Last checked at 2 Jul 2009 07:01
2 July 2009
AEC
AEC EDUCATION PLC
("AEC Education" or the "Company")
Board Appointment
The Directors of AEC Education are delighted to announce the appointment to the Board of Naresh Malhotra, co-founder and managing director of Malvern House Group Limited ("Malvern House"), as an Executive Director of the Company with immediate effect. This follows the announcement today of the acquisition of Malvern House, the London-based educational courses provider.
Naresh Kumar Malhotra, aged 57, co-founded Malvern House in 1999 and has been managing director of the business since then. As managing director, Naresh has led the successful development of Malvern House into a highly regarded provider of English Language Learning and Business courses for international students.
Prior to establishing Malvern House, Naresh worked within major international companies in the manufacturing and services sectors. He has also provided non-executive support to a number of companies which include pet food, packaging and paint producers.
Naresh will continue to lead Malvern House as its chief executive officer, heading the integration with AEC Education. Under the terms of his service agreement, Naresh's appointment can be terminated on 12 months' written notice by either party and he will be paid a salary of £110,000 per annum. In addition, Naresh shall be entitled to receive a bonus depending on certain targets being met.
Naresh is currently a director of the following companies:
Malvern House Group Limited
Malvern House International Limited
Malvern House Marketing Limited
Learning Developments Overseas Limited
There is no further information required to be disclosed in relation to Naresh pursuant to Schedule Two, paragraph (g) of the AIM Rules for Companies.
Following the acquisition of Malvern House by AEC Education, Naresh holds 2,625,750 ordinary shares of 10p each in the Company ("Ordinary Shares") and his wife, Julia Malhotra, holds 1,308,000 Ordinary Shares. In total, Naresh is interested in 3,933,750 Ordinary Shares representing 10.06 per cent. of the current issued share capital of the Company.
For further information, please contact:
| AEC Education plc Liam Swords, Chairman | +44 (0) 20 7448 1000 (today) +44 (0) 20 8308 1202 (thereafter) |
| WH Ireland Limited (NOMAD & Broker) Adrian Kirk Stuart Forshaw | +44 (0)161 832 2174 |
| Biddicks Katie Tzouliadis/ Sophie Lane | +44 (0)20 7448 1000 |