ADW Addworth

    RNS Number : 0610C
  Addworth PLC
  26 August 2008
   

    26th August 2008

    Addworth plc
    ("Addworth" or the "Company")

    Board Changes


    Subsequent to the Trading Statement announcement of Friday 15th August 2008, and pending a reduction of its operating costs and a
reorganisation of its business activities, Addworth Plc wishes to announce a number of Board changes.

    Last week, Frans Timmermans and Melissa Gilmour, both of whom held executive director positions, and Robert Painting and Anthony Scutt,
both of whom held non-executive positions, resigned from the Company's Board.

    Directors Mark Watson-Mitchell and Albert Collins retain their Board positions.

    The position of Finance Director will be filled as soon as a suitable candidate has been identified.

    Chairman Mark Watson-Mitchell stated today that,

    "I am sorry to have to lose four such helpful individuals as Melissa, Frans, Rob and Anthony from the Board. Their advice and support
has been invaluable and I really do wish them well as they pursue their various other activities. 

    Addworth has, like so many other companies in this recent economic climate, found it difficult to raise investment monies for its client
companies. It now has to cut back its own costs and improve its business model - this process is just beginning."

    -End-
    For further enquiries:
 Addworth Plc
 Mark Watson-Mitchell     Tel: 020 7638 8750
 www.addworth.co.uk

 Nabarro Wells & Co. Ltd
 Hugh Oram                Tel: 020 7634 4860

    Notes to Editors
    Addworth plc, which gained admission to AIM on 3 February 2005, was formed primarily to act as an 'active capital investor'.  The focus
has been upon the growth of capital value and the generation of fee income from: establishing and funding newly quoted sector focused
companies; acquiring and developing companies with growth potential; and taking minority equity positions in undervalued smaller listed
companies.

This information is provided by RNS
The company news service from the London Stock Exchange
 
  END 
 
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