Last checked at 28 Jul 2023 07:00
28 July 2023
Science in Sport plc
(the "Company" or "Group")
Board Changes
Science in Sport plc (AIM: SIS), the premium performance nutrition company serving elite athletes, sports enthusiasts, and the active lifestyle community, announces the resignation of Tim Wright, Non-Executive Director and the appointment of Paul Richardson as a Non-Executive Director, both with immediate effect. Accordingly, Tim Wright will not seek re-election at today's Annual General Meeting (the "AGM"). Paul Richardson is a board representative of Otus Capital Management, which holds 19,552,540 ordinary shares in the Company.
As the Company's AGM Notice has already been issued, the Company confirms that the resolution to reappoint Tim Wright as a Non-Executive Director of the Company (Resolution 2) is now withdrawn. The withdrawal of Resolution 2 does not otherwise affect the validity of the Notice of Meeting, or any proxy votes already submitted on other proposed resolutions. The numbering of all other proposed resolutions at the AGM will remain unchanged.
The Board will now commence a process to select a new independent non-executive director and an announcement will be made in this regard in due course.
Paul Richardson is a Solicitor by qualification and after a period in private practice moved in house as Head of Legal and Business Affairs before moving into senior management roles which have included Chief Executive and Chairman of private and listed companies, the most recent of which was Chairman at AIM company Frenkel Topping Group Plc. Paul has also enjoyed a parallel pro bono Charity career for over 20 years and was Chairman of The Steve Redgrave Trust, a Trustee at WellChild and is currently Chairman of Special Olympics Great Britain.
John Clarke, Chairman of Science in Sport said:
"On behalf of the Board I would like to thank Tim for his invaluable contribution and professional work in the creation of the rapidly growing Science in Sport business, including consistently applying his deep global marketing expertise to the establishment of the company's two leading Sports Nutrition brands. The Board welcomes Paul and the experience he will bring."
The following information is disclosed in respect of Paul Richardson pursuant to Rule 17 and Schedule 2(g) of the AIM Rules for Companies.
The names of all companies and partnerships of which Paul Donald Richardson, aged 56, is, or has been a director or partner at any time in the previous five years are set out below:
Current directorships or partnerships | Previous directorships or partnerships (in the last five years) |
Arwen Ai Limited | Wellchild |
Chatom Consulting Limited | Frenkel Topping Group Plc |
SOGB Promotions Limited | Katana Group Limited |
Special Olympics Great Britain | PSM Training Academy Limited |
PSM Training Limited | |
Real Good Food Plc | |
Sports and Well Being Analytics Limited | |
E-Giving Ltd | |
Future Group Asset Management Limited | |
UK Training Wing Limited | |
PSM Sport Limited | |
PSM Property Consulting Limited | |
Phoenix Sports and Media Holdings Limited |
Mr Richardson has no personal interest in the ordinary shares of Science in Sport plc. Save as set out in this announcement, there are no further details to be disclosed under Rule 17 or Schedule 2(g) of the AIM Rules for Companies in respect of Mr Richardson.
For further information:
Science in Sport plc | T: 020 7400 3700 |
Stephen Moon, CEO Daniel Lampard, CFO
| |
Liberum (Nominated Adviser and Broker) | T: 020 3100 2000 |
Richard Lindley / Anake Singh
|
Notes to Editors
About Science in Sport plc
Headquartered in London, Science in Sport plc is a leading sports nutrition business that develops, manufactures, and markets innovative nutrition products for professional athletes, sports and fitness enthusiasts and the active lifestyle community. The Company has two highly regarded brands, PhD Nutrition, a premium active-nutrition brand targeting the active lifestyle community, and SiS, a leading endurance nutrition brand among elite athletes and professional sports teams.
The two brands sell through the Company's phd.com and scienceinsport.com digital platforms, third-party online sites, including Amazon and Tmall, and extensive retail distribution in the UK and internationally, including major supermarkets, high street chains and specialist sports retailers. This omnichannel footprint enables the Company to address the full breadth of the sports nutrition market, forecast to be £13 billion1 worldwide by 2023.
PhD is one of the UK's leading active nutrition brands with a reputation for high quality and product innovation. The brand has grown rapidly since its launch in 2005. The range now comprises powders, bars, and supplements, including the high protein, low sugar range, PhD Smart. PhD brand ambassadors include leading fitness influencers Ross Edgley and Obi Vincent.
SiS, founded in 1992, has a core range comprising gels, powders and bars focused on energy, hydration, and recovery. SiS is an official sports nutrition supplier to over 330 professional teams, organisations, and national teams worldwide, including INEOS Grenadiers Cycling Team. SiS supplies more than 150 professional football clubs in the UK, Europe, and the USA. SiS is Performance Research Partner to the English Football Association and Official Vitamins and Supplements Partner to the Milwaukee Bucks, 2021 National Basketball Association Champions.
For further information, please visit phd.com and scienceinsport.com
1 Euromonitor Passport Database Global Assessment (December 2020)