Board Changes

RNS Number : 2492K

Lo-Q PLC

17 August 2012

 



17 August 2012

Lo-Q plc

("Lo-Q" or the "Company")

Board Changes

Lo-Q plc (AIM: LOQ), the AIM listed provider of virtual queuing systems for theme parks, water parks and major attractions, today announces that John Lillywhite, currently Non-Executive Deputy Chairman of Lo-Q and a Non-Executive Director of the Company since September 2000, has decided to retire from the board.  The company also announces the appointment of Matt Cooper as a Non-Executive Director of the Company.  Both of these changes will take effect from 1 September 2012.

Mr Lillywhite joined the board at the time of Lo-Q's flotation and has been an integral part of the team that has overseen the successful growth of the company over the past 12 years.  His broad commercial experience has lent significant weight to both the Board and the Audit Committee over that period.

Mr Cooper is an experienced public company director and a proven investment professional, with significant experience of international finance, venture capital and equity capital markets.  He currently serves as Chairman of both Octopus Capital Limited and Octopus Investments Limited: a position he has held since 2002. Mr Cooper also serves as Executive Chairman of AIM listed Imaginatik plc, a position he has held since 2009 and also holds further directorships at both private and public companies including KMI Brands Ltd, 10Duke Software Limited, Ultimate Finance Group Limited, and is a director of consumer body, Which? Financial.

Mr Cooper started his career in the United States and held senior roles at Capital One Financial Corporation ("Capital One") before re-locating to the United Kingdom to manage the international expansion of Capital One in the UK and wider Europe. During his 11 years with the company, he played a pivotal and driving role in growing Capital One's UK business from zero to two million customers; increasing the level of outstanding balances to £1.5bn; driving annualised revenue to £275m; and ultimately managing a workforce of more than 2000 employees.

Announcing the changes John Weston, Non-Executive Chairman of Lo-Q said:

"I would like to thank John Lillywhite for his very significant contribution to our Company over the past 12 years.  There is no doubt that we are a stronger organisation today thanks to his efforts and we wish him all the best for the future. At the same time I am delighted to welcome Matt Cooper to our board. Matt's wealth of experience in technology and in geographical markets such as the US where we have a strong presence will be a key asset to us as we push ahead with our growth plans. I and my Board colleagues look forward to working with him in the months and years ahead."

Commenting on his appointment, Matt Cooper said:

"I am thrilled to join this unique and exciting company, particularly at such a promising stage in its development.  Lo-Q has made enormous progress in recent years, delivering fast growth in multiple markets thanks to intelligent and targeted sales of its core and extremely compelling technology.  I look forward to working with John, Tom and the team in helping to both continue and build upon this success."

In accordance with Schedule 2, paragraph (g) of the AIM Rules for Companies, the Company discloses the following in respect of Matt Cooper:

a)   Full name: Matthew Jonathan Cooper

b)   Age: 45

c)   Current directorships:

Octopus Capital Plc

Octopus Investments Ltd

Octopus Eclipse VCT Plc

Octopus Eclipse 2 VCT Plc

Octopus Eclipse 3&4 VCT Plc

Octopus Apollo 1&2 VCT Plc

Octopus Protected 1&2 VCT Plc

Octopus Titan 1&2 VCT Plc

10Duke Software Limited

MyDish Ltd

Imaginatik Plc

KMI Brand Ltd

Which? Financial Services Limited

Ultimate Finance Group

d)   Previous directorships held in the last five years:

Perfect Pizza Limited

Carbon Search Limited

Badenoch and Clark Limited

Global Collect

The Core Business Plc

Sadlers Wells Trust

Sadlers Wells Foundation

New Sadlers Wells Ltd

Activ8 Intelligence Limited

TDX Ltd

Axiant (USA)

Online Allstars Ltd

Nottingham Trent University (Board of Governors)

e)   Details of Company Voluntary Arrangements (CVAs):

Matt Cooper was a Non-executive Director of The Core Business Plc, which entered into a CVA in March 2010. Shareholders and creditors voted more than 75% in favour of the CVA and no complaints were received in relation to the case.

There are no other disclosures to be made under Schedule 2, paragraph (g) of the AIM Rules for Companies in respect of Matt Cooper.

For further information please contact:

Lo-Q plc Tom Burnet, Chief Executive Officer John Alder, Chief Financial Officer	[phone]
FTI Consulting James Melville-Ross, Matt Dixon, Clare Thomas	[phone]
Canaccord|Genuity Simon Bridges, Kit Stephenson	[phone]

About Lo-Q

Lo-Q is the creator of a virtual queuing system for theme parks, water parks and other leisure attractions that allows users to queue without waiting in line.  Lo-Q users reserve their place in a queue electronically and are notified when their turn is up, spending less time queuing and more time enjoying their day out.  

Lo-Q's system has been adopted by leading theme park and attraction operators globally, with customers including Parques Reunidos, Six Flags Entertainment Co, Herschend Group and Merlin Entertainments. These operators benefit not only from happier customers but also from additional revenue streams as time previously spent queuing is instead transformed in to higher spending in park restaurants, gift shops and other retail facilities.  By the end of 2011, more than seven million individuals had used a Lo-Q product and that number is growing.

The Company's technology is protected by extensive patents or patents pending in Europe, USA, Hong Kong and Japan.  The target market for this technology is large and growing, with Lo-Q currently exploring opportunities for expansion into new theme parks and new geographies as well as opportunities to develop new products for other complementary adjacent markets.

Lo-Q is listed on the Alternative Investment Market ("AIM") under the ticker "LOQ".  For further information please visit www.lo-q.com 

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