Microsaic Systems - Board Changes
06/02/2025 07:00
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RNS Number : 0885W Microsaic Systems plc 06 February 2025
6 February 2025
Microsaic Systems plc
("Microsaic", "Microsaic Systems" or the "Company")
Board Changes
Microsaic Systems plc (AIM: MSYS), an international developer and provider of
testing solutions for unique and underserved public health and environmental
markets, is pleased to announce that Dr. Christopher ("Chris") Potts will join
the board as Independent Non-Executive Director with immediate effect. Bob
Moore remains in the role of Executive Chairman and acting Chief Executive
Officer pending the appointment of a new Non-Executive Chairman as planned and
to be announced in due course.
Dr Chris Potts brings over 20 years of senior executive and chair experience
of international technology businesses.
He is presently Chair of proSapient Ltd, a world leading service company based
in the UK, with offices in the US, Canada and Portugal, utilising artificial
intelligence technology to search for and engage experts who can assist in due
diligence processes for leading global management consultancies and private
equity firms.
He is also Chair of Zytronic plc; a UK based manufacturing company which
supplies sophisticated touch screen technology to a global market. Before
that, he was Chair of Guralp Systems limited, a UK based firm which designs,
manufactures, and installs seismic sensors for customers globally, for nine
years.
Chris's prior CEO experience includes leading privately owned firms, private
equity backed businesses and divisions of listed public companies. He has a
proven track record of steering manufacturing, software development, and
service-based firms, while managing diverse, multidisciplinary teams of
technical, scientific, and business leaders.
He has led several large international corporate transactions. He has also
served as a trustee or non-executive director of three university or
educational institutions.
Academic and research credentials include a PhD from the University of
Cambridge, an MBA from Cranfield School of Management, and published papers in
international peer-reviewed scientific journals.
Regulatory Disclosures
The following disclosures are required regarding Chris Potts' appointment to
the Board, pursuant to Schedule Two paragraph (g) of the AIM Rules for
Companies.
Christopher Graeme Potts (aged 68) is currently, or has during the past five
years been, a director of the following companies:
Current directorships or partnerships Previous directorships or partnerships
· Zytronic plc · Goodhind Bullard Limited
· ProSapient Limited · Guralp Systems Limited ("GSL")¹
· The American University of Bulgaria · Guralp Finance Limited
· Guralp Holdings Limited
· Guralp Systems Inc
· Moller Institute Limited
· Guralp Systems GmbH
Save as set out above, there is no further information to be disclosed in
accordance with Schedule Two (g) of the AIM Rules for Companies.
Microsaic Systems plc +44 (0) 20 3657 0050
Bob Moore, Chief Executive officer via Turner Pope
Singer Capital Markets (Nominated Adviser & Joint Broker) +44 (0) 20 7496 3000
Alex Bond / Oliver Platts
Turner Pope Investments (TPI) Limited (Joint Broker) +44 (0) 20 3657 0050
Andy Thacker / James Pope
About Microsaic Systems Group
Microsaic is highly experienced in the development, manufacture and supply of
microelectronics instrumentation for markets requiring analytical testing in
public and environmental health markets. The Company has recently acquired and
integrated the assets of Modern Water with Microsaic Systems' technologies
resulting in comprehensive water testing and other toxic testing capabilities.
Microsaic's products and solutions are commercially available through global
markets via a network of regional and country specific distributors and
partners.
¹ The following disclosure in relation to GSL is considered outside of the
scope of Schedule Two, paragraph (g) of the AIM Rules, Dr. Christopher Potts
has not been subject to any criticism, sanction or penalty in relation to this
matter, but this disclosure is being made in the interests of transparency.
Dr. Christopher Potts became a director of GSL in on 1 December 2014. In
September 2015, Dr. Potts formed suspicions of corrupt payments having
previously been made by GSL to an individual who had held various positions
with an overseas government-funded research institute and promptly terminated
all contractual and other relationships between GSL and him. Dr Potts then
instructed a firm of solicitors to undertake an internal review.
That review, instigated by Dr. Potts and certain other Directors of GSL, led
to the company reporting its suspicions on 23 October 2015 to the SFO and to
the United States Department of Justice ("DoJ").
On 22 October 2019, GSL finalised a Deferred Prosecution Agreement ("DPA")
with the Serious Fraud Office ("SFO") following a criminal investigation,
under the terms of which GSL was required to disgorge c. £2.1m to the Court,
over a period of up to 5 years from the date of the DPA. The DoJ did not
prosecute the Company but indicted several former employees, at least one of
whom received a custodial sentence for money laundering offences.
In the court-approved judgement relating to the DPA, it was noted that, "the
current senior management team of GSL has done all that it can to remedy the
position and to co-operate with prosecuting authorities in two jurisdictions."
It was also noted that, "those who had taken over the running of the company
in 2015 identified the conduct, instructed outside solicitors to investigate
and self-reported to the SFO."
The conclusion to the DPA judgement, stated that "the company which has
entered the DPA is very different to that which engaged in the conduct as set
out in the statement of facts. Those running the company are wholly different
from those who were in charge at the time of the relevant conduct. The
corporate practices of the company have changed completely. A rigorous
compliance programme is in place with appropriate provision for regular review
thereof."
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