Directorate Changes & AGM Statement (6347S)

TIDMUFG

RNS Number : 6347S

Ultimate Finance Group PLC

23 November 2011

Embargoed until 12:00

Ultimate Finance Group plc

("Ultimate Finance" or the "Group")

Directorate Changes & AGM Statement

Ultimate Finance Group plc (AIM: UFG) announces the resignation of Mr Richard Lee, Non-Executive Director and Chairman of the Remuneration Committee, and Mr Richard Pepler, Chief Executive Officer, with immediate effect. Richard Pepler co-founded the Group in 2002 and after nine years has decided to seek new challenges.

Mr Jeremy Coombes, member of the Board and current Group Managing Director, will act as interim Chief Executive Officer. Jeremy, who co-founded Ultimate Finance, already plays a pivotal role within the Group and has increasingly been taking responsibility for the Group's operational and strategic plans.

The Group also announces that Mr Matthew (Matt) Cooper and Mr Roger McDowell have both agreed to join the Board as Non-Executive Directors:

Mr Matthew (Matt) Cooper currently holds several board-level positions with companies in both the corporate and not-for-profit sectors. Current directorships include Chairman of Octopus Capital plc, and Executive Chairman of Imaginatik plc, as well as, Director at Carbon Leadership LLP.

Mr Roger McDowell, is an experienced director of 30 years' standing and currently holds Non-Executive positions at several listed companies. Having developed the Oliver Ashworth Group through dramatic growth, main market listing and sale to Saint Gobain, he then took a number of non-executive roles including chairmanships in both public and private equity backed businesses. Roger is currently chairman of Augean plc, Avingtrans plc, and One Advice plc; a non-executive director of I S Solutions plc, and a director of several private companies.

As a result of the Board changes, resolutions 2 and 3 on the reappointment of Mr Richard Lee and Mr Richard Pepler will not now be put to shareholders at the AGM being held today at 12 Noon.

Update on Trading

While trading conditions remain difficult in the current economic climate, Ultimate Finance Group continues to trade in-line with expectations and looks forward to updating the market on progress at the time of the Interim Results due in March 2012.

Clive Garston, Chairman of Ultimate Finance plc, commented "Mr Lee has decided that after nine very happy years with the Company which he helped to found, it is now time for him to let others take the Company forward. The Board would unanimously like to thank Mr Lee for his substantial contribution and wise counsel during the past successful nine years and wish him personally every success in the future.

"The Board would also like to thank Richard Pepler for his contribution to the growth of Ultimate Finance and wish him well in his future endeavours.

"I am delighted that Matt Cooper and Roger McDowell have agreed to join the Board, taking the Company forward into its next phase of growth. Combined they bring with them a wealth of experience that will prove invaluable to Ultimate Finance."

A further announcement containing information on Mr Cooper and Mr McDowell as required by AIM Rule 17 will be made once the appointments are finalised.

For further information please contact:

 
Ultimate Finance Group plc             Tel: +44 (0) 20 7653 9850 
Clive Garston, Chairman 
 
Arbuthnot Securities                   Tel: +44 (0) 20 7012 2000 
 (Nominated Adviser and Joint Broker) 
Antonio Bossi / Paul Gillam 
WH Ireland                             Tel: +44 (0) 20 7220 1666 
 (Joint Broker) 
John Wakefield / Richard Smith 
 
Threadneedle Communications            Tel. +44 (0) 20 7653 9850 
 (Financial PR) 
John Coles / Fiona Conroy

About Ultimate Finance Group plc

Ultimate Finance group is a leading provider of financial solutions to SMEs across the UK. The Company is headquartered in Bristol with offices in Manchester, Tunbridge Wells and Birmingham and through its three subsidiaries, (ultimate invoice finance, Ashley Commercial Finance, and ultimate asset finance), provides support to SMEs by funding their growth. As bank lending to SMEs is increasingly restricted in the current climate, the benefits of ultimate finance's flexible and fast-moving solutions become even more compelling.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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