Stvg Regulatory News (STVG)

28 Feb 2007 17:05

SMG PLC28 February 2007 28 February 2007 SMG plc CHANGES TO THE BOARD OF DIRECTORS OF SMG PLC Further to the directorate changes announced today by the Board of SMG plc,Hanover Investors, a turn-around investment specialist and 12.6 per centshareholder of SMG, in conjunction with the new Chairman Richard Findlay,announce the following new board composition: Executive directors The Executive team will comprise: - Rob Woodward, appointed today as Chief Executive - George Watt, Finance Director - Donald Emslie, Executive Director Rob Woodward (47) was Commercial Director of Channel 4 and on the main board.He was CEO of 4Ventures and achieved a dramatic turnaround of legacy businesses,and built a set of successful new media and digital businesses. Rob waspreviously an MD of UBS Warburg and global COO of corporate finance in Media andCommunications. He was formerly Managing Partner of Deloitte's European TMTbusiness and UK strategy consulting practice. Non-executive directors The Non-executive team will comprise: - Richard Findlay, appointed today as Non-executive Chairman - David Shearer, appointed today as Senior Independent Director - Matthew Peacock, appointed today as Non-executive Director - Vasa Babic, appointed today as Non-executive Director Richard Findlay (63) is the former Chief Executive of Scottish Radio Holdings,which he ran for 10 years, building it into a portfolio of 22 radio services and45 regional newspapers, and consistently delivered shareholders returns thatoutperformed peer companies. In August 2005, SRH was sold to EMAP. Richard isa Scot and has strong links in the Scottish arts and political establishments.He also chairs the new National Theatre for Scotland, a growing life sciencescompany, has served on various boards including that of a leading law firm, aScottish University and as chair of the Lothian NHS Board. David Shearer (47) joined the Board of HBOS plc as a non-executive director inMarch 2004. David was previously Senior Partner of Deloitte & Touche forScotland and Northern Ireland and a UK Board member of Deloitte & Touche. He isalso a Governor and Non-executive Director of The Glasgow School of Art and aNon-executive Director of Scottish Financial Enterprise and of the Aberdeen NewDawn Investment Trust plc. David is a Scot and a qualified CharteredAccountant. Matthew Peacock (45) is the founding partner of Hanover. He has led investmentsfor over 16 years in, amongst other sectors, manufacturing, outsourced businessservices, chemicals, financial services, textiles and logistics. Prior to this,he ran the international M&A team in London at BZW, having started his career atCredit Suisse First Boston in New York. He holds an LLM from CambridgeUniversity. He currently is non-executive Chairman of Renold PLC and anon-executive director of Elementis PLC Vasa Babic (40) is a partner in Hanover. Previously, he was Group Director ofBusiness Integration at Vodafone plc, leading major global programs of changeand restructuring. Prior to that, he was a strategy consultant for 15 years inthe London office of Mercer Management Consulting, and, for a number of thoseyears, the youngest senior Partner in the firm worldwide. He worked in a broadrange of sectors, including a focus on the Telecoms, Internet, Media andTechnology industries. Vasa has an MA in Economics from King's College,Cambridge. The new Board structure outlined above has received overwhelming support fromleading institutional shareholders in SMG who gave their consent prior to makingthe changes. Richard Findlay, Chairman of SMG plc: "I am delighted to have been appointed to take the company into a new period oftransition and development. I will be working closely with our new team, led byRob Woodward to implement a strategy to deliver value to our shareholders". Rob Woodward, Chief Executive of SMG plc: "I've observed the business closely for some time and am delighted to have theopportunity to revive its fortunes. This business displays some unique assets,along with a wealth of creative talent. I very much look forward to unlockingits future potential, serving its audiences and participating fully in thedigital world". Matthew Peacock, principal of Hanover Investors, commented: "Hanover has assembled an impressive new management team with the expertiserequired to lead the successful turnaround of SMG. We believe that the businesshas been fundamentally undervalued and has a promising independent future underthe right leadership. "I would like to thank Chris Masters and his colleagues for their co-operationduring our recent discussions and wish them every future success". - Ends - Further Enquiries: Julie Foster, Tulchan Communications +44 20 7353 4200 Miranda Acland, Tulchan Communications Notes to Editors: About Hanover Investors: Hanover Investors is a specialist turnaround investment firm based in London. Ittypically focuses on businesses where underperformance can be attributed tocompany-specific operating and management issues, rather than to market orsector weakness. Its approach is distinctive because its team of principals hasfirst-hand experience of deal execution, corporate turnarounds, strategydevelopment and operating general management. Hanover has a track record of leading turnaround situations. Its investmentshave included 4imprint, a promotional products firm, Elementis, a specialtychemicals business, and Renold, a precision engineering business. - Hanover acquired 27 per cent of 4imprint Group and joined its board inOctober 2003. Following a change of strategic direction there was a rapid returnto profitability and distribution of cash to shareholders. This led to a sevenfold share price rise in eighteen months. - Hanover acquired 15 per cent of Elementis and joined the board in June2005. Since then Elementis has delivered an improved performance across numerousoperational areas. This led to an almost three fold rise in the share price inten months. - Hanover acquired a 14% shareholding in Renold and joined the board inSeptember 2006. Since then, Renold has embarked on a turn-around programme ofthe core business. Since September 2006, the share price has doubled. Existing Directors' Biographies: Finance director - George Watt (38) George joined the Company in 1998 as Group Financial Controller and Treasurerand joined the Board as Group Finance Director in 2001. Prior to joining SMG,George worked with KPMG's audit and assurance services practice in the UK andalso in the US. George has a BAcc from the University of Glasgow and is amember of the ICAS. Executive director - Donald Emslie (48) Donald joined the Board in 1999. Donald joined Scottish Television in 1985,taking over the role of Commercial Director in 1994. In 1997 he was appointedManaging Director of the broadcasting division leading the post-acquisitionmerger of Scottish TV and Grampian TV. In 1999 he was appointed Chief Executiveof the television business. Donald was appointed Acting Chief Executive of SMGon 17 July 2006. He is currently chairman of ITV Network Limited, the RoyalLyceum Theatre (Edinburgh), the Scottish Industry Skills Panel, Honorary Chairof Bafta Scotland, a Fellow of the RTS as well as a non-executive director ofSkillset UK and Scottish Screen. This information is provided by RNS The company news service from the London Stock Exchange