Lendinvest Regulatory News (LINV)

LEI: 213800NWMK3O4UWP9N91 

4 June 2024

LendInvest plc

Board Changes

LendInvest plc (AIM: LINV) ("LendInvest" or the "Company"), the UK's leading platform for mortgages, today announces that it has been formally notified by Penny Judd of her intention to step down from her position as Independent Non-Executive Director of the Company and Chair of the Audit & Risk Committee with effect from the publication of the Company's annual results in July 2024 in order to focus on her other directorships and commitments.

Maeve Byrne has been appointed to succeed Penny Judd as an Independent Non-Executive Director of the Company and Chair of the Audit & Risk Committee. Maeve will also be a member of the Company's Nomination and Remuneration Committees. Maeve is an accomplished financial services professional who brings over 30 years of experience to her new role. She has held key leadership positions at respected institutions like RBS and KPMG and currently serves as a Non-Executive Director and Audit Committee Chair at Alpha FMC. Maeve's expertise in governance and financial oversight will be instrumental as she steps into the roles of Independent Non-Executive Director and Chair of the Audit & Risk Committee, contributing her insight to the Company's strategic goals. Maeve's appointment to the Board will be effective immediately to allow sufficient time for an orderly transition from Penny.

The Company further announces that Nina Spencer, Independent Non-Executive Director, and Dale Murray, Independent Non-Executive Director, have also notified their intention to not seek re-election by shareholders at the Company's Annual General Meeting (AGM) in September 2024 in order to devote more time to their business engagements and other directorships.

The Board remains otherwise unchanged. Following the Company's AGM, the Board will constitute three Non-Executive Directors, two of whom are considered independent, and two Executive Directors. The Board believes this to be an appropriate size and balance of skills to steer the Company on its continued path towards returning the Company to profitability, but will keep the size and composition of the Board under ongoing review.

The Board would like to take this opportunity to express its sincere gratitude to Penny, Nina and Dale for their valuable contributions to the Company during their tenure of directorship.

Rod Lockhart, Chief Executive Officer at LendInvest said: "I want to personally thank Penny, Nina, and Dale for their dedication and invaluable contributions to LendInvest during this crucial phase of change and growth over our first three years as a public company. Their collective experience and support have been instrumental in shaping our progress, and we wish them every success in their future endeavours.

"We are delighted to welcome Maeve to the LendInvest Board. Maeve brings a wealth of experience and deep insight that will be of significant value to the company as we continue on our path back to profitability."

Maeve Byrne, Independent Non-Executive Director added: "I am delighted to join the LendInvest Board at such an important time for the Company. I'm impressed by the management team and eager to bring my experience to help navigate the evolving financial landscape, guide LendInvest toward continued success and help support the business in the next stage of its growth journey."

Following the above changes, Panmure Gordon (UK) Limited will serve as Nominated Adviser and sole corporate broker to the Company going forward with immediate effect.

Further information

Maeve Ann Byrne, aged 57, is, or has been, a director or partner of the following companies or partnerships during the past five years:

Maeve Byrne does not hold any legal or beneficial direct or indirect interest in the securities of the Company.

There is no further information required to be disclosed in respect of the above appointment pursuant to Rule 17 or Schedule 2 (g) of the AIM Rules for Companies.

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.