Last checked at 18 Dec 2006 07:00
Embargoed: 0700hrs, 18 December 2006
MeDaVinci plc ("MeDaVinci" or the "Company")
Group Strategy & Appointment of Rob Westerhof
MeDaVinci is pleased to announce its development as an active investment company focussed on innovative technologies, products and services in the Health and Wellness markets. The Company is delighted to appoint the former CEO of Philips Asia, Philips Medical Systems and Philips North America, Rob Westerhof, as Chief Executive of MeDaVinci (full details appear below) to spearhead the Company's strategy. Rob Westerhof will lead a team of experienced executive directors in identifying and assembling a group of portfolio companies in this sector, building from its current sole investment, ErgoDynamics Applications BV (19.2%), which has developed a proprietary and patented system for the prevention and relief of lower back pain.
It is envisaged that the type of investments that MeDaVinci will consider will include University spin-offs and the financing of inventions and entrepreneurs who have exciting products or concepts but the lack of capital or know-how to commercialise them. The Company will consider only those situations where it will be the (joint) lead investor and where it will place a MeDaVinci representative on the board of the portfolio company. Potential portfolio companies should display one or a number of the following characteristics: a distinctive or innovative market position, intellectual property or patents, niche expertise, a limited time to market (i.e. do not require extensive regulatory body approval) and a clear exit scenario. From his 35 years within the Philips organisation Rob Westerhof, along with the other executive directors, have access to a large number of opportunities that are considered initially too small or early-stage by the major medical companies but which, through access to growth capital, contacts and expert guidance, may be progressed to the level at which they become attractive acquisition targets, cash generators or suitable for IPO.
Placing
The Company has completed a Placing to raise gross funds of ‚£1,740,757 through the issue of 24,010,448 new ordinary shares. Of this ‚£1,000,000 has been subscribed for by Westlake Investments B.V., a company controlled by the newly appointed Chief Executive, Rob Westerhof. The funds will be added to the current cash reserves and are substantially for the implementation of the new investment strategy for which a number of potential specific investments are already under consideration. Application has been made for the 24,010,448 new ordinary shares, which will rank pari passu with existing ordinary shares, to be admitted to trading on AIM. Admission is expected to take place on 22 December 2006.
Details concerning appointment of Rob Westerhof
Full name: Robert Maarten Westerhof
Age: 63
Shareholding (post admission of Placing shares): 13,793,103 held through Westlake Investments B.V., representing 36.67% of the enlarged issued share capital.
Current Directorships: Getronics N.V.; Teleplan International N.V.; TTE Multi Media Ltd; Westlake Investments B.V.
Previous (five years) Directorships: PSV N.V; Philips North America Corporation; Philips Electronics China B.V.; Philips Hong Kong Ltd; AMSC Shanghai Ltd; SED Electronics Ltd; Hong Kong Science Park Ltd.
There are no matters requiring disclosure under paragraphs (g) (iii)-(viii) of Schedule Two of the AIM Rules.
For further information please contact,
Peter Teerlink, ChairmanMeDaVinci plcTel. +31 10 288 4343Ben SimonsHansard GroupTel. +44 (0)20 7245 1100
MEDAVINCI PLC