Trading Update & Directorate

RNS Number : 0756X

Lo-Q PLC

30 November 2010

 



Lo-Q plc

Trading update & Notice of Results

Lo-Q plc ("Lo-Q" or the "Company"), the AIM listed provider of virtual queuing systems for theme parks and major attractions, announces that Preliminary Results for the year ended 31 October 2010 are expected to be in-line with market expectations. The Company will announce the results of a strategic review undertaken following the appointment of Tom Burnet as Chief Executive Officer along with the Preliminary Results in February 2011.

Board Changes

Lo-Q also announces a restructuring of the Board today which will distinguish the Board of Lo-Q plc from the Executive Team, thus allowing key members of the Executive Team to focus on driving growth.

As part of this process David Gammon, aged 49, has today been appointed as a Non-Executive Director of the Company with immediate effect. In 1988 Mr. Gammon founded Rockspring, a company which since 2001 advises and invests in technology companies, helping them to grow to enable eventual listing or trade sale. Previously Mr. Gammon worked for over 15 years as an investment banker for Credit Lyonnais UK, Robert Fleming Securities Limited, Salomon Brothers International Limited and Baring Securities Limited.

Steve Drake and Paul Cassar will retain their current responsibilities but will both stand down from the board of Lo-Q plc with immediate effect. Colin Robertson, Sales Director, has resigned today as both a Director and Employee of Lo-Q plc and Tom Burnet, Chief Executive Officer, will assume responsibility for sales until a replacement is appointed.

Following the reorganisation the main board of Lo-Q plc will be made up of:

John Lillywhite	Acting Chairman
David Gammon	Non-executive Director
Tony Bone	Non-executive Director
Tom Burnet	Chief Executive Officer
Leonard Sim	Founding Director
John Alder	Finance Director

Tom Burnet, Chief Executive Officer commented:

"The restructuring of our Board is a key step in ensuring that Lo-Q complies with corporate governance best practice but also so that the Executive Team can be freed to focus on driving the growth of this business. I would like to thank Steve, Paul and Colin for their service to the Lo-Q Board and I am pleased to welcome David Gammon as a Non-Executive Director.  I look forward to his valuable contribution as we position Lo-Q for its next stage of growth."

Contacts:

Lo-Q plc	Tom Burnet, Chief Executive	Tel: [phone] today Tel: [phone] thereafter
Arbuthnot Securities Limited (Nomad and Broker)	Hugh Field / Ed Gay	Tel: [phone]
Walbrook PR Ltd	Paul McManus	Tel: [phone] Mob: [phone] [e-mail]

The companies which David Ranken Gammon (aged 49) is also currently a director, of and has been a director of in the past five years, are as follows;

Current Directorships	Previously held directorships in the past five years
Rockspring
Rockspring Nominees Limited	The Corporate Arts Limited
Rockspring Advisory Services Limited	Envisional Solutions Limited
BGlobal PLC	The Library House Limited
	Amino Technologies Plc
	Ten Sails LLP*
	Ubisense Trading Limited
	AG Tax Limited
	* Ten Sails LLP undertook voluntary winding-up and corporate reorganisation in July 2006. This was completed without any outstanding claims or creditor arrangements

Mr. Gammon through Rockspring, which he controls, has a beneficial interest in 30,000 ordinary shares in Lo-Q representing approximately 0.19% of the issued ordinary share capital. Mr. Gammon has pledged certain assets, which includes [indirectly] the aforementioned shareholding in Lo-Q against a personal mortgage.

In addition, Rockspring has a loan secured against its assets which includes Rocksprings shareholding in the Company.

There are no further details required to be disclosed in respect of Mr Gammon under paragraph (g) of Schedule 2 of the AIM Rules.

 

END

 

 

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