Directorate Change
June 04 2009 - 8:00AM
UK Regulatory
TIDMASG
RNS Number : 3828T
Avanti Screenmedia Group PLC
04 June 2009
4 June 2009
Avanti Screenmedia Group plc
("Avanti" or the "Company") (AIM: ASG.L)
Directorate Change
Avanti, the leading digital screen media specialist, today announced that
following board changes that will take place with effect from 4 June, 2009.
Christian Vaglio-Giors will join the Board as Non Executive Chairman. Christian
is currently CEO and Chairman of Neo Media Group SA ("Neo Media"). He joined Neo
Media in January 2009, having previously worked as investment banker and then as
CEO of Neo Advertising, a subsidiary of Neo Media, and the Swiss leading digital
screen specialist. Christian has wide experience of the European digital media
industry in general, and the Digital Out-of-Home market in particular. Neo
Media acquired a 29.9% shareholding in Avanti in August 2008 and has continued
to support the Company with a further GBP1.8m of Convertible Loans.
The current Non Executive Chairman Mick Desmond and his fellow Non Executive
Director Richard Vos will both resign from the Board.
After spending two years achieving the turn around in Avanti's fortunes Simon
Rees will resign as Chief Executive in order to concentrate on his other
business interests, although he has agreed to remain as a consultant to Avanti.
At the same time the Company is pleased to announce the appointment of Jamie
Ball to the position of Managing Director. Jamie joined the Company in May 2004
from Granada Media Sales Ltd and has been a key member of the Avanti management
team. Gary Truman, Finance Director, moves up to Group CFO.
The first priority of the new Board is to oversee a refinancing of the Company
in order to provide Avanti with a stable financial base and to enable the
Company to take full advantage of the various opportunities which continue to
present themselves. To this end Avanti is undertaking a further fundraising of
approximately GBP2.5m, whilst at the same time aiming to reach agreement with
the holders of the Convertible loan notes to restructure the Company's debt.
While the Board is confident that it will attract sufficient support to complete
the refinancing as anticipated, the Board also emphasises that in the current
uncertain economic climate it cannot be certain that it will achieve the
refinancing that it requires.
Avanti has made significant progress over the last twelve months, winning
several new contracts with many of the UK's leading shopping malls, which now
include Trafford Centre, Manchester, Bluewater and Queens Shopping Arcade,
Cardiff. The Company also continues the roll-out of a digital screen network in
the Leisure Sector with Mitchells & Butlers and its successful relationship with
Setanta.
The current management team has overseen a complete restructuring of the
business that leaves the Company with a sustainable business model, a dominant
market position and, despite the current economic climate, Avanti is achieving
an increasing level of profitable sales. The Company has today announced that
it has secured two further new shopping mall contracts and an extension of the
agreement with Spar Convenience Stores on improved commercial terms.
Commenting on the changes, Christian Vaglio-Giors said: "I'm delighted that
Jamie has agreed to become Managing Director. He has emerged as an integral
member of the Avanti management team and we have worked closely with him over
the last few months.
I would like to thank Simon for his energy, commitment and leadership in a
transformational period of Avanti's history, during which we have seen the
Company's fortunes dramatically improved and Avanti establishing itself as the
UK's leading provider of Digital Out Of Home media services. I am delighted
that he has agreed to remain as a consultant to Avanti.
Our appreciation also goes to Mick and Richard for their valuable contributions
to the Company. We thank them for their support and guidance, and we wish them
well for the future.
Neo Media is one of Europe's leading independent media companies with particular
expertise in the digital media and advertising sector. Avanti is one of the
leading companies in the Neo Media group and we look forward to developing this
relationship."
AIM Rules Disclosures
Christian Nicolas Vaglio-Giors, age 35
Current Directorships: Neo Media Group SA
Previous Directorships: None
Jamieson Howard Ball, age 37
Current Directorships: None
Previous Directorships: None
Save for the disclosures above, there is no other information that is required
to be disclosed under Schedule 2 paragraph (g) of the AIM Rules in relation to
the appointment of Christian Vaglio-Giors and Jamie Ball as Directors of the
Company.
Enquiries:
+---------------------------------------------------------+---------------------------+
| Avanti Screenmedia Group plc | 020 7902 2345 |
| Jamie Ball, Managing Director | |
| Gary Truman, CFO | |
| | |
+---------------------------------------------------------+---------------------------+
| Charles Stanley Securities | 020 7149 6000 |
| Nominated Adviser | |
| Russell Cook/Freddy Crossley | |
| | |
+---------------------------------------------------------+---------------------------+
| Bishopsgate Communications Limited | 020 7562 3355 |
| Robyn Samuelson/Siobhra Murphy | |
+---------------------------------------------------------+---------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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