7 Mar 2023 07:30
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 | 7 March 2023 |
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System1 Group PLC (AIM: SYS1)
 ("System1", or "the Company", or "the Group")
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Proposal for Board Changes and Receipt of Requisition Notice
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System1 announces that it has received an email dated 3 March 2023 from Stefan Barden (former System1 chief executive officer and Board adviser) and James Geddes (former System1 chief financial officer) seeking to requisition a general meeting of the Company (the "Requisition") unless certain board changes were agreed to by the Company's board of directors (the "Board"), as set out below.
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The board changes proposed by Stefan Barden and James Geddes are to:
(i) retire Rupert Howell as Chairman and a Non-Executive Director of the Company;
(ii) elect Stefan Barden as Executive Chairman and a Director of the Company;
(iii) retire Philip Machray as a Non-Executive Director of the Company; and
(iv) re-elect John Kearon as a Director of the Company but moving into a Non-Executive capacity.
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Certain members of the Board have met with Stefan Barden and James Geddes on 6 March and have communicated that the Board is firmly of the view that changes proposed by the Requisition are not in the best interests of the Company or its shareholders.
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A further announcement will be made regarding a general meeting in due course.
This announcement contains inside information for the purposes of article 7 of the Market Abuse Regulation (EU) 596/2014 as amended by regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. With the publication of this announcement, this information is now considered to be in the public domain.
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For further information, please contact:
System1 Group PLC | Tel: +44 (0)20 7043 1000 | Â |
James Gregory, Chief Executive Officer | Â | |
Chris Willford, Chief Financial Officer | Â | |
 Canaccord Genuity Limited (Nominated Adviser & Broker) |  Tel: +44 (0)20 7523 8000 | |
Simon Bridges / Andrew Potts / Harry Rees |
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