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10 Sep 2009 07:00
Xchanging plc ("Xchanging"), the global business processing company, announces that General Atlantic sold 15,553,854 shares in Xchanging on 9 September 2009. This has reduced General Atlantic's share in Xchanging to approximately 9.99%.
As a result, the Relationship Deed between General Atlantic and Xchanging, entered into on 24 April 2007 and described in Xchanging's Global Offer, falls away. Consequently, Tom Tinsley, non-executive director, has tendered his resignation as a director of Xchanging and member of the Remuneration Committee with effect from today. This means that Xchanging's Board composition is now fully compliant with the provisions of the Combined Code.
Tom Tinsley said, "General Atlantic's investment in Xchanging since February 1999 is illustrative of our long-term investment horizon and our commitment to partner with management to build great companies. I remain convinced of Xchanging's excellent growth opportunities going forward."
David Andrews, CEO of Xchanging, said "I would like to thank Tom for his invaluable contributions on the Board since joining in 2000. I would also like to take this opportunity to thank General Atlantic for the commitment they have shown to Xchanging since its formation. With General Atlantic's strategic and financial support we have grown rapidly to become a very successful listed company. We look forward to our continued relationship as we enter our next phase of growth."
Gary Whitaker Company Secretary Xchanging plc
10 September 2009
About Xchanging
Xchanging is a global business processor. We deliver procurement, accounting, HR, technology and mission-critical industry-specific processing services to customers in 42 countries. www.xchanging.com
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