Mattioli Woods Regulatory News (MTW)

26 October 2023

Mattioli Woods plc

("Mattioli Woods", "the Company" or "the Group")

AGM Statement

Mattioli Woods (AIM: MTW.L), the specialist wealth and asset management business, will hold its Annual General Meeting ("AGM") at 10.00 a.m. today.

The Group continues to see sustained demand for advice, underpinning growth in our advice business, which has continued into the current year to date with 249 new clients choosing to join Mattioli Woods. We are focused on developing our investment proposition and Maven, our private equity business, continues to perform and integrate well across the Group with a strong pipeline of deals planned for future introduction to the Group's qualifying clients. 

The Group continues to focus on delivering synergies with acquired businesses, advancing key strategic initiatives, including the introduction of a new pension banking proposition, offering clients better interest rates and the Group an enhanced banking margin. At the same time, further progress is being made with the roll-out of the Group-wide client relationship management system, Xplan, to improve operational efficiency.

The Group continues to trade in line with the Board's expectations.

Board changes

As previously announced, as part of the long-term strategic planning to support the delivery of the Group's strategic goals, David Kiddie will step down as Chair and Non-Executive Director ("NED") following the conclusion of today's AGM and, accordingly, will not be seeking re-election today. The Board thanks David for his commitment to the Group in his role as a NED and Chair and are pleased to retain David's expertise with the Group in a consultancy role to support the on-going development of the Group's investment proposition.

Anne Gunther will assume the role of Chair, and following regulatory approval, which has now been received, Anne's appointment as Chair will take effect today following the AGM.

The Board has received and accepted the resignation of Edward Knapp, who steps down from the Board and as NED following his resignation due to other business commitments. The Board would like to thank Edward for his contribution and insights during his time with the Group and wish him well for the future. In light of this information, AGM Resolution 4 in respect of his re-election will not be proposed.

The Board is pleased to announce that it has identified suitable candidates for the role of independent Non-Executive Director, who are expected to be appointed to the Board following the completion of due diligence. This underscores our commitment to ensuring that the Board remains balanced and has the requisite skills and experience to oversee the Group's performance, and the realisation of our strategic goals. Announcements on these new appointments will be made in due course.

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