Last checked at 29 Apr 2020 09:27
29 April 2020
PARITY GROUP plc
Appointment of Director
Parity Group plc ("Parity" or the "Group"), the data and technology focussed professional services business, today announces the appointment of Gerard (Gerry) Brandon as a non-executive Director of the Company effective from the 1 May 2020. The disclosures required by Schedule 2 (g) of the AIM Rules for the appointment of Mr Gerard James Brandon, aged 58, can be found in Note 1 of the appendix to this announcement and further details of his appointment can be found in Note 2.
Gerry is CEO of Integumen, the AIM listed business focused on Artificial intelligence, clinical research, medical device and life sciences. Integumen owns Rinocloud, a secure cloud-based data storage solution with built in Artificial Intelligence (AI). In December 2019 Parity announced an agreement with Integumen to provide Parity's clients access to Rinocloud.
John Conoley, Non-Executive Chairman of Parity, commented;
"Gerry has a great track record of growing businesses and creating value for shareholders. Our collaboration with Gerry and with the Integumen business has created a wider scope of opportunity, and an enhanced pipeline, for Parity.
"Parity has transformed its business model to reflect the fast-moving data and technology recruitment and consultant industry. With Gerry's appointment Parity adds additional expertise in the application of data into multiple sectors, including health care and pharmaceuticals. This will aid Parity in looking beyond the COVID-19 pandemic and the opportunities that we foresee for rapid digitisation of the business landscape."
Gerry is CEO of both Integumen plc and Cellulac plc and Non-Executive Chairman of Modern Water plc. In 1996 he founded and was CEO of Alltracel Pharmaceuticals PLC, where he built a team that oversaw numerous patents granted on refined cellulose. Alltracel Pharmaceuticals PLC was admitted to trading on AIM in 2001. In 2004, he was appointed as a Managing Partner for Farmabrand Private Equity. He is a Fellow of the Ryan Academy of Entrepreneurs in Dublin.
ENDS
For further information, contact:
Matthew Bayfield CEO Roger Antony GFD
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Parity Group plc |
020 8543 5353
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David Beck |
| Donhead Consultants | 07836 293383 |
Mike Coe Chris Savidge |
| WH Ireland | 0207 220 1666 |
Appendix:
Note 1:
Current directorships | Past directorships held within the last five years |
Modern Water plc Cellulac plc Cellulac Trading Limited Innovenn UK Limited Integumen Plc Lifesciencehub UK Limited Pursuit Marine Drive Limited Rinocloud Limited | Visible Youth Limited VY Club Limited |
There are no other disclosures in accordance with Schedule 2(g) of the AIM Rules.
Note 2:
The appointment of Gerard James Brandon as Non-Executive Director of the Company is for an initial period of 12 months and thereafter is terminable by either party on not less than 3 months' written notice. The Director's fee is £35,000 per annum but will not be settled in cash. Instead, the Director will have his accrued fee settled by the allotment to him of New Ordinary Shares, which will be issued at the Price of 7.75p per New Ordinary Share for the first six months, which is approximately 10% above the closing price on 28th April 2020. The issue price for the second six months (pro-rata of length of service) of the Director's appointment will be the higher of either 7.75p or the mid-market value of the Ordinary Shares of the Company as determined by the Company's Remuneration Committee on the date six months after the commencement of the Director's appointment.