,Β Manchester, Bluewater and Queens Shopping Arcade,Β Cardiff. The Company also continues the roll-out of a digital screen networkΒ in the Leisure SectorΒ withΒ Mitchells & ButlersΒ and its successful relationship with Setanta.
The current management team has overseen a complete restructuring of the businessΒ thatΒ leaves the Company with a sustainable business model, a dominant market position and, despite the current economic climate, Avanti is achieving an increasing level of profitable sales.Β Β The Company has today announced that it has secured two further new shopping mall contracts andΒ an extension of theΒ agreement with Spar Convenience Stores on improved commercial terms.
Commenting on the changes, Christian Vaglio-Giors said:Β "I'm delighted that Jamie has agreed to become Managing Director. He has emerged as an integral member of the Avanti management team and we have worked closely with him over the last few months.
I would like to thank Simon for his energy, commitment and leadership in a transformationalΒ period of Avanti's history, during which we have seen the Company's fortunes dramaticallyΒ improvedΒ and AvantiΒ establishingΒ itself as theΒ UK's leading provider of Digital Out Of Home media services.Β Β I am delighted that he has agreed to remain as a consultant to Avanti.
Our appreciation alsoΒ goesΒ to Mick and Richard for their valuable contributions to the Company.Β Β We thank them for their support and guidance,Β and we wish them well for the future.
Neo Media is one ofΒ Europe's leading independent media companies with particular expertise in the digital media and advertising sector. Avanti is one of the leading companies in the Neo Media group and we look forward to developing this relationship."
AIM Rules DisclosuresΒ
Christian Nicolas Vaglio-Giors, age 35
Current Directorships: Neo Media Group SA
Previous Directorships: None
Jamieson Howard Ball, age 37
Current Directorships: None
Previous Directorships: None
Save for the disclosures above, there is no other information that is required to be disclosed under Schedule 2 paragraph (g) of the AIM Rules in relation to the appointment of Christian Vaglio-Giors and Jamie Ball as Directors of the Company.Β
Enquiries:
|
Avanti Screenmedia Group plc Jamie Ball,Β Managing Director Gary Truman,Β CFO |
020 7902 2345 |
|
Charles Stanley SecuritiesΒ Nominated Adviser Russell Cook/Freddy CrossleyΒ |
020 7149 6000 |
|
Bishopsgate Communications Limited Robyn Samuelson/Siobhra Murphy |
020 7562 3355 |
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