Board Changes (5748O)

TIDMTMW

RNS Number : 5748O

Timeweave plc

21 September 2011

Timeweave plc

("Timeweave" or the "Company")

Board Changes

As announced in the Company's interim results on 26 August 2011, Peter Bertram has served notice of his intention to step down as Chairman of the Company. It has now been agreed that Peter will leave the Board with effect from 30 September 2011.

Timeweave can also announce that Peter has agreed to remain as one of Timeweave's representative Directors on the board of Directors of Amalgamated Racing Limited ("AMRAC") and will continue to Chair AMRAC in the short-term.

The Board will commence the process of identifying a successor to Peter as the Chairman of the Company and a further announcement will be made to shareholders in due course.

David Craven, Chief Executive of Timeweave, commented: "Peter has served the Company well for more than four years and we thank him for the significant contribution he has made during this time. Peter leaves the Board with its best wishes for the future."

Peter Bertram, Chairman of the Board, added: "I feel this is an appropriate time to step down as Chairman of Timeweave. I have enjoyed the last four and a half years, having successfully helped to establish AMRAC, substantially restructure the Group and dispose of legacy businesses. I believe I have placed Timeweave on a firm footing now and the Company can look forward to expansion and growth. I wish the Company and my fellow Directors every success for the future and remain committed to assisting AMRAC as Chairman of its Board."

For further information, please contact:

 
 Timeweave plc 
 David Craven, Chief Executive    +44 (0)7738 438 376 
                                 --------------------

Timeweave plc ("Timeweave") is the holding company of a group which principally comprises a 50% holding in Amalgamated Racing Limited ("AMRAC"), sports hedging business SportingWins and cash deposits.

AMRAC is an equally owned joint venture company between Racecourse Media Services Limited (which is in turn owned by a number of the UK's foremost racecourses and Racecourse Investments Limited) and Timeweave. AMRAC holds exclusive licences with 31 racecourses to broadcast pictures, audio and data from these courses to licensed betting offices in the United Kingdom and Republic of Ireland on its dedicated television channel, TurfTV.

SportingWins is the market leader in covering corporate risk based on sports events.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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