Appointment of Non-Executive Director

RNS Number : 7842V

Bidstack Group PLC

10 April 2019

 

Certain information contained within this Announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). Upon publication of this Announcement, this information is considered to be in the public domain.

10 April 2019

Bidstack Group PLC ("Bidstack or "the Company")

Appointment of Mike Hayes as Non-Executive Director

Over 30 years' games experience including SEGA, Codemasters and Nintendo

Bidstack Group plc (AIM: BIDS.L) the native in-game advertising group, is pleased to announce the appointment of Michael ("Mike") Hayes as a Non-Executive Director of the Company with immediate effect.  In addition, Mike will be appointed to the Audit and Remuneration Committees.

Mike has a wealth of experience in the video games industry having spent eight years at SEGA, latterly as CEO of SEGA Europe and America which had annual revenues in excess of £400 million and where he was responsible for over 1,000 employees, oversaw seven sales and marketing territory operations and five internal studios. During his time at SEGA he was responsible for the acquisitions of The Creative Assembly and Sports Interactive and implemented a major restructuring programme to maximise the company's opportunity for digital growth. During his tenure, SEGA became established as a top 10 worldwide publisher of video games, including titles such as 'Mario and Sonic at the Olympics'.

Prior to SEGA, Mike spent five years as Sales and Marketing Director on the Board of Codemasters, the award-winning British developer and publisher of high quality racing games, having started his career in video games at Nintendo. For over five years, Mike was Sales and Marketing Director at Nintendo, responsible for hardware and software. He oversaw the launch of famous brands including Mario, Zelda, Donkey Kong and Streetfighter as well as the launch of the Gameboy handheld device.

Mike is currently an Investment Director at AIM listed Mercia Technologies PLC where he is Head of Digital and Digital Entertainment.

James Draper, CEO of Bidstack, commented, "Mike's appointment to the Board is a huge feather in our cap and reflects the strength of the opportunity ahead.  He has over 30 years of unrivalled experience and has been directly involved in some of the major industry developments in that time. He also has an excellent track record of working with and advising growing companies, as shown through his role with Mercia, and I'm extremely excited to be able to lean on his experience as we continue to grow and develop."

Mike Hayes said, "I am delighted to be joining Bidstack's Board.  Having worked on some of the world's most iconic brands including Sega, Nintendo, Trivial Pursuit and Bandai toys, more recently I have extended my experience to growth funding with new digital start-ups in the entertainment sector.  I'm really looking forward to using my experience in creative and production, publishing services and managing global businesses to help grow Bidstack."

Further information on Mike Hayes is set out below.

Contacts

Bidstack Group PLC

James Draper, CEO                                                                              [phone]

SPARK Advisory Partners Limited (Nomad)

Mark Brady/Neil Baldwin/James Keeshan                                              [phone]

Peterhouse Capital Limited (Broker)

Eran Zucker/Lucy Williams/Duncan Vasey                                             [phone]

Alma PR

Josh Royston/Rebecca Sanders-Hewett                                                  [phone]

Further information on Mike Hayes:

Michael Hayes (aged 58) is not currently a director of any other company but has, in the past five years, been a director of Virttrade Developments Limited, Mercia Fund Management (Nominees) Limited, NDreams Limited, Virtrade Limited and Hayes Associates Consulting Limited.

In addition to the above Michael Hayes was also director of the following companies:

·     Mr Hayes was appointed to the boards of each of Aframe Media Services Limited ("AMSL") and Aframe Media Group Limited ("AMGL"), its holding company, in February 2013, to represent AMGL's principal institutional investor.  The group operated as a software as a service provider of a cloud platform for video collaboration.  AMGL raised significant funding from equity investors and secured debt mainly from its principal institutional investor.  Following an extensive but, ultimately, unsuccessful attempt to sell the business, administrators were appointed to both AMSL and AMGL on 28 April 2016 and, on the same day, the business was sold, following a valuation of its assets by a third party valuer, to a purchasing company in which the institutional investor held a minority equity stake.  The secured creditors were consulted and were fully supportive of the sale.  Approximately £99,086 was realised in the administration of AMSL.  The creditors of AMSL were owed approximately £14.6m, of which £14.3m was owed to AMGL. In January 2018, the unsecured creditors of AMSL received a dividend of 0.67pence in the £.  Approximately £96,865 was realised in the administration of AMGL all of which was used to meet the costs of the administration and to partially satisfy the claims of the institutional investor mentioned above.  The secured creditors of AMGL were left with a shortfall of approximately £5.3m, but AMGL had no preferential or unsecured creditors. 

·     Mr Hayes invested in and joined the board of Caperfly Limited, a computer game publishing company, on 20 December 2012.  He resigned from the board on 10 July 2013.  Caperfly Limited entered into Creditors' Voluntary Liquidation on 5 November 2013.  £21,397 was realised from the company's assets all of which was used to meet the costs of the liquidation and to partially satisfy the claims of a secured creditor.  Secured claims of approximately £134,500, preferential unsecured claims of £13,564 and non-preferential unsecured claims estimated to be £249,345, were left unsatisfied. 

There is no further information on Mike Hayes required to be disclosed under Schedule Two, paragraph (g) (i)-(viii) of the AIM Rules for Companies.

As part of his package, the Company intends to grant Mr Hayes options over 1 million shares exercisable, in respect of 70% of such options, at 14.43 pence per share and, in respect of the remaining 30% at 20 pence per share.  Mr Hayes does not have any other interest in the issued share capital of Bidstack.

~ENDS~

 

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