Microsaic Systems - Board Appointment and Strategic Update
15/03/2022 07:00
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RNS Number : 7374E Microsaic Systems plc 15 March 2022
15 March 2022
Microsaic Systems plc
("Microsaic" or the "Company")
Board Appointment and Strategic Update
Microsaic (AIM: MSYS) is pleased to announce the appointment of Robert Moore
as an independent Non-executive Director of the Company, with immediate
effect.
Bob Moore is a UK qualified lawyer and brings over 35 years' commercial and
legal experience to the Board. Bob has acted as Head of International Legal
Affairs at Enterprise Oil plc (a UK FTSE 100 company prior to its acquisition
by Shell in 2002) and as co-founder and Commercial Director of Granby Oil
& Gas plc, which was listed on AIM from 2005 until its sale in 2008. Bob
subsequently co-founded, and is Managing Director of, private oil and gas
exploration company Ardent Oil Ltd (operating in the UK, Denmark and
Luxembourg). Bob also acts as Non-executive Chairman of Mobile Streams plc, an
AIM listed company, having been appointed to the role in July 2021.
Bob Moore will also join the Finance & Audit and Remuneration Committees
of the board of directors of the Company.
Further to the announcement on 28 January that Glenn Tracey would be stepping
down from his role as Chief Executive Officer ("CEO") to pursue a
non-competitive opportunity, it has been agreed that he will leave on 31
March, rather than with effect from the date of the Company's next Annual
General Meeting ("AGM") as previously announced.
The Company has begun a process to identify and appoint a successor CEO and
from 1 April until that time, Gerry Brandon will temporarily serve as
Executive Chairman of the Company. The Board is also making good progress
with regard to the recruitment process for an additional independent
non-executive director.
Gerard Brandon, Chairman of Microsaic, commented: "I'd like to thank Glenn
again for his contribution over the past seven years and wish him every
success in his new role.
"The Company is making progress in transforming from a proprietary
equipment-only sales model, to a partner-based business model that adds
contract micro-engineering design, build and commission of client equipment as
a new revenue source. In addition, medical, environmental and bio-processing
test services are to be carried out on Microsaic's own mass spectrometry
equipment for external clients and are also expected to generate recurring
revenue streams. As we seek to grow the Company through a combination of
organic growth, joint ventures and the potential for future acquisitions, Bob
is a welcome addition to the Board with his international commercial and legal
experience."
Additional Disclosures Required under the AIM Rules for Companies
In accordance with Schedule 2(g) of the AIM Rules for Companies, Robert
("Bob") Dennis Moore (aged 64) is, or has been within the previous five years,
a director or partner of the following companies or partnerships:
Current directorships/partnerships Past directorships/partnerships
Swiftpipe Ltd Cathay Oil and Gas Production Ltd
Ardent Oil Ltd Petro River UK Limited
Horizon Energy Partners Ltd Ardent Oil Resources Limited
Horizon Energy Acquisition Ltd
Ardent Castings Ltd
Ardent Oil (Luxembourg) Holding SA
Ardent Oil (UK) SA
Mobile Streams plc
Bob Moore does not hold any ordinary shares in the Company.
Save as set out above, there is no further information to be disclosed in
respect of Robert Moore under Schedule 2(g) of the AIM Rules.
Enquiries:
Microsaic Systems plc +44 (0)734 0055 648
Gerry Brandon Chairman
Singer Capital Markets +44 (0)20 7496 3000
(Nominated Adviser & Joint Broker)
Aubrey Powell / Tom Salvesen / George Tzimas
Turner Pope Investments (TPI) Limited (Broker) +44 (0) 20 3657 0050
Andy Thacker / James Pope
About Microsaic
Microsaic develops and commercialises micro-engineering chip-based mass
spectrometry equipment. Microsaic has a robust patent portfolio in
cutting-edge technology purpose built for "Industry 4.0" which enables
analytical detection and characterisation at the point-of-need, whether within
a human health environment, conventional laboratory setting, or within a
bioprocessing facility for continuous mass spectrometer detection and
monitoring of data at any step in the process workflow, or in frontline
environmental monitoring
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