Directorate Change

RNS Number : 2739G

Downing Strategic Micro-Cap IT PLC

22 July 2019

 

DOWNING STRATEGIC MICRO-CAP INVESTMENT TRUST PLC ("the Company")

Director changes.  Appointment of Robert Legget.

Further to the announcement on 25 June 2019, Downing Micro-Cap Investment Trust PLC announces that Stephen Yapp, Non-Executive Director and Chairman of the Audit Committee will retire from the Board on 31 August 2019.  Stephen joined the Board at the launch of the Company in February 2017 and the Board would like to thank him for his valued contribution, wise counsel and commitment to the Company during his service.

The Company is pleased to announce the appointment of Robert Legget as an Independent Non-Executive Director of the Company with effect from 22 July 2019 and as Chairman of the Audit Committee with effect from 1 September 2019. 

In 2000 Robert Legget co-founded Progressive Value Management Limited, a company that specialises in creating value and liquidity for institutional investors out of holdings in underperforming companies.  He remains as Chairman of Progressive.  He is also Senior Independent Director of Sureserve Group plc.

Robert was formerly a director of Quayle Munro Holdings plc and BMO Private Equity Trust PLC (formerly F&C Private Equity Trust plc).  He is a member of the Institute of Chartered Accountants of Scotland and is well respected for his extensive experience in creating value for shareholders.    

Hugh Aldous, Chairman, commented:

"I am very pleased to welcome Robert to the Board of Downing Strategic Micro-Cap Investment Trust PLC.  Robert's experience in financial services and in creating value for shareholders nicely complements the skills of the continuing directors after Stephen steps down.   Shareholders will be asked to approve Robert's appointment at the next Annual General Meeting.  For a short period to the end of August the Board will thus consist of five Non-Executive Directors"

For further information please contact:

Maitland Administration Services Limited

Kerry Higgins               01245 398960                        

Shore Capital

Daniel Harris                020 7601 6100

At the date of this announcement, Robert Legget has no holding in the ordinary shares of the Company.

The Company makes the following disclosure pursuant to Listing Rule 9.6.13R:

Robert Legget was a director of Unisoft Ltd which appointed liquidators in November 2001 for a creditors' voluntary liquidation and there was a shortfall on an intercompany loan owed to Unisoft Ltd's parent company. The company was dissolved in September 2004.

 

END

 

 

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