REG - Wellnex Life Limited - Board and Management Changes

Wellnex LifeAnnouncement

06/05/2025 07:10

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RNS Number : 4573H  Wellnex Life Limited  06 May 2025

ASX/AIM Announcement
 
6 May 2025

 

Wellnex Life Limited (ASX/AIM:WNX)

 

Board and Management Changes

 

Wellnex Life Limited (ASX/AIM:WNX) ("Wellnex Life" or the "Company") announces
changes to the board and to management post the successful dual listing on the
AIM Market of the London Stock Exchange ("AIM").

Having guided the Company through a transformational period and the successful
AIM IPO, Non-Executive Chairman, Mr George Tambassis, has tendered his
resignation to the board due to recent increased external work commitments
that will not allow him to dedicate the required time to Wellnex Life as a
public company.

Mr Tambassis has played a pivotal role for the Company and leaves Wellnex in a
much stronger position, with the extinguishment of circa A$13 million in debt
following the AIM IPO.

Whilst the Company commences its search for a new Chairman, Mr Andrew Vidler,
current independent Non-Executive Director, has agreed on an interim basis to
assume the non-executive Chairman role, effective immediately. The interim
appointment of Mr Vidler will allow for a seamless transition of the Chair
role. Mr Tambassis will remain available to the Company should his advice or
guidance be required.

The board would like to thank Mr Tambassis for his valuable contribution and
Mr Andrew Vidler for agreeing to take up the role as interim Non-Executive
Chairman.

With the dual listing of Wellnex Life on the AIM market and the continued
growth of the business domestically and internationally across brands and IP
licensing, the board is pleased to announce that Mr Zack Bozinovski, joint
Managing Director, has been appointed as joint CEO. This appointment will
ensure a dedicated focus to continuing business growth and increasing
shareholder value.

Andrew Vidler, interim Non-Executive Chairman, said "I am pleased to be able
to support Wellnex Life through this Board transition period. With the balance
sheet now on a sound footing, management's focus on the marketplace
performance is the priority. My own experience in consumer health products and
pharmacy retailing is comprehensive and I look forward to working with the
Wellnex management team as Interim Chairman. I would also like to take the
opportunity to thank George Tambassis for his significant efforts over the
last year. He leaves the Company in a far stronger position than when he
joined"

George Tambassis said "Having chaired the group through a transformational
period, I no longer have the time I would like to devote to the Company's
future growth. I wish the Company well and will remain available should my
advice be required".

There are no changes to Mr Andrew Vidler or Mr Zack Bozinovski's terms of
employment contract.

This ASX/AIM announcement has been authorised by the Board of Wellnex Life
Limited (ASX/AIM:WNX).

 

For further information, please contact:

Wellnex Life Limited (ASX:WNX)

George Karafotias or Zack Bozinovski

Joint Chief Executive Officers

P: +61 3 8399 9419

E: george.k@Wellnexlife.com.au (mailto:george.k@Wellnexlife.com.au)

UK Investors

 

Strand Hanson (Financial & Nominated Advisor)

James Harris / Richard Johnson / Robert Collins      Tel: +44 (0) 20 7409
3494

 

Orana Corporate LLP (Joint
Broker)
swykeham@oranacorp.com (mailto:swykeham@oranacorp.com)

Sebastian Wykeham

 

S.P. Angel Corporate Finance LLP (Joint Broker)     Tel: +44 (0)20 3470
0470

David Hignell / Vadim Alexandre

 

About Wellnex Life

Wellnex Life Limited (ASX:WNX) is a consumer healthcare business with a track
record for developing, licensing, and marketing registered products and brands
to customers in the growing healthcare market segment. Since listing in 2021,
Wellnex Life has successfully launched a host of brands and products now
ranged in major retailers in the healthcare market space, pharmacies and
supermarkets included. Its distribution arrangements have seen Wellnex Life
secure significant licensing arrangements with major pharmaceutical companies
in Australia and globally that have given the Company's registered products a
distribution channel with a steadily increasing global geographic footprint.

Wellnex Life has more recently acquired leading Australian topical pain relief
brand Pain Away. Its addition to Wellnex Life's product offering both
compliments and accelerates the potential growth of the company's business
operations. This transformational acquisition gives added impetus to Wellnex
Life's financial growth and scale and reinforces its place as a major and
respected participant in the growing healthcare market, both in Australia and
overseas.

 

To learn more, please visit: www.Wellnex Lifelife.com.au/
(https://wellnexlife.com.au/)

 

 

 

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