RCS - All Active Asset Cap - Board changes and Strategic review

Electronic ArtsAnnouncement

22/12/2022 08:16

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RNS Number : 5410K  All Active Asset Capital Limited  22 December 2022

22 December 2022

 

All Active Asset Capital Limited

('AAA' or the 'Company')

 

Board changes

 

Strategic review

 

Background

2022 has been a very challenging year for AAA. The Company's investment in
Aaquaverse Pte Ltd ('Aaqua') has not, to date, progressed as planned and,
partly due to this, the Company has been unable to raise the significant
capital required to acquire the balance of Sentiance N.V. ('Sentiance') that
it does not already own. This has in turn meant AAA has been unable to
progress the establishment of the anticipated 'grey market' for the Company's
shares, nor their subsequent re-listing.

 

Board changes

The existing Board of Directors has therefore concluded that, to give AAA the
best chance of maximising value for shareholders, it requires an invigorated
new Board with specialist operational experience within the technology sectors
of its portfolio.

 

Accordingly, Rodger Sargent, Simon Grant-Rennick and Michael Power have
resigned from the Board and Colin McQuade, Maria Bista and Michael Foy have
been appointed in their place. Rodger Sargent will consult to the Company for
a period of up to three months, to assist with the handover to the new Board.
James Normand will continue as Non-Executive Chairman.

 

Further details of the new Board members are set out below.

 

Strategic review

A key part of the new Board's role will be to conduct a strategic review of
AAA's existing investment portfolio, in particular its stakes in Aaqua and
Sentiance.

 

The review will cover many areas including full analysis and consideration of
the existing portfolio, possible new investments and re-structuring of the
portfolio, appointment of new advisors, the possible commencement of a grey
market for trading AAA's shares and identifying a possible re-listing of the
Company's shares later in 2023.

 

A comprehensive update about the initial findings of the review will be issued
to shareholders as soon as it is completed in early 2023.

 

Details of new Directors

Colin McQuade has been appointed as an Executive Director of AAA. Colin is a
senior technology executive with over two decades of experience working for
global blue-chip companies, including Chief Technology Officer of BGL Group,
the owner of comparethemarket.com. Prior to this, he was Head of Technology
Change at Barclays International, leading a global team responsible for
technology and services across multiple sectors and markets. He has also held
senior executive roles at Sky Group, AOL, Orange and Yahoo! Europe. Colin was
previously a Non-Executive Director of AAA for the year to February 2022 and
Director of Aaqua in February 2022.

 

Maria Bista and Michael Foy have both joined the AAA Board as Non-Executive
Directors.

 

Maria Bista has a twenty-year track record of working in global companies.
Maria was Managing Director, Head of Finance and Business Management at
Barclays Corporate and Investment Bank and Barclaycard International, with
responsibility for a £3 billion cost base. Before joining Barclays, Maria
spent eight years at Sky, holding senior product, planning and delivery
positions. During her time at Sky she was responsible for the delivery of a
number of pan-European consumer products. Prior to joining Sky, Maria worked
at Electronic Arts for seven years. During that period, she was responsible
for the operational execution and successful launch of several EA game titles.
Maria served as Chief Operating Officer at Aaqua for three months to February
2022.

 

Mike Foy is a chartered accountant, having trained with Deloitte in the Audit
& Advisory team. After Deloitte, Mike spent eight years working at
Barclays in the Corporate & Investment Bank ('CIB'), providing key finance
support to the COO of the CIB. Tasks included technology project delivery and
appraisal, benefit tracking, operations process optimisation, asset
impairment, and control projects covering accounting and payment
infrastructure renewal projects. Mike is currently Chief of Staff to the CEO
of SEBA Bank AG. His key tasks involve the delivery of the bank's strategic
plan, remediating issues identified within the control environment and helping
prepare the business for its next funding round. Mike worked at Aaqua for two
months to February 2022.

 

 

Colin McQuade, Executive Director, commented: "I am delighted to be back
involved with AAA and look forward to working with all stakeholders to
maximise the potential of the portfolio and to deliver value to our
shareholders."

 

 

For further information:

All Active Asset Capital Limited

James Normand, Non-Executive Chairman

Colin McQuade, Executive Director

www.aaacap.com (http://www.aaacap.com/)

 

Buchanan (Financial PR)

Richard Oldworth / Chris Lane / Toto Berger

t: +44 (0) 207 466 5000

e: AAAC@buchanan.uk.com (mailto:AAAC@buchanan.uk.com)

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