24 Oct 2008 10:00
PRIVATE & COMMERCIAL FINANCE GROUP PLC
PLANNED ORGANISATION CHANGES
The following changes have been approved by the board of Directors of Private & Commercial Finance Group plc ("PCFG" or "the Group") and will take effect from 31 October 2008:
Scott Maybury will become Group Chief Executive in succession to Tony Nelson who will become Deputy Chairman
Robert Murray, who has been Managing Director of the Group's Business Finance Division since its formation in 1999, will also take charge of the Group's Consumer Finance Division
Zane Kerse, who has been the Group's Financial Controller since 2001, will be appointed Finance Director in succession to Scott Maybury
The strong team of non-executive directors will be unchanged
Tony Nelson said: "I reached the age of 65 yesterday and feel that after working closely with Robert and Scott for the last 20 years it is the right time to hand over my executive responsibilities to them. It goes without saying that I have immense confidence in their knowledge, professionalism, judgement and experience. To assist continuity, I will be working with them on a part-time, non-executive, advisory basis for the next two years."
For more information, please contact:
| Private & Commercial Finance Group plc | |
| Scott Maybury | Tel: 020 7222 2426 |
| Tony Nelson | Tel: 020 7222 2426 |
| | |
| Hanson Westhouse Limited, Nominated Adviser | |
| Tim Feather / Matthew Johnson | Tel: 0113 246 2610 |
| | |
| WH Ireland Limited, Broker | |
| Katy Mitchell | Tel: 0113 394 6600 |
| Stuart Forshaw | Tel: 0161 832 2174 |
| | |
| St Brides Media and Finance | |
| Felicity Edwards | Tel: 020 7236 1177 |
Appendix
Zane Robert Kerse, aged 48, is a director of Cariad Properties Limited, which is incorporated in New Zealand.
Mr. Kerse holds options over 27,500 ordinary shares in PCFG. The exercise price and exercise period for the options are as follows:
| No. of options | Exercise price | Last date for exercise |
| | | |
| 5,000 | 75.5p | 15 March 2012 |
| 10,000 | 51p | 7 April 2013 |
| 12,500 | 43.25p | 14 June 2014 |
Mr. Kerse has confirmed that there is no further information to be disclosed in accordance with the requirements of Schedule Two (g) of the AIM Rules.
Notes to editors:
PCFG, which is authorised and regulated by the Financial Services Authority, is an independent AIM-listed finance house. The Group provides a carefully selected range of high quality equipment finance products tailored for both business and personal customers. The range extends from financing cars for consumers to leasing a wide range of equipment to businesses.