REG - Malin Corp PLC - Directorate Change

MalinAnnouncement

12/10/2018 10:00

RNS Number : 8788D
Malin Corporation PLC
12 October 2018
 


THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
 
MALIN CORPORATION PLC
 
("MALIN" OR "THE COMPANY")
 
                                                            Directorate Change
 
Dublin-Ireland, 12 October 2018: Malin Corporation plc. (ISE: MLC), a company investing in high-growth opportunities in the global healthcare sector, announces that Dr. Adrian Howd will cease to act as Malin's Chief Executive Officer, effective from October 26. Dr. Howd will step down as a director of the Company from today. Ian Curley, who joined the Board as non-executive Chairman on July 16, will become Executive Chairman on an interim basis, working closely with Chief Financial Officer Darragh Lyons. Mr Curley will serve in that capacity until the Company has made significant progress in its development, particularly in relation to its most significant assets and in continued cost reductions.
 
Dr. Jean-Michel Cosséry and Rudy Mareel, widely-experienced healthcare executives who also joined the Board as non-executive directors on July 16, will support the boards of a number of key investee companies, including the highest value therapeutic investments, Poseida Therapeutics, Immunocore, Kymab and Viamet.
 
Ian Curley said: "We are grateful for Adrian's service to Malin and appreciate his professionalism and dedication. When I was appointed to the Board, I said I wanted to translate our substantial potential into value for our shareholders and to close the gap between the intrinsic value of our assets and our share price. Over the past three months, I have worked hard with Board members and the management team to refine and refocus the Company. When we have made solid progress in delivering on that value, we will recruit a new Chief Executive for Malin."
 
Dr. Adrian Howd said: "Given the recent changes, now feels like a good time for me to part with Malin and embark on the next stage of my career. I am proud of our assets and the prospects for our portfolio, especially the highest value, therapeutic investments, which currently account for approximately 70% of Malin's IPEV. I remain a shareholder and supporter."
 
Rudy Mareel, Senior Independent Director, said: "I have been hugely impressed by the potential for Malin's investments and I believe the Company has a bright future. Given Ian Curley's capital markets experience and history of guiding companies through times of change, we are happy to appoint him as Executive Chairman, on an interim basis."
 
As previously announced, the Board is undertaking an extensive review of the Company's portfolio and development strategy. Ian Curley and Darragh Lyons, together with colleagues including Dr. Jean-Michel Cosséry and Rudy Mareel, will present the Company's vision, strategy and outlook at Malin's Capital Markets Day at the London Stock Exchange on 8 November 2018.
 
 
ENDS
 
For further information, please contact:
Malin Corporation plc
Ian Curley, Chairman
Tel: +353 (0)1 9015700
 
Powerscourt (Ireland PR)            Consilium Strategic Communications (UK PR)
Jack Hickey                                      Mary-Jane Elliott / Jonathan Birt
Tel: +353 83 4488339                       Tel: +44 (0)20 3709 5700
info@powerscourt-group.com        malin@consilium-comms.com
 
Davy Corporate Finance (ESM Adviser)
Brian Garrahy / Daragh O'Reilly
Tel: +353 (0)1 679 6363
 
About Malin Corporation Plc
Malin (ISE:MLC) is a company investing in high-growth opportunities in the global healthcare sector. Its purpose is to create shareholder value through the application of long-term capital and operational and strategic expertise to global healthcare businesses. Malin has a focus on innovative businesses underpinned by exceptional science and works with its investee companies, providing strategic and financial support to enable them to reach their value potential. Malin is headquartered and domiciled in Ireland and listed on Euronext Dublin. For more information visit www.malinplc.com 
 




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