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RNS Number : 6393C ADVFN PLC 24 February 2022
24 February 2022
For immediate release
("ADVFN" or the "Company")
As announced on 23 February 2022, the Board has been considering how best to
proceed in the light of the proposed Board changes proposed by Mr Yair Tauman.
Against this background, the Board has decided that the continuing uncertainty
regarding the Board composition is not in the best interests of the Company or
its shareholders, employees or other stakeholders. Accordingly, the Board and
Clem Chambers have agreed that Clem Chambers will step down as Chief Executive
of ADVFN and resign all his group directorships with effect from 28 February
2022. The Board believes that this will make any management transition less
disruptive for the Company and Jon Mullins, an existing director of the
Company, has been appointed as Chief Executive with effect from 28 February
Clem Chambers has agreed to support the Company in its management transition
to enable an orderly handover to Jon Mullins and the wider ADVFN management
team. It is expected that in due course any ongoing support by Clem Chambers
will be formalised in a consulting agreement on terms yet to be agreed. As
also previously announced, the Board is seeking the information required for
AIM-compliance purposes from the directors proposed by Mr Yair Tauman to be
put up for election and a further announcement will be made in due course.
Michael Hodges, Chairman of ADVFN, stated:
"On behalf of ADVFN, I would like to thank Clem for his all his time and
effort over the last 20 years. He will be missed and we wish him all the
best for the future."
The Board, having taken legal advice in respect of the applicable compensation
for loss of office due to Clem Chambers, has agreed compensation with Clem
Chambers within his contractual entitlement under which he will receive one
year's salary paid in full and one year's salary settled in new ordinary
shares in ADVFN. Pursuant to the compromise agreement entered into with Clem
Chambers, the Board has therefore issued 592,419 new ADVFN ordinary shares at
a price of 70.19p per share (being the volume weighted average closing
mid-market price for the two-week period prior to the publication of this
announcement), amounting to £415,819 ("Settlement Shares").
The Settlement Shares represent 2.27 per cent. of the existing issued share
capital of the Company and Clem Chambers has agreed not to dispose of any
interest in the Settlement Shares for a period of six months. The Settlement
Shares will rank pari passu with the existing Ordinary Shares in issue.
Application will be made for the Settlement Shares to be admitted to trading
on AIM and it is expected that Admission will become effective and dealings
will commence on or around 2nd March 2022.
For further information please contact:
ADVFN PLC +44 (0) 203 8794 460
Beaumont Cornish Limited (Nominated Adviser)
Roland Cornish/Michael Cornish +44 (0) 207 628 3396
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the
European Union (Withdrawal) Act 2018. The person who arranged for the release
of this announcement on behalf of the Company was Clem Chambers, Director.
A copy of this announcement is available on the Group's
website: www.ADVFNPLC.com (http://www.ADVFNPLC.com)
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