TIDMZYT
RNS Number : 8047H
Zytronic PLC
01 August 2023
Zytronic plc
("Zytronic" or the "Company")
Board Changes
Zytronic, the North-East of England based leading innovator and
specialist manufacturer of touch overlay sensors for interactive
displays used in self-service, gaming, and industrial applications,
announces the following Board changes.
Following an extensive search for a new independent
Non-executive Chair, the Company has today welcomed Dr. Christopher
('Chris') Potts to the Board with immediate effect. At the same
time, Mark Butcher is relinquishing his temporary role as interim
Non-executive Chair, but continuing to serve as an independent
Non-executive Director.
Chris brings over 20 years of senior executive and chair
experience of international technology businesses. He is presently
Chair of Guralp Systems Ltd, a world leading company in the design,
manufacture, and installation of seismic event monitoring
instrumentation, whose global reach and focus is similar to
Zytronic. Chris's experience includes managing privately owned
firms, private equity backed businesses and divisions of listed
public companies, and he has led several large international
corporate transactions.
Mark Cambridge CEO of Zytronic, commented:
"I would like to thank Mark, on behalf of the Board, for
stepping into the interim Non-executive Chair role, at the
conclusion of the AGM on 9 February 2023 and for his stewardship
since, as we conclude the initial stage in reconfiguring the Board.
Similarly, I would like to welcome Chris, and look forward to
closely working with him, in shaping and delivering the strategy of
the business, for the benefit of all stakeholders. "
Additional disclosures, as required under the AIM Rules for
Companies (the "AIM Rules") relating to the appointment of Dr.
Chris Potts, are made at the foot of this announcement.
Enquiries:
Zytronic plc
Mark Cambridge, Chief Executive
Claire Smith, Group Finance Director 0191 414 5511
Singer Capital Markets
(Nominated Adviser and Broker)
Aubrey Powell, Alex Bond (Investment Banking) 020 7496 3000
About Zytronic
Zytronic is a world-renowned developer and manufacturer of a
unique range of internationally award winning, optically
transparent, interactive touch sensor overlay products for use with
electronic displays in industrial, self-service and public access
equipment.
Zytronic's products employ a sensing solution that is readily
configurable and embedded in a laminate core that offers
significant durability, environmental stability and optical
enhancement benefits to meet systems-specific design requirements.
Zytronic has continually developed process and technological
know-how and IP since the late 1990s around two sensing
methodologies: the first being single touch self-capacitive, which
Zytronic markets as PCT(TM) ("Projected Capacitive Technology"),
and the second being multi-touch, multi-user mutual capacitive
which Zytronic markets as MPCT(TM) ("Mutual Projected Capacitive
Technology"), in which Zytronic holds 12 internationally granted
patents.
Zytronic operates from a single site near Newcastle-upon-Tyne in
the United Kingdom, providing its manufactured products globally
through a number of sales channel partners. Zytronic is relatively
unique in the touch eco-system as it offers a complete one-stop
solution including the processing internally of the form and factor
of the glass and film substrates, the assembly of the associated
touch overlay products in environmentally controlled cleanrooms to
customers' specific requirements, and the development of the
bespoke firmware, software and electronic hardware which links the
manufactured touch interactive overlays to a customer's integrated
system.
Additional disclosures
Under Schedule Two paragraph (g) of the AIM Rules, the following
disclosures are required regarding the appointment of Dr.
Christopher Graeme Potts (aged 67):
Current Directorships Former Directorships
(previous five years)
Goodhind Bullard Limited The Møller Institute
Guralp Systems Limited ("GSL") Guralp Systems GmbH
(1)
Guralp Finance Limited
Guralp Holdings Limited
Guralp Systems, Inc
--------------------------
Dr. Potts currently holds no beneficial shareholding in the
Company.
Notes:
(1) The following disclosure in relation to GSL is considered
outside of the scope of Schedule Two, paragraph (g) of the AIM
Rules, Dr. Christopher Potts has not been subject to any criticism,
sanction or penalty in relation to this matter, but is being made
in the interests of transparency.
Dr. Christopher Potts became a director of GSL in on 1 December
2014. In September 2015, Dr. Potts formed suspicions of corrupt
payments having previously been made by GSL to an individual who
had held various positions with an overseas government-funded
research institute and promptly terminated all contractual and
other relationships between GSL and him. Dr Potts then instructed a
firm of solicitors to undertake an internal review.
That review, instigated by Dr. Potts and certain other Directors
of GSL, led to the company reporting its suspicions on 23 October
2015 to the SFO and to the United States Department of Justice
("DoJ").
On 22 October 2019, GSL finalised a Deferred Prosecution
Agreement ("DPA") with the Serious Fraud Office ("SFO") following a
criminal investigation, under the terms of which GSL is required to
disgorge c. GBP2.1m to the Court, over a period of up to 5 years
from the date of the DPA. The DoJ did not prosecute the Company but
indicted several former employees, at least one of whom received a
custodial sentence for money laundering offences.
In the court-approved judgement relating to the DPA, it was
noted that, "the current senior management team of GSL has done all
that it can to remedy the position and to co-operate with
prosecuting authorities in two jurisdictions." It was also noted
that, "those who had taken over the running of the company in 2015
identified the conduct, instructed outside solicitors to
investigate and self-reported to the SFO."
The conclusion to the DPA judgement, stated that "the company
which has entered the DPA is very different to that which engaged
in the conduct as set out in the statement of facts. Those running
the company are wholly different from those who were in charge at
the time of the relevant conduct. The corporate practices of the
company have changed completely. A rigorous compliance programme is
in place with appropriate provision for regular review
thereof."
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END
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