14 Feb 2011 07:00
14 February 2011 SureTrack Monitoring Plc Directorate Changes and Director Shareholdings
SureTrack Monitoring plc ("SureTrack" or the "Company"), one of the UK's leading asset protection, cash security and crime deterrent companies specialising in covert tracking and recovery, announces a number of changes to its board and various option grants.
Directorate Changes
The Company is pleased to announce the appointment of John Nicol as Non-executive Chairman of the Company with immediate effect.
John, aged 66, was founder, CEO and Chairman of Norbain Electronics Plc principally a manufacturer and distributor of CCTV equipment from 1972 to 1996. During that period he oversaw its admission to trading on the USM in 1984 (now the AIM market) and grew the business revenues to £75 million before stepping down from this board in 1996. Since then he has been a consultant to and director of several companies, most recently as Chairman of Carbon 350 Ltd, a carbon trading company.
Nigel Linacre today stands down as non-executive Chairman of the company after three years of service, during which time he has overseen the Company's early stages of growth, through to admission to trading on PLUS and its subsequent move to AIM last year. He leaves the Board in order to pursue his other business interests.
Matthew Thompson has also decided to stand down as a non-executive director of the Company. Matthew has been on the Board since the time of the Company's admission to trading on PLUS. He is now based overseas and has taken the view that he is not able to devote the necessary time required to assist in the Company's growth.
The Board would like to thank Nigel and Matthew for their significant contribution to the Company's development and growth in recent years.
Grant of Options
The Company also announces that it has today granted the following options:
Name of Director Exercise Period No. of Options over Ordinary Shares in the capital of the Company John Nicol 14 February 2014 - 13 February 13,226,950 2021 Simon Barrell 14 February 2014 - 13 February 4,000,000 2021 Brian Wise 14 February 2014 - 13 February 3,000,000 2021
The above options have been granted at 0.45 pence per share being the prevailing middle market price on 11 February 2011. The options have vesting criteria linked to the financial performance of the Company. 50% of the options will vest when the Company reports an annual profit before taxation of in excess of £0.5 million and the remaining 50% when the Company reports an annual profit before taxation of in excess of £1 million. Should these vesting criteria not be achieved the options will lapse.
Will Hirons, CEO of SureTrack, commented:
"I would like to personally thank Nigel and Matthew for their help and support in developing SureTrack to the point it has reached today and to welcome John to the Board, who I am sure will drive the Company forward and help us achieve our ambition of becoming a successful, profitable business."
Under Schedule 2, paragraph (g) of the AIM Rules, the following information is disclosed:
Mr John Bain Nicol has the following directorships:
Current Directorships Past Directorships Asian Made UK Ltd Asianmade (Manufacturing) Limited Carbon 350 Ltd Casimir Limited Eclector Limited Defforne Management Limited
Kelco Consulting Services Limited Norbain Plc
Kingsclere Ventures Limited VL Plus Realisations Limited RHP Dining Limited VL (UK) Realisations Limited Redkite Mail Limited Xflexor Ltd
Mr Nicol was appointed as director of Visionlink Plus Limited and Casimir Group Limited; two companies established to purchase the business of Visionlink Limited, on 13 November 2003. On 6 April and 7 April 2005 respectively, Visionlink Plus Limited and Casimir Group Limited were placed into administration.
Mr Nicol was appointed as director of Asianmade (Manufacturing) Limited on 15 October 2009. On 18 November 2010, Asianmade (Manufacturing) Limited was placed into administration. The deficiency as regards creditors was £213,472.
Save for the share options to be granted upon Mr Nicol's appointment, as detailed above, Mr Nicol has confirmed that he does not have any additional holding in the Company's issued share capital.
Mr Nicol has confirmed there is no additional information under Schedule 2, paragraph (g) of the AIM rules which needs to be disclosed.
For further information contact:
SureTrack Monitoring plc Tel: 01926 863630 Will Hirons, Managing Director Tel: 07850 934204 Simon Barrell Merchant Securities Limited (Nominated Adviser and Broker) Simon Clements / Bidhi Bhoma - Nominated Adviser Tel: 020 7628 2200 Graeme Cull - Corporate Broking Lothbury Financial Services (Financial PR) Tel: 020 7868 2010
Michael Padley/Simon Astley Notes to Editors
SureTrack, is the UK's leading GSM based asset tracking service and has subsidiaries targeting two markets: large moveable physical assets and cash/ valuables movement.
Its latest product, the MT2 is a small self-contained GPRS/ GSM/ RF tracking device used to assist the recovery of lost or stolen assets. GSM based positioning technology is combined with Radio Frequency to create a covert security product. No specialist installation is required so it can be quickly and easily concealed within an asset.
The MT2 represents the leading battery powered asset tracking device. The tracker uses GPRS rather than SMS; a much more efficient power system that lasts up to three years and contacts the control centre much more frequently (every 45 minutes) giving its position. It uses an exclusive and exceptionally accurate triangulation location system.
In March 2009 SureTrack acquired IBP-Group Limited ("IBP"), a company that provides a suite of products that centre on deterring and reducing the incidence of robbery, primarily relating to cash - protecting staff and customers from violent crime.
IBP work closely with major financial institutions, retailers and leading cash-in-transit companies in co-operation with the police to achieve a target reduction in raids and other crimes in hot-spot areas. They are also suppliers to the Police Crime Prevention Initiative Raid-controlâ„¢, focusing on deterring and foiling robberies at independent retailers.
SureTrack's key client areas are the motor, plant hire and construction industries, the farming community, caravan manufacturers and via IBP banks, retailers and cash transit companies.
www.sure-track.co.uk
www.ibp-group.com
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