Planned Board Changes & Warrant Update

RNS Number : 0637K

Remote Monitored Systems PLC

30 December 2020

 

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

30 December 2020

Remote Monitored Systems plc ("RMS" or the "Company")

Planned Board Changes & Warrant Update

The Company notes recent shareholder concerns and is pleased to announce a number of changes to the Board which are expected to be completed within a few weeks.

The Board intends to appoint Alex Vergopoulos as an Executive Director of RMS with responsibility for Pharm 2 Farm Limited ("P2F"), of which he is a director.  The appointment of Mr Vergopoulos will provide the RMS Board greater oversight of deliverables and performance targets in respect of P2F. His appointment will be reviewed after a period of three months. The Board is also proceeding with the appointment, as planned, of two new independent non-executive directors, who have now been identified.

The Board have been advised by the Company's Nomad, SP Angel Corporate Finance LLP, that it will endeavour to undertake the necessary processes to appoint the new directors as swiftly as practicable, in accordance with the AIM Rules and their obligations as the Company's Nomad. Contemporaneous with the appointment of the new non-executive directors, one of whom is expected to become the Chairman of the Company, Paul Ryan will step down from the Board. The Board further announces that Trevor Brown will assume the role of non-executive director.

The Board confirms that a General Meeting will be convened early in the New Year in order for the shareholders to consider approval of the placing related issue of warrants as announced on 18 December 2020, with further announcements being made upon posting of the requisite notice.

- ENDS -

ENQUIRIES :

Remote Monitored Systems plc

John Richardson (Executive Director)  [phone]

SP Angel Corporate Finance LLP   [phone]

Nominated Adviser and Joint Broker

Stuart Gledhill

Caroline Rowe

Peterhouse Corporate Finance   [phone]

Joint Broker

Lucy Williams

 

END

 

 

MSCPPGGCPUPUPUB