REG - Induction Healthcare - Board Changes and Trading Update

Induction HealthcareAnnouncement

30/06/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230630:nRSd4596Ea&default-theme=true

RNS Number : 4596E  Induction Healthcare Group PLC   30 June 2023

Induction Healthcare Group PLC

("Induction", the "Company", or the "Group")

 

Board appointments and Trading Update

 

Induction (AIM: INHC), a leading digital health platform driving
transformation of healthcare systems, provides an update on trading and other
changes following the year ending 31 March 2023 (FY23).

 

Consistent with our statements earlier in 2023, the Board is pleased to report
progress in our commitment to self-sustaining growth and cash breakeven in
2024. We remain on track to hit both objectives and we have completed our
rightsizing plan for the business, the costs of which have been fully provided
for in FY23.

 

In January we committed to re-focusing the company and to divesting the
business of non-core and non-cash generating assets.  We are pleased to
announce the completion of the sale of Switch, a directory app, for an
undisclosed sum. The consideration has been applied to working capital. This
is in line with the previously announced strategy to focus on sustainable
growth and allows additional cost savings to be applied.

 

With the business now stable, and consistent with our commitment to hire a
permanent leadership team to drive the business, the Board announces the
appointment, effective immediately, of Paul Tambeau as CEO (currently interim
COO) and John McIntosh as CFO (currently interim CFO). Christopher Samler,
currently executive Chair, will resume his previous position as non-executive
Chair. Both are appointed as board members.

 

Paul Tambeau (CEO) started his career in management consulting, spending 11
years on strategy and transformation engagements within Canada's public and
private health sectors. This included 3 years in KPMG's national health care
strategy practice. Over the last 7 years, he has held senior executive roles
in digital health companies in Canada and the UK, most recently as Chief
Commercial Officer of Doctor Care Anywhere. Paul holds an MBA with Distinction
from the University of Edinburgh, and a Bachelor of Arts (Honours) from
Wilfrid Laurier University in Waterloo, Canada.

 

John McIntosh (CFO) has worked as a consultant CFO, interim FD and CFO for
public and private entities in the UK, USA, and Europe.  After qualifying
with Deloitte in 1994, John worked with Sony, advertising agency DMB&B and
the BBC, before focusing towards online, and multi-media businesses. Between
2006 and 2021, John held a number of CFO and Board positions in companies such
as DCD Media plc, Progility Plc and Bidstack Group plc and Anzen Technology
Systems Ltd. John holds a B.Com (Hons) from Edinburgh University and is a
member of the Institute of Chartered Accountants of Scotland.

 

Induction Chair, Christopher Samler, said: "We are pleased with the progress
we have made towards our objective of self-sustaining growth and cash flow
breakeven in 2024. The business is in far better shape than in the last
quarter of last year and the Board is confident that we remain on track to
meet our commitments for the year. The leadership provided by both Paul and by
John has been instrumental in helping to turn the business around and whilst
we still have challenges to face, we are confident that the business is in
safe hands. I look forward to working even more closely with both Paul and
John as we drive the business to the next phase of growth."

 

 

Disclosures in accordance with the AIM Rules

 

Paul Tambeau, 42, is, or has been, a director or partner of the following
companies or partnerships during the past five years:

 

Current directorships and partnerships

None

 

Previous directorships and partnerships held in the past five years

Doctor at Hand Diagnostics Limited

 

Paul holds 350,000 options in the Company at a nominal value through the
Non-Tax Advanced Share Option Plan. With his appointment as CEO, a further
700,000 options are being granted today through the same scheme at a nominal
value.

 

John McIntosh, 54, is, or has been, a director or partner of the following
companies or partnerships during the past five years:

 

Current directorships and partnerships

Colourful Parachute Ltd

Anzen Technology Systems Ltd

 

Previous directorships and partnerships held in the past five years

Bidstack Group plc

Bidstack Ltd

Pubguard Ltd

Bidstack SIA

 

With John's appointment as CFO, 500,000 options in the Company are being today
granted at a nominal value through the Non-Tax Advanced Share Option Plan.

 

There are no further disclosures required in accordance with AIM Rule 17 and
Schedule Two paragraph (g) of the AIM Rules for Companies.

 

Enquiries

 

 Induction

 Christopher Samler, Chair                              +44 (0)7712 194092

 Paul Tambeau, Chief Executive Officer                  +44 (0)7983 104443

 Singer Capital Markets (Nominated Adviser and Broker)  +44 (0)20 7496 3000
 Philip Davies

 

About Induction - www.inductionhealthcare.com
(http://www.inductionhealthcare.com/)

Induction (AIM: INHC) Induction delivers a suite of software solutions through
a single integrated platform that transforms care delivery. Our system-wide
applications help healthcare providers and administrators to deliver care at
any stage remotely as well as face-to-face - giving the communities they serve
greater flexibility, control and ease of access. Purpose-built for integration
with leading Electronic Medical Record (EMR) platforms, our products offer
immediate stand-alone value that becomes even greater when integrated with
pre-existing systems.

 

Used at scale by national and regional healthcare systems, as well non-health
government services, our applications are relied upon by hundreds of thousands
of clinicians and millions of patients across almost every hospital in the
British Isles.

 

 1.    Details of the person discharging managerial responsibilities / person closely
       associated
 a.    Name                                                         Paul Tambeau
 2.    Reason for the notification
 a.    Position/status                                              CEO
 a.    Initial notification                                         Initial notification

       /Amendment
 3.    Details of the issuer, emission allowance market participant, auction
       platform, auctioneer or auction monitor
 a.    Name                                                         Induction Healthcare Group plc
 b.    LEI                                                          213800RY96GCZQW5TP19
 4.    Details of the transaction(s): section to be repeated for (i) each type of
       instrument; (ii) each type of transaction; (iii) each date; and (iv) each
       place where transactions have been conducted
 a.    Description of the Financial instrument, type of instrument  Ordinary shares of 0.5 pence each

       Identification code

                                                                    GB00BJ0M3545
 b.    Nature of the transaction                                    Grant of share options
 c.    Price(s) and volume(s)                                       Volume(s)  Price(s)
                                                                    700,000    Nominal Value
 d.    Aggregated information                                        N/A - single transaction

       Aggregated volume

       Price
 e.    Date of the transaction                                      30-06-23
 f.    Place of the transaction                                     Off-Exchange

d.

Aggregated information

Aggregated volume

Price

 N/A - single transaction

e.

Date of the transaction

30-06-23

f.

Place of the transaction

Off-Exchange

 

 

 

 1.    Details of the person discharging managerial responsibilities / person closely
       associated
 a.    Name                                                         John McIntosh
 2.    Reason for the notification
 a.    Position/status                                              CFO
 a.    Initial notification                                         Initial notification

       /Amendment
 3.    Details of the issuer, emission allowance market participant, auction
       platform, auctioneer or auction monitor
 a.    Name                                                         Induction Healthcare Group plc
 b.    LEI                                                          213800RY96GCZQW5TP19
 4.    Details of the transaction(s): section to be repeated for (i) each type of
       instrument; (ii) each type of transaction; (iii) each date; and (iv) each
       place where transactions have been conducted
 a.    Description of the Financial instrument, type of instrument  Ordinary shares of 0.5 pence each

       Identification code

                                                                    GB00BJ0M3545
 b.    Nature of the transaction                                    Grant of share options
 c.    Price(s) and volume(s)                                       Volume(s)  Price(s)
                                                                    500,000    Nominal Value
 d.    Aggregated information                                        N/A - single transaction

       Aggregated volume

       Price
 e.    Date of the transaction                                      30-06-23
 f.    Place of the transaction                                     Off-Exchange

d.

Aggregated information

Aggregated volume

Price

 N/A - single transaction

e.

Date of the transaction

30-06-23

f.

Place of the transaction

Off-Exchange

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCNKCBKFBKDBAB