NetScientific PLC Board Change (8012Z)
January 15 2020 - 2:00AM
UK Regulatory
TIDMNSCI
RNS Number : 8012Z
NetScientific PLC
15 January 2020
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF EU REGULATION 596/2014
NetScientific plc
("NetScientific" or the "Company")
Board Change
Resignation of Ian Postlethwaite as CEO, CFO and Company
Secretary
London, UK - 15 January 2020: NetScientific plc (AIM: NSCI), the
transatlantic healthcare IP commercialisation Group, today
announces that Ian Postlethwaite yesterday served six months'
notice to step down as CEO, CFO and Company Secretary. Ian's
departure date is scheduled for July 14(th) 2020 in accordance with
his service agreement, and to ensure an orderly transition. Ian is
leaving NetScientific after four years to pursue other career
opportunities.
The Board is continuing with its strategy review to determine
how best to optimise returns to shareholders and decide on the
required management arrangements. The Board anticipates announcing
the findings of that review in conjunction with the Company's
results for the year ended 31 December 2019.
The Board intends to commence a process for future appointments
following the conclusion of that review.
Sir Richard Sykes, Chairman of the NetScientific, said: "Ian's
support has been valuable to NetScientific. He has provided a safe
pair of hands during this challenging time as we continue to make
the most of our reduced central costs and maximise the potential in
our remaining portfolio companies to deliver value to our
shareholders. The Board would like to put on record its gratitude
to Ian for his contribution in the transitioning of NetScientific
since he took over as CEO last year and previously as CFO, and we
wish him every success in his future interests."
Commenting on his resignation, Ian Postlethwaite, added: "I have
thoroughly enjoyed working with the team at NetScientific and truly
believe that our portfolio companies hold great promise. Following
last year's changes, I have worked to transition the Company to a
low cost operating model and have supported the development of its
three key assets: with Glycotest Inc. concluding its Series A
financing round with Shanghai Fosun Pharmaceutical Co. Ltd, PDS
Biotechnology Corporation completing its all share merger with Edge
Therapeutics, and ProAxsis forecasting to reach cash break-even
this year. "
For more information, please contact:
NetScientific Tel: +44 (0)20 3514
1800
WH Ireland Limited (NOMAD, Financial Adviser Tel: +44 (0)20 7220
and Broker) 1666
Chris Fielding / Darshan Patel
About NetScientific
NetScientific PLC is a transatlantic healthcare IP
commercialisation Group focused on technologies and companies that
have the potential to treat chronic disease and significantly
improve the health and well-being of people.
For more information, please visit the website at
www.NetScientific.net
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
BOAEAXFLFDKEEFA
(END) Dow Jones Newswires
January 15, 2020 02:00 ET (07:00 GMT)
Netscientific (LSE:NSCI)
Historical Stock Chart
From Apr 2024 to May 2024
Netscientific (LSE:NSCI)
Historical Stock Chart
From May 2023 to May 2024