Board Change, etc
July 27 2000 - 3:23AM
UK Regulatory
RNS Number:5348O
Sportsworld Media Group PLC
27 July 2000
SPORTSWORLD MEDIA GROUP plc (the "Company")
Board Change
Sportsworld announces that Jeff Chapman, the original founder of the
business, is retiring as Chairman and as a Director of the Company in order
to pursue other interests in the sports and leisure industry.
Sportsworld is pleased to announce that John Bernbach, an existing
Non-Executive Director of the Company, is to be appointed as Non-Executive
Chairman. John Bernbach spent 22 years with the advertising firm of Doyle
Dane Bernbach, the last eight of which as president and then vice chairman
of DDB Needham Worldwide, Inc. He joined Sportsworld at the time of its
listing in 1998.
Placing
Contemporaneously with the retirement of Jeff Chapman, Investec
Henderson Crosthwaite, has placed 13,463,347 ordinary shares of 1p each,
representing 20.0 per cent. of the current issued share capital of the
Company with institutional investors at 545p per ordinary share on behalf
of the trusts of which Jeff Chapman is a beneficiary.
Following the placing, those trusts will retain an interest in 1,850,000
ordinary shares of the Company. All such ordinary shares are presently
subject to options held by certain Directors and employees of the Company
under the Sportsworld Participating Share Option Scheme.
Date of Announcement of Preliminary Results
It is expected that the Company will announce its preliminary
results for the year ended 30 June 2000 on or about 9 October 2000. The
Directors expect these results to be at least in line with market
expectations.
Geoff Brown, Sportsworld's Chief Executive, said:
"We are immensely grateful to Jeff for his major contribution to
Sportsworld and his vision as founder of the business.
"The Group has developed rapidly since it floated and has built a strong
following in the City. We have placed the shares with a series of blue
chip institutions, the vast majority of which are current shareholders -
we're delighted by the support we have had, reflected in the minimal
discount."
Jeff Chapman commented:
"I believe that I have left the Group, having accomplished what I set out
to achieve, with a very strong platform from which to continue its growth.
I am delighted that John Bernbach has agreed to stand in my place as
chairman of the Group - he has significant experience in the international
media market and has been with the Company since its flotation."
Enquiries:
Sportsworld Media Group plc
Jeff Chapman Tel: 01608 685093
Geoff Brown Tel: 020 7240 9626
Investec Henderson Crosthwaite Tel: 020 7597 5970
Jagjit Mundi, Joint Head of Corporate Finance
Financial Dynamics Tel: 020 7831 3113
Tim Spratt
Sportsworld Media (LSE:SWD)
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