Last checked at 18 Nov 2010 07:00
18 November 2010
Mobile Streams plc
Corporate Restructuring
The Board of Mobile Streams plc (the "Company" or "Group") announces today the relocation of the Group Finance function to New York. During the past 12 months the Group has sought to align its resources with the areas of the business that have the greatest growth potential - particularly the sale of digital content through the Appitalism service and the mobile internet subscription services in Latin America. This has resulted in the decision to transfer the Group Finance function to New York, to bring the executive team together in one location and allow for even further improved global communication. As a result of the relocation the UK-based CFO position held by Ian Brewer is being made redundant with effect from 17 February 2011.
With immediate effect, Gabriel Margent has been promoted to the Group CFO role from his current position of CFO of Appitalism based in New York. Prior to joining Mobile Streams, Mr Margent was employed by Merrill Lynch & Co., Inc. where he served in a broad range of executive positions, including Vice President of Finance in the Office of General Counsel, Vice President of Finance in Global Human Resources, and Vice President of Finance in Investment Banking. Mr Margent is also a non-executive member of the Board of Directors and Audit Committee of Ardent Mines Limited, a publicly quoted company in the U.S. (ADNT.OB).
Furthermore, with effect from 1 December 2010, Pennsec Limited is to be appointed as company secretary and the Company's registered office changed to Abacus House, 33 Gutter Lane, London, EC2V 8AR.
Simon Buckingham, CEO, commented "Ian has made a significant contribution to maintaining the financial health and improving the future prospects of the Group and we wish him well in his future endeavours."
"Gabriel and I have been working together for more than six months in New York and he has been instrumental in setting up the back office functions and controls for domestic and global rollout of the Appitalism service. I look forward to working with him in driving the overall business forward."
It is planned that Gabriel will replace Ian on the Board in January 2011 following the smooth handover and completion of the relocation of the Group functions.
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Enquires:
Mobile Streams +44 (0)1442 560029
Simon Buckingham, Chief Executive Officer
Victoria Tayler, Public Relations Manager +41 79 4301915
Nominated Adviser
Grant Thornton UK LLP +44 (0)20 7383 5100
Philip Secrett
Broker
Singer Capital Markets Limited +44 (0)20 3205 7500
Jeff Keating