Aeorema Communications Plc Trading update, Board changes and proposed placing (6361Q)
13 September 2017 - 8:00PM
UK Regulatory
TIDMAEO
RNS Number : 6361Q
Aeorema Communications Plc
13 September 2017
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) no 596/2014.
Aeorema Communications plc / Index: AIM / Epic: AEO / Sector:
Media
13 September 2017
Aeorema Communications plc ('Aeorema' or the 'Company')
Trading update, Board changes and proposed orderly placing of
existing shares
Aeorema Communications plc, the AIM-traded live events agency,
is pleased to announce a trading update and a number of Board
changes.
Trading update
Further to the announcement of 23 May 2017, the Company is
pleased to announce that following a strong end to the fourth
quarter, profit before tax for the year ended 30 June 2017 will
exceed GBP200,000. The Company is also pleased to confirm a strong
cash position of in excess GBP1.2 million as at 30 June 2017. In
light of these results, Aeorema can advise that it is the intention
of the Board to pay a final dividend to shareholders for the year
to 30 June 2017, confirmation of which and its level are subject to
the Company's final audited results for the year. Further updates
relating to this will be announced in due course.
Board changes and proposed orderly placing of existing
shares
Steve Quah, current board member and Director of Events, and
Andrew Harvey, current Operational Director (non-Board), have both
been promoted to the Board role of Joint Managing Director with
immediate effect. With extensive expertise in theatrical and
digital brand experiences, Mr. Quah has been the driving force
behind the Company's strong creative service ethos for the past
seven years and has successfully built the events side of the
business from GBP551,000 turnover in financial year 2009/10 to
GBP3,950,000 in financial year 2015/16. Mr. Harvey has been with
Aeorema for almost 18 years and has been intrinsic in continually
strengthening the Company's operational performance and quality of
staff. Together, they look forward to advancing Aeorema into a new
phase of growth and innovation, building the Company's established
blue-chip client base through creative and diverse live events
whilst also pursuing additional, complementary growth
opportunities.
In line with these appointments, Deputy Chairman Peter Litten
and Chief Executive Officer Gary Fitzpatrick intend to step down
from the Board, as detailed further below. Having worked with the
Company for over 21 years, Mr Litten and Mr Fitzpatrick have
successfully established Aeorema as the award-winning, London based
live events agency it is today.
Mr Litten and Mr Fitzpatrick have engaged Allenby Capital
Limited to manage an orderly sale of their entire shareholdings in
the Company of 1,681,250 and 1,745,250 shares respectively,
representing 37.9 per cent. of the issued share capital of the
Company (the "Placing"). Mr Litten and Mr Fitzpatrick intend to
step down from their Board positions following completion of the
Placing but will remain strong supporters of the Company. A further
announcement will be made as appropriate.
Chairman Mike Hale said:
"We have long recognised the prospective growth opportunities in
the events sector. Having successfully established a cash
generative, profitable, dividend-paying business with an
illustrious blue-chip client base, our challenge is now in ensuring
we continue to drive growth and innovation. Accordingly, we are
delighted that Steve and Andrew will together be taking the helm as
Joint Managing Directors. Having already proven their sound
business acumen and successfully pioneered a number of growth
initiatives to drive development and ultimately build profitability
across our Company, we are excited for the growth opportunities
ahead. With all the foundations in place for growth, I look forward
to working with our new Joint Managing Directors to expand our
industry leading live events operations whilst also identifying
prospective value accretive growth opportunities.
"Of course, intrinsic to building an industry-leading,
profitable business is our commitment to maximising value for
shareholders. In this regard, I am pleased to be able to report
that we will be paying a final dividend for the year ended 30 June
2017, subject to final audit. We look forward to providing
shareholders with further detail on this once finalised."
AIM rules disclosures
Mr. Andrew Kellet Harvey, aged 41, does not currently hold and
has not held in the last five years any directorships or
partnerships.
Mr. Harvey has a beneficial interest in 80,000 ordinary shares
in the Company, representing 0.9 per cent. of the issued share
capital of the Company.
There is no further information on Mr. Harvey required to be
disclosed under Schedule Two, paragraph (g) (i)-(viii) of the AIM
Rules for Companies.
**ENDS**
For further information visit www.aeorema.com or contact:
Mike Hale Aeorema Communications Tel: +44 (0) 20
plc 7291 0444
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Marc Milmo / Catherine Cantor Fitzgerald Tel: +44 (0) 20
Leftley Europe 7894 7000
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Isabel de Salis St Brides Partners Tel: +44 (0) 20
/ Charlotte Page Ltd 7236 1177
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This information is provided by RNS
The company news service from the London Stock Exchange
END
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