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Formation Group PLC (FRM)

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Monday 25 January, 2010

Formation Group PLC

Directorate Change

RNS Number : 0324G
Formation Group PLC
25 January 2010

Formation Group PLC

Director Changes and Preliminary Results Announcement

Formation Group PLC (the "Group") has today announced the resignation of John Lawrence, Non-Executive Chairman. For personal reasons, John, who has been with the Group for 10 years, has decided not to seek re-election at the forthcoming Group AGM.

John, who under the terms of his service contract has given 12 months notice of his decision to retire, will remain with the Group whilst the board undertakes a search for his replacement. The board would like to thank John for his immense contribution to the Group over a number of years, in particular his efforts during the Management Buy-Out of certain Group subsidiaries in August last year. 

Commenting John said; "I have decided to scale back my workload and as the Group enters its next phase of evolution following the decision to focus on its property management business, I felt it an appropriate time. I will continue with the Group until we establish a replacement Chairman and would like to thank the Group for a very enjoyable 10  years".

Noel O'Carroll; Interim Chief Executive Office said; "We are saddened by John's decision but understand his reasons and on behalf of the board and staff of the Group, we would like to thank John for his contribution over the years. We wish him well in his retirement."

In addition, the Group also announces the appointment of Mr Desmond Khan (FCCA) as the Group's full time Finance Director and Company Secretary. Desmond, 47 will join the board with immediate effect and is the current finance director of Formation Design & Build Limited, the Group's main trading subsidiary. 

This announcement sets out the disclosures required pursuant to Schedule 2, paragraph (g) of the AIM Rules for Companies in respect of that appointment. Desmond is currently a director of the following companies; Columbia Estates Limited, Columbia Estates Managing Agents Ltd, Columbia Rentals Ltd, Columbia House Properties (No.6) Ltd, Mintcove Ltd, Columbia Rentals Property Management Limited, Goldbow Limited, Colbow Limited, Columbia Architectural Design Limited, Formation Architectural Design Limited, Formation Design & Build Limited, Great Banner Limited, Clancy Quay Properties Limited.

Desmond does not hold any shares in the Group. 

There is no other information which needs to be discussed pursuant to Schedule 2, paragraph (g) of the AIM Rules for Companies. 

Desmond will also become a director of Formation Asset Management Limited ("FAM"), Formation Wealth Solutions Limited ("FWS") and company secretary for FAM and FWS with immediate effect.  

Finally, the Group's Preliminary Results for the twelve months ending 31 August 2009 will be announced on 1st February. The AGM will take place on 26th February.



Formation Group PLC                         -  Mike Wallwork; 020 7920 7590

NOMAD to Formation Group PLC; Zeus Capital Limited           Ross Andrews;   0161 831 1512

This information is provided by RNS
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