REG - Character Group PLC - Board Changes

CharacterAnnouncement

12/12/2023 07:15

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RNS Number : 4257W  Character Group PLC  12 December 2023

The information contained within this announcement is deemed by the Company to
constitute inside information stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018. Upon the publication of this
announcement via the Regulatory Information Service, this inside information
is now considered to be in the public domain.

THE CHARACTER GROUP PLC

("Character", the "Company")

Designers, developers and international distributor of toys, games, and
giftware

 

Board Changes

The Character Group plc (AIM: CCT) announces that, after nearly 33 years as a
director and Chairman of companies within the Character Group, Richard King
has notified the Company yesterday that he will step down from the Board at
the Company's 2024 Annual General Meeting on 19 January 2024 (the "2024 AGM").
 Accordingly, he will not be seeking re-election at the 2024 AGM.

Richard's management and leadership skills and entrepreneurial flair were
critical to the Group's fledgling business back at the time of its formation
in 1991.  He, together with the other founding directors, quickly forged a
place and reputation for the Group in the toy market and the respect of many
of the industry doyens of which, in time, he became one himself.  This
coupled his ability to identify, recruit, develop, promote and incentivise raw
talent had a considerable impact on the growth trajectory and strategy of the
Group.  The industry's recognition of the Group's achievements over the years
culminated in a lifetime achievement award being bestowed in 2016 on Richard
King.  Although Richard will always emphasise the team effort that was
recognised by that award, there is little doubt that his leadership and drive
motivated and directed the efforts of that team in the formative stages of the
Group's history.

Whilst we are sad to see him depart from formal ties with the Group, Richard
has accepted the Company's offer of an appointment to the new office within
the Company as an "Honorary Adviser".  This will not be a Board position.
It will not give Richard the burden of responsibility of voting on matters
along with Board members and Richard has required that it can only be accepted
by him as an unpaid role.  We are pleased that Richard has accepted this role
and that we will, accordingly, be assured of being granted continued access to
his wisdom and advice.

Speaking on behalf of the Board, Jon Diver and Kiran Shah , Joint Managing
Directors of Character said:

"On behalf of everyone in the business and shareholders we would like to thank
Richard for his energy, leadership and friendship.  We wish him well and
whilst we hope that he enjoys his formal retirement we look forward to working
with him in his advisory capacity over the coming years."

Chair elect

The Board is pleased to announce that Carmel Warren, currently an Independent
Non-Executive Director of the Company has, subject to her re-election to
office as a director at the 2024 AGM, agreed to accept the Board's nomination
for her to succeed Richard as Non-Executive Chair.  Carmel joined the Board
in April 2021 and, in her time with the Board, has earned the respect of all
her fellow directors and the proposal to appoint her to the role of Board
Chair was unanimously supported by her fellow directors.  She will retain her
role as Chair of the Audit Committee and no other changes are in prospect as a
consequence of these Board changes.

 

 

 

 Enquiries to:

 The Character Group plc

 Jon Diver, Joint Managing Director

 Kiran Shah, Joint Managing Director & Group Finance Director

 Office:  +44 (0) 208 329 3377

 Mobile: +44 (0) 7831 802219 (JD) or Mobile: +44 (0) 7956 278522 (KS)

 Panmure Gordon (Nominated Adviser and Joint Broker)

 Atholl Tweedie, Investment Banking

 Rupert Dearden, Corporate Broking

 Tel:  +44 (0) 20 7886 2500

 Allenby Capital Limited (Joint Broker)

 Nick Athanas, Corporate Finance

 Amrit Nahal / Tony Quirke, Sales & Corporate Broking

 Tel:  +44 (0) 20 3328 5656

 TooleyStreet Communications Limited (Investor and media relations)

 Fiona Tooley

 Tel:  +44 (0) 7785 703523

 Email: fiona@tooleystreet.com (mailto:fiona@tooleystreet.com)

 

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