SuperGroup Regulatory News (SGP)

26 May 2006 07:30

Sanctuary Group PLC26 May 2006 26 May 2006: For immediate release THE SANCTUARY GROUP Appointment of Chief Executive The Board of The Sanctuary Group, ('Sanctuary' or 'Group'), the internationalmusic group, today announces that Group Chief Executive Andy Taylor has beenremoved as a director of the company. Frank Presland, Chief Executive ofTwenty-First Artists Management Limited, has been appointed to the Board to beChief Executive for the remainder of 2006, at which point the position will bereviewed. Mr. Presland, 62, is Chief Executive of Twenty-First Artists Management Limited,a music management company providing management services to acts including EltonJohn and James Blunt. Twenty-First Artists was acquired by Sanctuary in 2005. The Board's decision to remove Mr. Taylor followed their conclusion that certainof the prior year adjustments made in the 2005 accounts should have beenpresented as a correction of fundamental errors and not as changes in accountingpolicy. The Board reached this conclusion in the context of its review of the2005 financial statements in order to respond to questions raised by TheFinancial Reporting Review Panel (FRRP). As a result of this review, the Boardconfirms that the accounting policies adopted by the Company in the 2005financial statements in respect of the items under review were appropriate andno adjustments are required to be made to the consolidated balance sheet of theGroup as at 30 September 2005 as a result of the review. The P&L account for theyear to 30 September 2005 may be adjusted as a result of certain exceptionalitems being recognised in prior years. Bob Ayling, Chairman, said: "I am delighted that Frank Presland has agreed tostep up to the role of CEO. He is a hugely experienced and respected industryfigure and knows the Group well. He will help drive the business to deliverappropriate levels of performance." -Ends- Enquiries James Hogan / Craig Breheny / Ash Spiegelberg Brunswick +44 (0) 20 7404 5959 Notes to Editors 1. Sanctuary is a UK listed international music group, encompassing recorded product, merchandising, artist management and arranging and negotiating live performances. It has four main operating divisions: Recorded Product; Artist Management; Merchandising; and Live Agency. 2. Frank Presland practiced as a solicitor specialising in music and copyright for over 25 years. Throughout his years as a solicitor he has advised world class acts namely, The Beatles, Dusty Springfield, The Troggs, Terence Trent Derby and Elton John. He also advised record and music publishing companies including RCA as well as the trade body BPI. During his years as a solicitor he became Senior Partner of Frere Cholmeley, which was later acquired by Eversheds, a leading law firm where he later became Joint Chairman. In 1999 he established Twenty-first Artists Management Limited, a music management company. 3. The Financial Reporting Review Panel (FRRP) was established in 1990 as a subsidiary of the Financial Reporting Council. The FRRP seeks to ensure that the provision of financial information by public and large private companies complies with relevant accounting requirements. This information is provided by RNS The company news service from the London Stock Exchange