REG - CyanConnode Holdings - Board Appointments

Cyanconnode HoldingsAnnouncement

25/07/2018 07:05

RNS Number : 6329V
CyanConnode Holdings PLC
25 July 2018
 


CyanConnode Holdings plc
 ("CyanConnode", the "Company" or the "Group")
 
Board Appointments
Appointment of David Johns-Powell as Non-Executive Director and Heather Peacock as Group Finance Director
 
CyanConnode, the world leader in narrowband radio mesh networks, is pleased to announce that William David Johns-Powell has been appointed to the Board of CyanConnode Holdings plc as a Non-Executive Director and Heather Peacock has been appointed as Group Finance Director both with immediate effect.
 
David is a significant shareholder in the Company, currently having a beneficial interest in 7.84% of the Company's shares. He brings with him extensive entrepreneurial experience across a range of businesses and sectors, including property investment and development, equity investment, manufacturing, leisure, food and beverage, retail and insurance. In his time he has set up businesses and held a number of corporate roles, including overseeing the overall business trading strategies and holding finance and governance roles. David will be working for no remuneration in this Non-Executive Director role.
 
John Cronin, Executive Chairman of CyanConnode, commented: "We are delighted to welcome David to the Board of CyanConnode. Having known him for some time in the capacity of a significant shareholder of the Company I believe his wide range of business experience will provide complementary skills to the Board and will be invaluable at this time of growth for the Company. I look forward to working with him."
 
David Johns-Powell commented: "I welcome the opportunity to join the Board of CyanConnode, and I will use my best endeavours to promote the success of the Company for the benefit of all Shareholders.  Based on my diverse business management experience, I believe I can assist with improving the financial performance of CyanConnode and thereby begin to restore shareholder faith and value."
 
On 15 September 2017, the Company announced a placing and subscription to raise GBP8.6 million through the issue of 30,852,488 Ordinary Shares at an issue price of 28 pence per Ordinary Share. One Subscriber agreed to invest a total of £1.8M in this placing, of which £500K was to be invested in the April 2018 Admission subject to EIS relief being available. As announced on the 10 April 2018, this investment has not yet been made. The Company can now announce that the underlying Subscriber for this £500K investment is David Johns-Powell. The Company has agreed to re-apply to HMRC to confirm whether or not he would be eligible to receive EIS relief on this investment following his appointment as a Director to the Company. In addition, since it is more than eighteen months since the Company last applied for EIS assurance it is also deemed necessary to re-confirm the eligibility of the Company's shares for EIS. David has however reconfirmed his intention to make this investment during the current tax year subject to EIS relief being available.
 
In addition to the appointment of David, Heather Peacock has been appointed as Group Finance Director. Heather joined the Company in November 2008 originally as Financial Controller managing the finance function of the Group. She has a background and qualification in finance and extensive global financial experience at a senior level, having worked for large international organisations in both the UK and South Africa. More recently Heather has worked as Company Secretary for the Company and has been closely involved as the Company has grown. She was appointed as Group Finance Director (non-board) at the start of June and has now been appointed as a Board Director.
 
John Cronin, Executive Chairman of CyanConnode, commented: "Having worked with Heather since joining the Company I'm delighted to now welcome her to the Board. We're lucky to have someone with her experience and background as she has been able to hit the ground running and this has given us a great opportunity to further reduce costs. Her appointment as Group Finance Director seemed a natural step due to her extensive financial experience and knowledge of the Company. I look forward to working with Heather in her new role."
 
Heather Peacock commented: "I'm excited to be joining the Board at this time. Having worked for the Company for the past ten years across a number of areas, I'm looking forward to returning to finance and using my experience at a time when the Company needs to closely manage costs and drive shareholder value, while delivering on the orders recently announced."
 
 
Enquiries:



CyanConnode Holdings plc


www.cyanconnode.com




John Cronin, Executive Chairman
 


Tel: +44 (0) 1223 225 060




FinnCap Ltd (Nomad and Broker)








Adrian Hargrave / Giles Rolls


Tel: +44 (0) 20 7220 0500
 




Walbrook PR (Investor Relations)


cyanconnode@walbrookpr.com




Paul Cornelius / Nick Rome


Tel: +44(0) 20 7933 8780
 




About CyanConnode
CyanConnode is a world leader in the design and development of narrowband RF mesh networks that enable Omni Internet of Things (IoT) communications. Its innovative solutions use sub GHz frequencies and are optimised for exceptional performance. Optimal solutions provide end-to-end quality of service with reduced total cost of ownership and Omnimesh delivers standards-based IPv6 solutions, enabling rapid innovation for the implementation of third party applications. Through global partnerships, CyanConnode provides customers with the flexibility and choice required to converge networks for applications in smart cities and IoT, delivering increased customer value.
 
For more information, please visit www.cyanconnode.com
 
Additional Information
 
In accordance with the AIM Rules, the following information required to be disclosed in relation to William David Johns-Powell and Heather Peacock is set out below. Other than this information, there is no further information required to be disclosed under paragraph (g) of Schedule Two of the AIM Rules.
 
Full Name and age
William David Johns-Powell, aged 60
 
Current Beneficial Interest
10,083,490 ordinary shares of 2 pence each ("Ordinary Shares") in the capital of CyanConnode and does not hold any options over shares in the capital of the Company.
 
Current Directorships and Partnerships
Cottrell Capital Limited
Cottrell Park Limited
Giving Something Back Limited
Opus General Partnership
Peril Capital Limited
Peril Holdings Limited
Sycamore Cross Road Limited
Torch Platforms Limited
Torch Platforms Montenegro DOO
William Powell & Sons Limited
 
Past Directorships and Partnerships held in the previous five years:

NIL
 
David Powell Potteries Ltd, a company which David Johns Powell was a director of, went into voluntary liquidation in 1992 and was struck off the register in 1995.
 
Full Name and Age
Heather Marie Peacock (née Cannon), aged 50
 
Current Beneficial Interest
178,255 Ordinary Shares in the Company and 1,928,610 options over Ordinary Shares in the Company as set out below. Of these options, 563,964 are held in the Company's Joint Share Ownership Plan.
 



Current number of Options held


Exercise Price of current Options (in pence per share)


Vesting




619,424


30.8
 
 


362,621 have already vested; 128,402 to vest 02/10/2019; 128,402 to vest 02/10/2020




745,222


28.0


25% per year vest starting 01/06/2019




 


 


 



 



Current number of JSOP shares held


Participation Price (in pence per share)


Vesting




296,568


33.3
 
 


98,856 have already vested; 98,856 to vest 23/10/2019; 98,856 to vest 23/10/2020




267,396


43.4


133,698 have already vested; 133,698 to vest 23/10/2019



 
 
Current Directorships and Partnerships
NIL
 
Past Directorships and Partnerships held in the previous five years:
HSP Business Services Limited
 
Babyboodle.com Ltd, a company Heather Peacock was a director of, went into voluntary liquidation in 2011 and was dissolved in 2012.




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