TIDMVIS
RNS Number : 8300N
Vitesse Media PLC
11 August 2017
The following amendment has been made to the 'Directorate
change, holding(s) in Company and proposed fund raising'
announcement released earlier today, 11 August 2017, at 11.11am
under RNS No 7917N.
Niki Baker has been appointed as Executive Director with special
responsibility for Events, not Managing Director as originally
disclosed.
All other details remain unchanged.
The full amended text is shown below.
11 August 2017
Vitesse Media plc
("Vitesse" or the "Company")
Directorate change, holding(s) in Company
and proposed fund raising
Vitesse Media Plc, the AIM-listed digital media and events
business, announces that Simon Stilwell has been appointed as Chief
Executive Officer of the Company with immediate effect. As a
consequence, Niki Baker, formerly Chief Executive Officer, has been
appointed as Executive Director with special responsibility for
Events with immediate effect to focus on expanding the Company's
flourishing events business.
Simon was until 2015 Chief Executive of Liberum, the Investment
Bank that he co-founded in 2007 and grew from a start up to GBP55m
of revenue and 170 people in seven profitable years. Prior to
Liberum, he served as Head of Sales, Small Companies, at Collins
Stewart plc and was also a director at Beeson Gregory Limited. He
was commissioned into the Gloucestershire Regiment in 1992 and
served in a variety of countries and roles before starting his City
career in 1996. Simon graduated with a BSc in Geological Sciences
from Durham University. Since leaving Liberum, Simon has pursued a
number of different business interests.
The Company has been notified that earlier today, Simon Stilwell
and Anthony Cross have each acquired 6,373,799 and 7,013,799
existing ordinary shares of 1 penny each in the Company ("Ordinary
Shares") respectively, at 2.5 pence per Ordinary Share. Simon
Stilwell and Anthony Cross' resulting holdings are 7,013,799 and
7,013,799 Ordinary Shares respectively, each representing
approximately 10.9 per cent. of the Company's issued share
capital.
Anthony Cross has worked in fund management for 27 years and for
the last 20 years has successfully managed a range of funds for
Liontrust Asset Management. This investment is being made in a
personal capacity and he has no role within the Company.
Simultaneously, Chris Ingram has sold 8,387,598 Ordinary Shares.
This reduces his holding to 8,387,597 Ordinary Shares, representing
approximately 13.0 per cent. of the Company's issued share capital.
In addition, at the same time, Sara Williams has sold 5,000,000
Ordinary Shares. This reduces her holding to 3,892,263 Ordinary
Shares, representing approximately 6.0 per cent. of the Company's
issued share capital.
The Company also announces that subject to shareholder approval
it is considering an issue of new Ordinary Shares by way of a
placing to raise up to GBP2.0 million, the proceeds of which will
be used to repay the Company's current indebtedness and for working
capital purposes. In particular, the proceeds will be used to fund
the development of the Company's Events business, including the
successful 'Woman in.." series as well as expanding the
capabilities of the Company's existing digital platforms and to
fund new business development. The new business areas will
concentrate on the provision of media and equity research for both
institutional and private investors. The Company has been informed
that Messrs Stilwell and Cross intend in aggregate to invest GBP0.5
million in the proposed fund raising. A further announcement will
be made in due course.
David Smith, Chairman of Vitesse, commented:
"On behalf of the Board, I am pleased to welcome Simon to the
Company and look forward to working with him in shaping the future
direction of business. I wish to place on record the Board's
appreciation of Niki's role as Chief Executive over the past 5
years and look forward to her continuing contribution leading our
growing events business."
Appendix: disclosures required pursuant to Rule 17 and Schedule
2(g) of the AIM Rules for Companies
Simon Leslie Stilwell (aged 48), is currently and has in the
past 5 years been a director of the following companies:
Current directorships Former directorships
------------------------------- ---------------------------------
Bedham Holdings Limited ALTLending (UK) Limited
Little Forest Folk Too Limited LAF Advisory Limited
Vintage Tack Room Limited LAX1 Limited
LAX2 Limited
LAX3 Limited
Liberum Alternative Finance
Limited
Liberum ALTFI Limited
Liberum Capital Limited
Liberum Capital Nominees Limited
Liberum Foundation
Liberum Limited
Little Forest Folk Limited
Optic Systems Limited
Save as set out in this announcement, there are no further
details to be disclosed under Rule 17 or Schedule 2(g) of the AIM
Rules for Companies in respect of Mr Stilwell.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further enquiries please contact:
Vitesse Media plc
David Smith, Non-Executive
Chairman +44 (0)20 7250 7010
Niki Baker, Executive Director
Simon Stilwell, Chief Executive 07900 825657
Stockdale Securities Limited
Tom Griffiths
David Coaten +44 (0)20 7601 6100
About Vitesse Media plc
Vitesse Media plc is a leading B2B media business specialising
in events, digital activities, data and research for the
technology, SME business and high-net-worth investment industries.
Its flagship titles include SmallBusiness.co.uk, Growth Company
Investor, Information Age, GrowthBusiness.co.uk and What
Investment. Vitesse Media is also responsible for a growing
portfolio of high-profile events, including The Quoted Company
Awards and 'Women in ...' Awards. Vitesse Media is focused on
developing innovative products and services while evaluating
further business opportunities in the fragmented B2B and B2C media
and Equity space. Vitesse Media is quoted on AIM.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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