TIDMCIRC
RNS Number : 6997S
Circle Holdings PLC
04 December 2012
FOR IMMEDIATE RELEASE 4 dECEMBER 2012
Circle Holdings plc
(the "Company" or "Circle")
Board Changes
CEO Ali Parsa Relinquishes Executive Role
Board Appoints Steve Melton as Interim CEO
Circle Holdings plc (LSE: CIRC), the vehicle which enables
financial institutions to invest in Circle Health, the healthcare
enterprise co-owned by the largest partnership of doctors, nurses
and healthcare professionals in the UK, announces that Ali Parsa
has today stepped down as Chief Executive and that Steve Melton
has, on an interim basis, assumed the position of Chief Executive.
Ali Parsa will remain on the Board of Circle as Founder and a
Non-Executive Director.
"Ali has been instrumental in forming the entrepreneurial vision
and early development of the Company," said Michael Kirkwood,
Chairman of Circle Holdings. "Ali has been a pioneer developing a
business model which empowers doctors, nurses and healthcare
professionals to redefine UK healthcare delivery for the benefit of
their patients. Following on from the successful establishment of
its business model which delivers patient value in both private and
NHS healthcare settings, Ali and the Board have agreed that now is
the appropriate time for him to assume a Non-Executive role. As
many will know, Ali has a number of external interests and now will
be able to spend more time fulfilling his passion for social
entrepreneurship."
Steve is currently Circle's Head of Mobilisation, having joined
Circle in February 2008. He has been responsible for a multitude of
significant achievements made by the Company which includes leading
the successful opening of the Bath and Reading hospitals in March
2010 and August 2012 respectively, and the initiation of the
Nottingham Treatment Centre contract where Circle has demonstrated
a successful track record for delivery. He also led the final
phases of bidding, negotiation, and mobilisation of the
Hinchingbrooke contract.
The Board of Circle will now begin a recruitment process to
select a high calibre successor with candidates from both inside
and outside the Company. The Company does not expect to make any
additional structural changes or executive leadership changes in
the near future.
Commenting on the Board changes, Ali Parsa said: "I am immensely
proud of what has been achieved by Circle since it was founded. I
wish to step down from my executive leadership role so that I have
the time I need for other projects that now require some of my
focus. I look forward to assisting Steve and Circle in the
implementation of its business plans as a Non-Executive Director.
Circle has a very talented executive team supported by a dedicated
and focused workforce. The Company is exceptionally well positioned
strategically and I expect it to be very successful in the
future."
Commenting further on the Board changes, Michael Kirkwood,
Chairman of Circle Holdings, said: "The Board would like to thank
Ali for the considerable momentum and value he has contributed to
Circle over the past 8 years in establishing the Company as a new
and successful leader in the industry. It is testament to his
vision and ambition that Circle has grown into such a vibrant
company and with the rest of the Board, I look forward to
continuing to work with Ali as he assumes a new Non-Executive role.
As an interim measure, Steve Melton will assume the role of Chief
Executive. At Circle, Steve has demonstrated considerable success
at both an operational and leadership level across all areas of the
business. I am therefore very confident that under his stewardship,
and with our strong overall team, the Company is well placed to
continue with its focus on excellent patient care and
entrepreneurial vision to deliver on the next phase in its
development and thereby deliver to the expectations of all our
shareholders."
Information required to be disclosed under AIM Rules:
Details of Steve Melton's current and previous directorships in
the past five years are set out below.
Current directorships:
NATIONS HEALTHCARE WEST LONDON 2006 LIMITED
NATIONS HEALTHCARE LIMITED
NATIONS HEALTHCARE (NOTTINGHAM) LIMITED
NATIONS HEALTHCARE (BURTON) LIMITED
CIRCLE HEALTH LIMITED
CIRCLE HOSPITAL (BATH) LTD
CIRCLE HINCHINGBROOKE LIMITED
CIRCLE HOSPITAL (READING) LIMITED
CIRCLE INTERNATIONAL PLC
CIRCLE BIRMINGHAM LIMITED
CIRCLE PARTNERSHIP (UK) LIMITED
Previous directorships:
NATIONS HEALTHCARE (NORTH BRADFORD) LIMITED
SCOTTISH COURAGE BREWING LIMITED
Mr Melton, aged 50, holds no Ordinary Shares and no share
options in Circle Holdings plc. Mr Melton has an interest of
approximately 1.5 per cent. in the Circle Partnership Limited.
There is no further information in connection with the
appointment of Mr Melton to the Board of Directors which is
required to be disclosed in accordance with Rule 17 and Schedule
2(g) of the AIM Rules for Companies.
For further information, please contact:
Circle Holdings plc +44 (0)20 7034 5258
Michael Kirkwood, Chairman
Christina Robinson, Communications Manager
Numis Securities +44 (0)20 7260 1000
Michael Meade, Nominated Adviser
Alex Ham, Corporate Broking
M:Communications +44 (0)20 7920 2333
Mary-Jane Elliott
Sarah Macleod
Claire Dickinson
About Circle
The Company's principal asset is its holding in Circle Health
Limited ("Circle Health"), an employee co-owned healthcare
provider. Circle Health is 50.1 per cent. owned by the Company and
49.9 per cent. owned by the Circle Partnership Limited which is 100
per cent. beneficially owned by the group's clinicians and
employees.
Circle's objective is to redefine secondary healthcare delivery
in the UK. It benefits from a unique operating model which has been
successfully applied and proven, whereby clinicians are empowered
to achieve high levels of patient care and efficiency, though
co-ownership and active participation in managing operations.
The Company is a Jersey incorporated company and the rights of
shareholders may be different from the rights of shareholders in a
UK incorporated company.
For more information please visit www.circleholdingsplc.com and
www.circlepartnership.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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