Remote Monitored Systems PLC Board changes (1585L)

TIDMRMS

RNS Number : 1585L

Remote Monitored Systems PLC

11 January 2021

The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

11 January 2021

Remote Monitored Systems plc ("RMS" or the "Company")

Appointment of new non-executive Chairman and new non-executive Director

Remote Monitored Systems plc ("RMS" or the "Company") announces that further to the announcement on 30 December 2020, the Board has appointed two new non-executive directors; Antony Legge and Richard Clarke. Antony Legge succeeds Paul Ryan as the Company's Chairman, who stepped down on 8(th) January 2021.

The Board would like to thank Paul Ryan for his time and service to the Company, most recently as its Chairman. Paul has been the longest serving board member of the Company and he steps down with the Company in possession of a strong balance sheet and a range of intellectual property assets in the three subsidiaries; Cloudveil, Gyrometric and Pharm 2 Farm, a number of which the Board believes have significant commercial potential. The Board wishes Paul well for the future.

Antony Legge and Richard Clarke bring a range of corporate experience to their roles as Non-Executive Directors. Antony Legge spent many years acting as a corporate finance advisor including as a nominated adviser to AIM Companies. Richard Clarke has extensive experience as a director in technology companies and is currently finance director of PowerPhotonic Ltd, a manufacturer of advanced laser optics. For several years, he served on the Corporate Governance Committee of the Institute of Chartered Accountants in England and Wales.

Antony Legge, Chairman, said; "Whilst the immediate focus is on the production of masks using Pharm 2 Farm's nanotechnology, this is just one near-term application for this technology. The challenge for the new board will be to effectively utilise the resources from the recent placing to commercialise the Group's intellectual property assets across all the businesses, most of which are still at an early stage in their development, in order to meet current valuation expectations."

The following details in relation to the appointment of Richard John George Clarke (aged 65) are disclosed in accordance with Schedule 2(g) of the AIM Rules:

 
 Current directorships                Past directorships held within 
                                       the last five years 
 PowerPhotonic Limited 
                                     ------------------------------- 
 Watlington Court Residents Company 
  Limited 
                                     -------------------------------

Richard Clarke was a director of Mayflower Aerospace Limited from 6 May 2003 until his resignation on 30 September 2003. Administrative receivers were appointed to Mayflower Aerospace Limited on 15 September 2003.

The following details in relation to the appointment of Antony Fabian Legge (aged 53) are disclosed in accordance with Schedule 2(g) of the AIM Rules:

 
 Current directorships                Past directorships held within 
                                       the last five years 
 Broad Street Asset Management        SerVision plc 
  Ltd 
                                     ------------------------------- 
 Broad Street Investment Management 
  Ltd 
                                     ------------------------------- 
 LMG Consulting Services Ltd 
                                     ------------------------------- 
 Glenfinnian Bond DAC 
                                     ------------------------------- 
 Pulteney Bond DAC 
                                     ------------------------------- 
 Ingard Property Bond 3 DAC 
                                     -------------------------------

Antony Legge was a director of SerVision plc at the time of its creditors' voluntary liquidation in December 2019. Liquidators were appointed to SerVision plc on 25 July 2018. At the date of liquidation, unsecured creditors' claims totalled GBP1.7m.

- ENDS -

ENQUIRIES :

Remote Monitored Systems plc

John Richardson (Executive Director) +44 7751 118916

SP Angel Corporate Finance LLP +44 20 3470 0470

Nominated Adviser and Joint Broker

Stuart Gledhill

Caroline Rowe

Peterhouse Capital Limited +44 20 7469 0930

Joint Broker

Lucy Williams

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January 11, 2021 02:00 ET (07:00 GMT)

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