31 Mar 2016 07:00
31 March 2016
The Quarto Group, Inc.
("Quarto" or the "Group")
Sale of shares by Director, Board Change and LTIP achievement
Quarto, the leading global illustrated book publisher and distribution group, has received notice that on 24 March 2016 Mr Robert (Bob) Morley, Non-executive Director and Co-founder, sold 1,022,228 ordinary shares at 246p per share, following which he retains an interest in 380,624 ordinary shares (1.9%). Mr Morley confirmed that his intention is to retain his remaining holding as an investment. In addition, Mr Morley has notified that following this sale of shares he is stepping down from his position as Non-Executive Director with immediate effect. Mr Morley's departure from the Group comes after 40 years with the business and follows a period of strategic change since 2012.
Commenting on Bob Morley's departure, Marcus Leaver, Chief Executive, said:
"As a founder, and with his creative leadership, Bob has made a significant contribution to the Group. Throughout the company's history, there are few businesses in the Group that Bob has not inspired in some way or Quarto people he has not been happy to help, coach or mentor. On behalf of everyone at Quarto, I wish Bob, Jenny and their family all the best for the future."
Bob Morley said:
"Quarto's 40th anniversary seems a fitting time for me to step down from the Board. As one of the founder directors, presiding over Quarto's growth from a three-man band to one of the world's leading illustrated book publishers has been both exhilarating and fulfilling. I am immensely grateful to all the creative teams who have contributed to this success throughout our history. The company is clearly going from strength to strength under the new management team, and I shall retain a percentage of my shareholding as a private investor for the foreseeable future."
The Group also confirms that the performance conditions attaching to the award granted to Marcus Leaver, Chief Executive Officer, on 22 May 2014 pursuant to the Group's Performance Share Plan ("PSP") have been achieved. This reflects the strong progress made by the management team in delivering Quarto's strategy. Marcus Leaver's PSP award is a nil-cost option over 666,666 shares and will become capable of being exercised at any time after 30 June 2016.
For further information please contact:
Quarto 020 7700 9004
Marcus Leaver, CEO
Michael Connole, CFO
Bell Pottinger 020 3772 2491
Elly Williamson
Lucy Stewart
About The Quarto Group:
The Quarto Group (LSE: QRT) is the leading global illustrated book publisher and distribution group and is listed on the London Stock Exchange. Quarto employs about 400 talented and creative people in five distinct but complementary businesses - Quarto International Co-editions Group; Quarto Publishing Group USA; Quarto Publishing Group UK, Quarto Hong Kong and Books & Gifts Direct, Australia & NZ.
The Group is well positioned in resilient segments of book publishing with rich reserves of Intellectual Property, and is uniquely positioned for growth as the industry adapts to new means of marketing, sales and routes to market. The Group's headquarters are in London where the Company was founded in 1976.