REG - System1 Group PLC - Receipt of Requisition Notice

System1Announcement

07/03/2023 07:30

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RNS Number : 1284S  System1 Group PLC  07 March 2023

 

     7 March 2023

 

 

System1 Group PLC (AIM: SYS1)

 ("System1", or "the Company", or "the Group")

 

Proposal for Board Changes and Receipt of Requisition Notice

 

 

System1 announces that it has received an email dated 3 March 2023 from Stefan
Barden (former System1 chief executive officer and Board adviser) and James
Geddes (former System1 chief financial officer) seeking to requisition a
general meeting of the Company (the "Requisition") unless certain board
changes were agreed to by the Company's board of directors (the "Board"), as
set out below.

 

The board changes proposed by Stefan Barden and James Geddes are to:

(i)         retire Rupert Howell as Chairman and a Non-Executive
Director of the Company;

(ii)        elect Stefan Barden as Executive Chairman and a Director of
the Company;

(iii)       retire Philip Machray as a Non-Executive Director of the
Company; and

(iv)       re-elect John Kearon as a Director of the Company but moving
into a Non-Executive capacity.

 

Certain members of the Board have met with Stefan Barden and James Geddes on 6
March and have communicated that the Board is firmly of the view that changes
proposed by the Requisition are not in the best interests of the Company or
its shareholders.

 

A further announcement will be made regarding a general meeting in due course.

This announcement contains inside information for the purposes of article 7 of
the Market Abuse Regulation (EU) 596/2014 as amended by regulation 11 of the
Market Abuse (Amendment) (EU Exit) Regulations 2019/310. With the publication
of this announcement, this information is now considered to be in the public
domain.

 

 

 

For further information, please contact:

 System1 Group PLC                                            Tel: +44 (0)20 7043 1000
 James Gregory, Chief Executive Officer
 Chris Willford, Chief Financial Officer

 Canaccord Genuity Limited (Nominated Adviser & Broker)       Tel: +44 (0)20 7523 8000
 Simon Bridges / Andrew Potts / Harry Rees

 

 

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