SuperGroup Regulatory News (SGP)

4 Apr 2006 07:01

Sanctuary Group PLC04 April 2006 4 April 2006: For immediate release THE SANCTUARY GROUP PLC Directorate changes Proposed appointment of new auditors The Sanctuary Group, ("Sanctuary" or "Group"), the international music group,today announces that Bob Ayling has been appointed Chairman. In addition, JamesWallace has been appointed as a non-executive Director. This follows the EGM announcement of 17 March 2006, that the Group had completeda £110m fundraising. This restored the Group's balance sheet and created astronger foundation for the business going forward. Following these changes, the Board will consist of Bob Ayling (Chairman), AndyTaylor (Chief Executive), Paul Wallace (Finance Director), James Wallace (seniorindependent non-executive Director and Chairman of the Audit Committee), TinaSharp (Chairman of the Remuneration Committee), and Johnny Greenall(non-executive Director). It is the Board's intention to appoint another non-executive Director in duecourse. In addition, following a competitive process, the Board proposes to appoint KPMGAudit Plc as Sanctuary's auditors, subject to shareholder approval at the AGMwhich will be held on 28 April 2006. Bob Ayling is a solicitor and practised in the City and as a senior governmentlegal adviser over almost 20 years. He was previously Chief Executive of BritishAirways and is currently vice-Chairman of vacuum cleaner manufacturer Dyson andChairman of Holidaybreak. James Wallace is Chairman of Bodycote, Chairman of The Lowry Centre inManchester and a non-executive Director of both Holidaybreak and NCC Group. Andy Taylor, Chief Executive, said: 'I am delighted that Bob has agreed tobecome Chairman of Sanctuary and that James has joined the Board. Theseappointments strengthen the Board significantly and will provide the additionalcontrols, governance and guidance that should allow the Group to deliverimproved performance.' Bob Ayling said: 'I am very pleased to be joining Sanctuary at this importantmoment in the Group's history. Before its recent troubles, Sanctuary wassuccessful over many years. The new Board is determined that it should besuccessful again.' 'While costs have been cut and the balance sheet has been repaired, the Grouphas retained talented people, valuable assets and an impressive roster ofartists. Within a strong governance framework established by the new Board,management will work to drive the business to deliver the results of which it iscapable. My priorities are to ensure proper standards of corporate governanceand financial transparency and ensure the Group delivers appropriate levels ofperformance. With the new Board in place, I am optimistic that we can achievethese goals, although it may take time to do so.' Declarations: Under paragraph 9.6.13 of the Listing Rules, Mr. Ayling declares that he was adirector of Royal & Sun Alliance Insurance Group PLC until 11 August 2004. Mr.Ayling had nothing further to declare in relation to paragraph 9.6.13 of theListing Rules. Mr Wallace declares that he was a director of Pifco Holdings plc (now SaltonHoldings Limited) and subsidiaries until 4 June 2001. Mr Wallace was a directorof Capital Assets Limited a then dormant subsidiary of Pifco Holdings plc, histhen employer, which went into compulsory liquidation in 1995 for sums that werenot material. Capital Assets Limited has now been dissolved and the outstandingbalance to creditors was nil. Mr. Wallace had nothing further to declare inrelation to paragraph 9.6.13 of the Listing Rules. 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. KPMG is the global network of professional services firms who provide audit, tax and advisory services. KPMG LLP operates from 22 offices across the UK with over 9,000 partners and staff. KPMG recorded a UK turnover of £1.28 billion in the year ended September 2005. KPMG LLP, a UK limited liability partnership, is the UK member firm of KPMG International, a Swiss cooperative. This information is provided by RNS The company news service from the London Stock Exchange