REG - Solid State PLC - Directorate Changes & Governance Update

Solid StateAnnouncement

17/07/2023 07:00

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RNS Number : 1444G  Solid State PLC  17 July 2023

 

Solid State plc

("Solid State", the "Group" or the "Company")

Directorate Changes & Governance Update

 

Solid State plc (AIM: SOLI), the specialist value added component supplier and
design-in manufacturer of computing, power, and communications products,
provides an update on board structure as it evolves to continue maintaining
the highest standards of corporate governance and compliance with the QCA
code.

 

Appointment of Non-Executive Director

 

Solid State is pleased to announce the appointment of Sam Smith to the Board
of the Company as an independent Non-Executive Director with effect from 1
August 2023. Sam will sit on the Audit and Remuneration Committees.

Sam is an entrepreneur with over 25 years' business and capital markets
experience and has specialised in advising small and mid-cap growth companies.
She was previously Chief Executive Officer of finnCap Group which, under her
leadership, has become one of the largest brokers for companies listed on the
AIM market of the London Stock Exchange. She is currently a non-executive
director of Sumer Group, a professional services firm supporting SMEs with
accounting and other services, and of Griffin Markets Limited, an OTC
wholesale European energy trading business.

Sam is a chartered accountant, having qualified at KPMG and has received
numerous awards in business including Top 100 Financial Risings Stars Award
and National Business Woman of the Future Award. She is part of the Government
Taskforce on Women-Led High Growth Enterprises, supporting the next generation
of female entrepreneurs. Sam is also on the advisory board for Everywoman,
which champions the advancement of women in business and is a Patron to The
Entrepreneurs Network.

 

Further board change

 

The Company further announces that Peter Haining, Non-Executive Director, has
decided that after a long and distinguished period as a director of the
Company, it is appropriate for him not to seek re-election at the upcoming AGM
in September.  Peter has overseen a significant period of growth and
development of the Group and has made an invaluable contribution to the
Company, including during its transition to a fully QCA complaint structure.

Peter has further agreed to continue to serve as Company Secretary to ensure a
smooth transition in the near term, but will retire from this role towards the
end of the current financial year.

The Board will seek to appoint a further independent Non-Executive Director
within the coming year, who will have the requisite qualifications, skills and
experience to chair the Audit Committee. In the intervening period, Nigel
Rogers will chair the Audit Committee on an interim basis and will be
supported by Peter Haining during the handover phase. Peter Magowan, the
Senior Independent Director, will continue to chair the Remuneration
committee.

 

Recruitment of the additional independent Non-Executive Director will be
determined by the Board based on recommendations from the Nominations
Committee comprising Nigel Rogers, Peter Magowan and Gary Marsh.

 

Commenting on the announcement, Nigel Rogers, Chair, said:

"I am delighted to welcome Sam to our Board to further complement the
knowledge and experience of our existing team. I am sure that she will play a
key role in supporting the next phase of Solid State's growth trajectory as we
strive to achieve our 2030 ambitions.

"I also wish to pay tribute to Peter Haining's outstanding contribution to the
Group over a number of decades that has seen the Group transform from a small
family business to an established, high-quality public company. His
contributions have been pivotal in transforming the Group and have placed it
in a good position to take advantage of the many opportunities to continue its
growth. The Board thanks him for his contribution to Solid State's success and
wishes him every success in the future."

 

 

For further information please contact:

 

 Solid State plc                                               Via Walbrook

 Gary Marsh - Chief Executive

 Peter James - Group Finance Director
 Cenkos Securities plc (Nominated Adviser & Joint Broker)      020 73978900

 Adrian Hadden / Callum Davidson (Corporate Finance)

 Alex Pollen / Jasper Berry (Sales)
 finnCap (Joint Broker)                                        020 7220 0500

 Ed Frisby (Corporate Finance)

 Rhys Williams / Tim Redfern (Sales / ECM)
 Walbrook PR (Financial PR)                                    020 7933 8780

 Tom Cooper / Nick Rome / Joe Walker                           0797 122 1972

                                                               solidstate@walbrookpr.com (mailto:solidstate@walbrookpr.com)

 

 

Further information on Sam Smith pursuant to Schedule Two, paragraph (g) of
the AIM Rules for Companies:

Samantha Jane Smith, aged 49, is currently or has previously been a director
or partner of the following companies or partnerships within the past five
years:

 

 Current Directorships             Previous Directorships / Partnerships
 Griffin Markets Limited           FinnCap Group plc
 Griffin Markets Services Limited  FinnCap Ltd
 Griffin Markets Group Limited     Cavendish Corporate Finance (UK) Limited
 Griffin Markets Europe SAS        Energise Ltd
 Sumer Group Holdings Limited      The Centre for Entrepreneurs Ltd
 Think Fair Limited                The Quoted Companies Alliance Limited
 Peanut SCI                        The Zentropa Film Partnership LLP
                                   The Close Film Sale and Leaseback (2004/5) LLP

 

Sam does not hold any interest in the Company's shares.

 

 

Analyst Research Reports: For further analyst information and research see the
Solid State plc website: https://solidstateplc.com/research/
(https://urldefense.proofpoint.com/v2/url?u=https-3A__solidstateplc.com_research_&d=DwMFAg&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=05PHl3GHdShYuaCii2fBRpoqaNr9B1d97X09daeosu0&m=JmX-gQVke87P3UDBxQzNglNm9FfzH5yZtIa_SmElSS4&s=ib8r3ul2tCaEvJ39SnR1LT7nCa7gAcRQzgO-kNoyZoM&e=)

 

Notes to Editors:

Solid State plc (SOLI) is a value added electronics group supplying
commercial, industrial and defence markets with durable components,
assemblies, manufactured units and power units for use in specialist and harsh
environments.  The Group's mantra is - 'Trusted technology for demanding
environments'.  To see an introductory video on the Group
- https://bit.ly/3kzddx7 (https://bit.ly/3kzddx7)

Operating through two main divisions: Systems (Steatite, Active Silicon &
Custom Power) and Components (Solid State Supplies, Pacer, Willow Technologies
& AEC); the Group specialises in complex engineering challenges often
requiring design-in support and component sourcing for computing, power,
communications, electronic, electro-mechanical and opto-electronic products.

Headquartered in Redditch, UK, Solid State employs approximately 400 staff
across the UK and US, serving specialist markets with high barriers to entry
in industrial, defence and security, transportation, medical and energy.

Solid State was established in 1971 and admitted to AIM in June 1996.  The
Group has grown organically and by acquisition - having made three
acquisitions in the last three years.

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