Nakama Group Plc Board change, appointment of part-time FD & update (2610P)
May 25 2018 - 2:00AM
UK Regulatory
TIDMNAK
RNS Number : 2610P
Nakama Group Plc
25 May 2018
The information contained within this announcement is deemed by
the Company to constitute inside information stipulated under the
Market Abuse Regulation (EU) No. 596/2014. Upon the publication of
this announcement via the Regulatory Information Service, this
inside information is now considered to be in the public
domain.
25 May 2018
Nakama Group plc
("Nakama" or the "Group")
Board change, appointment of part-time Finance Director and
corporate update
Board change
Nakama Group plc (AIM: NAK) announces John Higham, Non-Executive
Director and Deputy Chairman has informed the Board that he intends
to retire and proposes to step down from the Board with immediate
effect. John was chairman of the Audit Committee and a member of
the Remuneration Committee. The Company intends to appoint a new
non-executive director and further announcements will be made in
due course.
John founded Highams in 1983 and was Chief Executive of the
Group until April 2000 when he took up his role as Non-Executive
Director. The Board would like to thank John for his service to the
company.
Appointment of part-time Finance Director and secondment
agreement
Following the detailed review of the Group's finance function,
which the Board undertook with the assistance of the Company's
largest shareholder, Sheffield Haworth Limited ("Sheffield
Haworth"), the Company has agreed to appoint Patrick Meehan, ACCA,
as interim finance director on a part-time basis. The appointment
is a non-Board position. Patrick Meehan is the Finance Director of
Sheffield Haworth and his services will be supplied to Nakama by
Sheffield Haworth pursuant to a secondment agreement.
In accordance with the terms of the secondment agreement,
Patrick Meehan's secondment will commence on 4 June 2018, at a rate
of GBP750 per day and will be terminable by either party on four
weeks' prior written notice or in accordance with certain other
standard conditions.
Corporate update and business referral agreement
Further to the announcement on 9 April 2018, the Company can
confirm that all payment plan obligations to the Australian Tax
Office are being paid as they fall due. The Board continues to
closely monitor the Group's working capital obligations.
Nakama continues to benefit from its relationship with Sheffield
Haworth, which has resulted in Nakama gaining access to
opportunities previously unavailable to it. Nakama has entered into
a business referral agreement with Sheffield Haworth which governs
how revenues should be shared between the parties in the event of
cross-referrals. The business referral agreement sets out that
between 15 per cent. and 30 per cent. of the permanent fees
generated from any such introduction, will be allocated to the
introducing consultant's revenues. So far, the association with
Sheffield Haworth has brought: new client wins in both Singapore
and Hong Kong; and new preferred supplier agreements being signed
in the UK.
As at 31 March 2018, under the terms of the business referral
agreement Nakama has paid approximately GBP5,000 to Sheffield
Haworth and Sheffield Haworth has paid approximately GBP100,000 to
Nakama.
It is anticipated that further payments will be made and
received under the terms set out in the business referral
agreement, the receipt of which would constitute a transaction with
a related party.
Related Party Transactions
As Sheffield Haworth is a substantial shareholder in the Company
(as defined in the AIM Rules for Companies ("AIM Rules")), the
entry into the secondment agreement and the receipt of further
revenues under the business referral agreement (the "Arrangements")
constitute transactions with a related party under the AIM Rules.
The Directors of the Company (save for Tim Sheffield, who is a
controlling shareholder of Sheffield Haworth), having consulted
with the Company's nominated adviser, Allenby Capital Limited,
consider the Arrangements to be fair and reasonable insofar as the
Company's shareholders are concerned.
Tim Sheffield, Chairman of the Company, commented
"On behalf of the Board I would like to thank John for the
significant contribution that he has made to the Group over the
last 35 years. We have enjoyed working with John and we wish him
well for the future.
"We welcome Patrick to the business, whom I know to be a strong
and capable finance director from his role at Sheffield Haworth.
Patrick brings valuable knowledge and experience and will be able
to assist the Board in strengthening the finance function and
ultimately delivering on our strategy."
Enquiries:
Nakama Group plc www.nakamaglobal.com
Andrea Williams, CEO 00 971 5060 43366
Tim Sheffield, Chairman 00 44 20 7236 2400
Allenby Capital Limited www.allenbycapital.com
Virginia Bull / Nick Naylor 00 44 20 3328 5656
(Nominated Adviser)
Peckwater PR www.peckwaterpr.co.uk
Tarquin Edwards 00 44 7879 458 364
Notes to Editors
Nakama Group plc is a recruitment group of two branded solutions
placing people into specialist and management positions;
-- Nakama operates in the digital, creative, media, marketing
and technology sectors all over the world from offices in the UK,
Asia and Australia.
-- The Highams brand specialises in the Financial Services
sector, specifically Business Change and IT in Insurance and Wealth
Management currently in the UK and Europe.
Nakama Group plc was created in October 2011 through the
acquisition of Nakama Ltd UK and its subsidiaries in Hong Kong,
Singapore, Sydney and Melbourne by AIM listed Highams Systems
Services Group plc.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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