28 Jan 2009 07:00
Autoclenz Holdings plc
28 January 2009
Autoclenz Holdings plc
("Autoclenz" or "the Company")
Board changes and trading update
Autoclenz announces that Mr. John Bell, Chairman of the Company has resigned from his position with immediate effect to pursue other business interests. The board would like to place on record their sincere thanks and appreciation to Mr. Bell for his support and hard work during his time with the Company.
The Company is pleased to announce the appointment of Mr. James Leek as Chairman with immediate effect. The board feels that Mr. Leek's past experience will bring a new perspective to the Company and assist it to build a stronger and more diverse business for the future.
James Leek, aged 64, is a chartered accountant with extensive experience in the management and growth of smaller companies. From 1975 to 1994 he was Chief Executive of the privately owned steel and engineering based Caparo Group, assisting its growth from sales of £1m when he joined to £350m when he left. From 1998 to 2007 he was Executive Chairman of AIM listed E Wood Holdings plc which he built up through the merger of the under-performing AIM companies, Torday & Carlisle plc and Meristem plc; the group was successfully sold to 3M of the USA in May 2007, resulting in a high multiple return for shareholders. James has also been a non-executive director of a number of AIM based Venture Capital Trusts and he has first hand experience of the risks and rewards of investing in this sector.
James has over the past year built up an 8% shareholding in Autoclenz and requested to be appointed to the Board in order to help with the task of restoring some of the Company's former profitability and shareholder value. James has looked at many opportunities and believes that Autoclenz is a company that matches his investment criteria and where he can make a significant contribution for the benefit of all shareholders.
James Leek currently has an interest in 855,000 ordinary shares of 10p each representing 8.22 per cent. of the issued share capital of the company.
James Leek holds directorships in the following companies;
Pennine AIM 5 VCT plc
Leisure & Media VCT plc
Mr. Leek is not currently, but has been within the last five years, a director of the following companies;
E Wood Holdings plc
Exeter Sel. Assets Inv Trust plc
Mcleod Russel Holdings plc
Pennine AIM VCT plc
Pennine AIM2 VCT plc
Pennine Downing AIM VCT plc
Pennine Downing AIM 2 VCT plc
Chameleon Trust plc
Wimbledon Civic Forum Trust Ltd
There are no further disclosures that should be made regarding this appointment for the purposes of schedule 2 paragraph (g) of the AIM Rules.
Michael Stone will continue in his role as non-executive director of the Company.
The board is also pleased to announce that it anticipates that the financial results for the year ended 31 December 2008 will be in line with current expectations as reflected in the trading update note from the company's former broker, KBC Peel Hunt on 1st August 2008 forecasting sales of £28m,and adjusted profit (before tax, goodwill amortisation / impairment and FRS20 share option charges) of £800,000.
For more information:
Autoclenz Holdings plc Tel: 08707 510 410
Grahame Rummery, Chief Executive
Trevor Clingo, Finance Director
James Leek, Chairman Tel: 07966 528295
Zeus Capital Limited Tel: 0161 831 1512
Richard Hughes / Nick Cowles