VERI Veris

 

TIDMVERI 
 
RNS Number : 6718V 
Veris PLC 
14 July 2009 
 
 
 
Veris plc 
 
 
Update on Strategic Review 
 
 
Review of Head Office Costs and Senior Management Changes 
 
 
Veris plc ("Veris" or the "Group") today announces an update on its 
previously announced strategic review and review of head office costs. 
 
 
Update on Strategic Review 
As stated in the Group's announcement on 2 March 2009, following the receipt of 
a number of unsolicited approaches from unconnected 3rd parties investigating 
the possibility of purchasing its Facilities and Property Management business 
(the "FM/PM Division") and its Moving & Storage Division ("the M&S Division"), 
the Board engaged in a strategic review process. As previously announced, the 
disposal of the M&S Division completed on 17 April 2009. The review process in 
respect of the FM/PM Division is still ongoing and the Group will provide an 
update at the annual general meeting in late August 2009. 
 
 
 
 
Review of Head Office Costs and Senior Management Changes 
As announced on 5 March 2009, the strategic review also incorporated a full 
review of the cost structure of the Group and considered the necessity for 
certain head office costs in an environment where the Group is focusing solely 
on its FM/PM business which has a stand alone management team. That announced 
also noted that there is likely to be little if any acquisition activity in the 
foreseeable future. 
 
 
This review of head off costs has now concluded and Veris announces that: 
 
 
  *  Bernard Farrell will be resigning as Group CEO on 31 July 2009 in order to 
  pursue a number of private investment opportunities. He will remain as a 
  non-executive director until conclusion of the strategic review referred to 
  above 
 
  *  John O'Donoghue, Company Secretary and Group CFO will be resigning as Company 
  Secretary with immediate effect but will remain as Group CFO until 30 October 
  2009 after which he is leaving to pursue an opportunity in the venture capital 
  sector 
 
  *  Declan Cassidy has been appointed Company Secretary with immediate effect 
 
  *  Martin McMahon, CEO of the FM/PM Division will continue in that role 
 
  *  Niall McFadden, currently Non-Executive Chairman has assumed the role of 
  Executive Chairman 
 
  *  The group head office in Sandyford, Dublin will be closed in due course 
 
 
 
Speaking earlier today, Bernard Farrell said; 
"Veris is now in a position to focus solely on its core FM division which is an 
outstanding business. After a period of over 2 years as the Group CEO during 
which the business has grown successfully and we have managed to improve our 
balance sheet and cash flow management significantly, I believe now is an 
appropriate time for me to step down from day to day involvement with the Group 
and pursue a number of private investment opportunities. I would like to take 
this opportunity to thank the Board for their support during my tenure." 
 Mr Niall McFadden Executive Chairman commented: 
"Following on from the disposal of the Moving and Storage division, Veris now 
has a more focused business with well managed and defensive revenue streams. We 
remain committed to further strengthening our outsourced integrated services 
business model and we will continue to seek opportunities to grow revenues and 
deliver cost efficiencies within our Group operations. 
On behalf of the Board and management team, I would like to thank Bernard, for 
his outstanding contribution to Veris over the past two years. I would like to 
thank John for his excellent contribution to Veris and am appreciative that he 
will remain as Group CFO until 30 October 2009 which will allow sufficient time 
to effect a full and proper handover. I wish both Bernard and John every success 
in the future." 
 
 
For further information 
Contact 
+------------------------------+------------+---------------------------+ 
| Veris plc                    |            |                           | 
+------------------------------+------------+---------------------------+ 
| Bernard Farrell              | Tel:       | + 353 1 294 7080          | 
+------------------------------+------------+---------------------------+ 
| Q4 Public Relations          |            |                           | 
+------------------------------+------------+---------------------------+ 
| Nuala Buttner                | Tel:       | + 353 85 174 42 75        | 
+------------------------------+------------+---------------------------+ 
| Davy Corporate Finance       |            |                           | 
+------------------------------+------------+---------------------------+ 
| Des Carville, Director       | Tel:       | + 353 1 679 63 63         | 
+------------------------------+------------+---------------------------+ 
 
 
 
 
 
End 
 
 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCGUUBWMUPBPPC 
 

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