TIDMEBQ
RNS Number : 4178K
Ebiquity PLC
22 April 2020
Ebiquity plc
("Ebiquity" or "the Company")
Directorate Change and update on Covid-19 impact
Appointment of new CEO
Ebiquity, a leading independent global media and marketing
consultancy, is pleased to announce the appointment of Nick Waters
as its Group Chief Executive Officer. Nick will join the Company on
1(st) July 2020 and be appointed as an executive Director of the
Board. Alan Newman, currently Interim Chief Executive Officer, will
resume his role as Chief Financial and Operating Officer with
effect from 1(st) July 2020.
Nick brings more than 20 years' experience in senior executive
roles at leading international media, digital and advertising
businesses. He joins Ebiquity from Dentsu Aegis Network (formerly
Aegis Group plc), a multinational media and digital marketing
group, where he worked for 10 years. He was most recently Executive
Chairman, UK & Ireland, having previously been CEO of Asia
Pacific for nine years.
Prior to Dentsu Aegis Network, Nick held a number of senior
roles at global media agency Mindshare over more than 10 years,
which he joined from international advertising and marketing
agency, Ogilvy & Mather. At Mindshare he progressed to become
CEO of EMEA having been CEO of Asia Pacific and previously CEO of
Southeast Asia.
Update on Covid-19 impact
The Company continues to closely monitor the COVID-19 pandemic
and its impact on our staff, clients and operations. Our primary
focus is ensuring the safety and well-being of our employees and as
previously reported, we have successfully implemented a remote
working policy for all of our offices globally, although our staff
in China have now returned to their offices. The COVID-19
disruption is affecting our clients' businesses and their service
requirements, although the extent and timing of its impact over the
coming months remains uncertain. As previously reported, no
guidance is currently being provided on the outlook for 2020.
The Company is undertaking prudent cost reduction measures in
order to protect the business and preserve cash in the current
environment. This includes a 20% salary reduction taken by the
senior management team and Board, a deferral of the annual pay
review and temporary freeze on recruitment. The Group is also
utilising, to the extent necessary, the different government
schemes put in place to support businesses in many of the countries
in which it operates. To date, these include the selected
furloughing of staff in the UK and France, and receipt of funds
from the US Payroll Protection Program.
As at 31 March, the Group had net debt of GBP6 million
comprising cash balances of GBP13 million and borrowings of GBP19
million. The Group has total committed banking facilities of GBP24
million, of which GBP5 million remains undrawn, maturing in
September 2023.
Although the Group is in a healthy financial position, the Board
also considers it prudent as part of the cash conservation measures
to defer the payment of dividends until economic and business
conditions are more certain.
Following the postponement of the 2019 results announcement
originally scheduled for 26 March in compliance with FCA guidance,
the Board now expects to issue the 2019 results early in May.
Details will be confirmed in due course.
Commenting on the appointment of Nick Waters, Rob Woodward,
Group Chairman said:
" Nick has an outstanding track record of leading global media
and marketing businesses which will greatly benefit Ebiquity. He is
an excellent addition to our executive team and brings a wealth of
knowledge and experience in the media sector. The appointment of
such a high calibre executive is a testament to the strength of the
business and the growth opportunity ahead.
I would like to thank Alan Newman for his strong leadership and
commitment to the business in the role of Interim CEO, particularly
through the current challenging environment and implementation of
prudent measures to manage the business. Nick and Alan have highly
complementary skills and experience, which will significantly
strengthen the executive team."
Nick Waters commented:
"Ebiquity has built a market leading position with a highly
attractive proposition for global brands and advertisers. I look
forward to joining the Company and driving the business forward
through the next phase of its growth journey."
Further information on Nick Waters
Nick Waters (full name Nicholas Paul Waters), aged 52 currently
holds the following directorships:
Patterson Partners Adcafe Pty Beijing Wonderad Advertising
Limited (Australia) Co., Ltd (China)
Zhihuitong Advertising (Tianjin) Beijing Xin Lan Shi Ji Advertising
Co., Ltd (China) Co., Ltd (China)
-----------------------------------
Paragon Digital Services, LLC
(USA)
-----------------------------------
Nick has been a Director of the following companies within the
last five years:
Dentsu Aegis Network Ltd (England) Paragon Digital Services Limited
(England)
Aegis Media Pacific Ltd (England) Gleam Digital Limited (England)
-----------------------------------------
John Brown Digital Limited (England) John Brown Publishing Group
Limited (England)
-----------------------------------------
Gleam Futures Limited (England) John Brown Magazines Limited
(England)
-----------------------------------------
John Brown Catalogues Limited Gleam Futures International
(England) Holdings Limited (England)
-----------------------------------------
Gleam Group Limited (England) John Brown Acquisitions Limited(England)
-----------------------------------------
Dentsu Aegis Network Australia Haystac Pty Ltd (Australia)
Holdings Pty Ltd (Australia)
-----------------------------------------
Sputnik Agency Pty Limited (Australia) Cox Inall Communications Pty
Limited (Australia)
-----------------------------------------
SMG Studio Pty Ltd (Australia) Belgiovane Williams MacKay Pty
Ltd (Australia)
-----------------------------------------
Soap Creative Pty Ltd (Australia) Aegis Media Pacific Ltd (Australia)
-----------------------------------------
Popularity Pty Ltd (Australia) Catch Stone Advertising (Beijing)
Co., Ltd (China)
-----------------------------------------
Shanghai An Ke Ji Tong Advertising Vizeum Hong Kong Limited (Hong
Co., Ltd. (China) Kong)
-----------------------------------------
Gain Concept Advertising Agency Posterscope Advertising Limited
Limited (Hong Kong) (Hong Kong)
-----------------------------------------
Carat Media Services Hong Kong Dentsu Aegis Network Hong Kong
Limited (Hong Kong) Limited (Hong Kong)
-----------------------------------------
Aegis Media Hong Kong Limited Milestone Brandcom Private Limited
(Hong Kong) (India)
-----------------------------------------
Paragon Digital Services Private Dentsu Aegis Network NZ Limited
Limited (India) (New Zealand)
-----------------------------------------
Aegis Media New Zealand Limited Aegis Media Philipines Holding
(New Zealand) Inc. (Philippines)
-----------------------------------------
Aegis Media Group Philippines Dentsu Asia Pte. Ltd.(Singapore)
Inc.(Philippines)
-----------------------------------------
Dentsu Aegis Network Asia Pacific The Upper Storey Pte Ltd (Singapore)
Pte Ltd (Singapore)
-----------------------------------------
Aegis Media Asia Pacific Digital Aegis Media Asia Pacific Management
Pte Ltd (Singapore) Pte Ltd (Singapore)
-----------------------------------------
IProspect Singapore Pte. Ltd. Amnet South East Asia Pte Ltd
(Singapore) (Singapore)
-----------------------------------------
Posterscope Advertising Limited Dentsu Aegis network (Private)
(Singapore) Limited (Sri Lanka)
-----------------------------------------
R N Media (Private) Limited Dentsu Grant (Private) Limited
(Sri Lanka) (Sri Lanka)
-----------------------------------------
Aegis Media (Vietnam) Co.,Ltd
(Vietnam)
-----------------------------------------
Nick Waters is a director of Zhihuitong Advertising (Tianjin)
Co., Ltd (China), Beijing Xin Lan Shi Ji Advertising Co., Ltd
(China) and Beijing Wonderad Advertising Co., Ltd (China) and these
businesses were placed into administration. These directorships
were held pursuant to Mr Waters' role at Dentsu Aegis and he is
seeking his removal from the board of directors of these companies
which is subject to local administrative processes.
There is no further information required to be disclosed
pursuant to Schedule Two, paragraph (g) of the AIM rules.
22 April 2020
Enquiries:
Ebiquity plc Via Instinctif Partners
Alan Newman (Interim CEO)
Mark Sanford (Company Secretary)
Instinctif Partners
Matthew Smallwood
Guy Scarborough 07917 178 920
Numis Securities Limited
Nick Westlake (NOMAD)
Hugo Rubinstein 020 7260 1000
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END
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