TMZ Toumaz

TIDMTMZ

RNS Number : 7250F

Toumaz Limited

29 July 2016

 
 For Immediate Release   29 July 2016 
 

Toumaz Limited

('Toumaz' or the 'Group')

Directorate Change

Toumaz (AIM: TMZ), a pioneer in digital radio and smart audio technologies, announces that Professor Christofer Toumazou FRS is stepping down from his role as Non-Executive Director with immediate effect. His decision follows the recent sale of the Group's Healthcare division, Sensium Healthcare.

In recognition of Professor Toumazou's long service to the Company, the Board's Remuneration Committee has granted him 12 months from the date of his resignation in which to exercise his outstanding options: 1,622,000 at an exercise price of 3.7p and 4,000,000 options at an exercise price of 0.25p. 1,683,835 fully vested options with an exercise price of 6.94p granted on 30 September 2005 and due to expire on 30 September 2016 have been extended by 10 months to expire on 31 July 2017. 5,000,000 options originally granted on 21 January 2010 at an exercise price of 6p remain unaltered and may be exercised at any time up to 21 January 2020.

Dr. Martin Knight, Chairman of Toumaz, commented:

"On behalf of the Board, I would like to thank Chris for his significant contribution to the Group over the last 15 years. Chris was the founder of Toumaz and provided the original inspiration for the business; he has at various times served as Chairman, Chief Executive Officer and Chief Technology Officer. With the recent sale of Sensium Healthcare, now is an appropriate time for Chris to step down from the Board. We wish him the very best in his future endeavours."

- Ends -

Enquiries:

 
 Toumaz Limited 
 Anthony Sethill, Chief Executive                Tel: +44 (0) 
  Officer                                        20 7391 0630 
 Jonathan Apps, Chief Financial                www.toumaz.com 
  Officer 
 
 Peel Hunt LLP (Nominated Adviser 
  and Broker) 
 Richard Kauffer / Euan Brown                    Tel: +44 (0) 
                                                 20 7418 8900 
 
 Buchanan 
 Sophie McNulty / Henry Harrison-Topham          Tel: +44 (0) 
  / Stephanie Watson                             20 7466 5000 
 Toumaz@buchanan.uk.com                   www.buchanan.uk.com 
 

About Toumaz

Toumaz Limited is a pioneer in digital radio and smart audio technologies, providing chips, modules and software for consumer audio devices. For further information, please visit www.toumaz.com.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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