Board Changes

RNS Number : 0123M
Trackwise Designs PLC
09 January 2023
 

TRACKWISE DESIGNS PLC

("Trackwise", the "Company" or the "Group")

 

Board Changes

 

The Board of Trackwise Designs plc (AIM: TWD), a leading manufacturer of specialist products using printed circuit technology, is pleased to confirm, following the General Meeting to approve the Fundraising, held on Friday 6 January 2023, the appointment of Andrew Lapping and Chris Pennison to the Board of the Company, as Non-Executive Chairman and Non-Executive Director respectively, with effect from 8:00 a.m. on 9 January 2023.

 

As announced on 14 December 2022, and included in the Circular to Shareholders dated 15 December 2022, in order to maintain Board numbers and also to control the cost base, Susan McErlain and Ian Griffiths will step down from the Board at the same time. Charles Cattaneo intends to step down from the Board at the end of January 2023. Given the forthcoming departure of Charles Cattaneo, the Company is commencing a recruitment process for an additional new non-executive director.

 

Andrew Lapping, incoming Chairman of Trackwise, commented:

 

"Today marks a fresh start for the Group after a very tough recent period.

 

I am delighted to take on the challenge of helping to lead Trackwise with my former Hyperdrive CEO Chris Pennison as we join the Trackwise Board. We bring industry experience to the Group with a track record of transitioning smart technology into a commercially viable and successful product.

 

Prior to our participation in the Fundraising, Chris and I undertook significant referencing of the sales pipeline and the core technology. As a result, we believe there is significant potential for Trackwise and its IHT technology in the EV market.

 

Whilst I recognise that the Fundraising has been difficult for existing shareholders, I would urge all to get behind us as we look to exploit the Company's world-class IP and production facilities.

 

I want to close by reassuring all stakeholders that Trackwise has enormous potential but to realise its true value, we have to think and act smart in a very dynamic and rapidly expanding market."

 

 

Definitions

All capitalised terms used in this announcement and not otherwise defined shall have the meanings given to them in the Circular.

 

Enquiries

 

Trackwise Designs plc

+44 (0)1684 299 930

Philip Johnston, CEO

www.trackwise.co.uk

Paul Cook, CFO




finnCap Ltd

+44 (0)20 7220 0500

NOMAD and Broker


Ed Frisby/Fergus Sullivan - Corporate Finance

Andrew Burdis/Barney Hayward - ECM




Alma PR

+44 (0)20 3405 0205

Financial PR and IR


David Ison/Caroline Forde/Josh Royston/Kieran Breheny


 

Notes to editors

Trackwise is a UK-based manufacturer of specialist products using printed circuit technology.

 

The full suite includes: Improved Harness Technology™ ("IHT") and Advanced PCBs - Microwave and Radio Frequency ("RF"), Short Flex, Flex Rigid and Rigid Multilayer products.

 

IHT uses a proprietary, patented process that Trackwise has developed to manufacture multilayer flexible printed circuits of unlimited length. While the technology has many applications, the directors expect that one of its primary uses will be to replace traditional wire harnesses in a variety of industries.

 

The Company operates from three sites, located in Tewkesbury, Stonehouse and Stevenage. It serves customers in Europe and North America.

 

Trackwise Designs plc was admitted to trading on AIM in 2018 with the ticker TWD. For additional information please visit www.trackwise.co.uk

 

 

Regulatory disclosures

INFORMATION REQUIRED UNDER RULE 17 AND SCHEDULE 2, PARAGRAPH (G) OF THE AIM RULES FOR COMPANIES ("AIM RULES")

Full name:

Andrew Christopher Lapping

Age:

59

Shareholding in the Company:

Andrew Lapping, and Chris Pennison, represent a number of underlying new investors who, including Andrew and Chris, have acquired in the Placing a total of 130,000,000 New Ordinary Shares, via Hamilton Capital Partners LLP; included within this number is Andrew's beneficial interest in 7,500,000 New Ordinary Shares. On Admission, the aggregate of these New Ordinary Shares will represent approximately 25.3 per cent. of the Company's enlarged issued share capital. In addition, on Admission, all those investing in the Fundraising will hold Warrants to subscribe for 1 additional Ordinary Share for each Warrant held in the ratio of 1 Warrant for every 2 New Ordinary Shares issued to those subscribers. Andrew's beneficial interest in Warrants will be 3,750,000 Warrants, held via Hamilton Capital Partners LLP. Andrew is a LLP Designated Member of Hamilton Capital Partners LLP.

Current directorships and/or partnerships:

Historic directorships and/or partnerships (within the last five years):

 

24 Camphill Avenue LLP

Exchangelaw (No229) Limited

Fibre Broadband Company Ltd

Gemini Print Southern Limited

Gemini Print UK Limited

Glasgow Renovation Homes (No.2) LLP

Glasgow Renovation Homes LLP

Glasgow Renovation Homes No.3 LLP

Hamilton Capital Partners LLP

HCP HASI LLP

HCP High Yield Carried Interest No3 LLP

HCP High Yield No3 Limited

Hindley Capital Ltd

Hindley Circuits Limited

Hindley Edinburgh Limited

Hindley Prospect Hill Limited

Hindley Residential Lettings Ltd

Keepers Cottage LLP

Northern Edge Limited

Solway Capital Investments Plc

The Hamilton Portfolio (Care Homes) Limited

The Hamilton Portfolio Partnership LLP

Yellowfin Limited

 

 

B L Developments Limited

Bamburgh First Property LLP

BDL Select Hotels Limited

BDL Select Operations Limited

Blackford Media LLP

Brookfields Park Syndicate LLP

Crosshill Developments LLP

Davidsons Mains Investments LLP

Duckhouse Gallery Limited

Glasgow South Orbital (Hamilton) Limited

Grace Darling Holidays Limited

GSO Hamilton Cip Limited

Hamcap Redheughs LLP

Hamilton Hindley Properties Ltd

Hamilton Road Developments LLP

Hamilton Springburn Ltd

Hamiltongold LLP

HCP 1 (Glasgow 2) Limited

HCP 1 (Glasgow) Limited

HCP Carried Interest LLP

HCP Carried Interest No 2 LLP

HCP Durham 2 Ltd

HCP Durham Ltd

HCP General Partner Limited

HCP General Partner No 2 Limited

HCP High Yield No2 LLP

HCP High Yield No3.5 Limited

HCP Redheughs LLP

Hindley Cedar (Glasgow) Homes LLP

Hindley Cedar Homes Limited

Hindley Cedar Property LLP

Hindley Communications Ltd

Hindley Fibre Limited

Hindley Glasgow Limited

Hindley Glasgow South LLP

Hindley Prem 2 LLP

Hindley Refurbthat LLP

Hindley West Embankment Properties Limited

Hyperdrive Innovation Holdings Limited

Hyperdrive Innovation Ltd

Hyperdrive Technologies Ltd

Maybury Media LLP

Motherwell Football And Athletic Club Limited (The)

Oak Hotels LLP

Paten & Co Limited

Paten Hotels Limited

Peak Income Partnership (Balliol) Ltd

Peak Income Partnership (Boldon) Ltd

Peak Income Partnership LLP

Princes Street Suites Limited

Refurbthat Holdings Limited

Riverside Dyce LLP

Silver Travel Advisor Limited

Space 2001 Limited

St James Media LLP

TAL SE Land Development Partnership LLP

The Hamilton Portfolio Limited

 

 

All the following disclosures relate to appointments where Andrew Lapping was an investor and either a non executive director, or a limited liability partnership (LLP) designated member.

On 12 April 2005, Andrew Lapping was appointed as a LLP designated member of Barrance Farm LLP. Barrance Farm LLP went into creditors' voluntary liquidation on 17 June 2014. The members' statement of affairs dated 22 September 2014 showed an estimated deficiency as regards creditors of £742,236. Under the liquidation, no dividend was declared to creditors as the funds realised were distributed, used or allocated for defraying the expenses of the administration. Barrance Farm LLP was subsequently dissolved on 24 December 2014.

On 17 December 1999, Andrew Lapping was appointed as a director of Buzzsoft Limited and subsequently resigned as a director on 18 September 2001. Buzzsoft Limited went into creditors' voluntary liquidation on 20 June 2002. The directors' statement of affairs dated 1 February 2007 showed an estimated deficiency as regards creditors of £nil. Buzzsoft Limited was subsequently dissolved on 16 May 2007.

On 1 January 2000, Andrew Lapping was appointed as a director of Collingwood Developments Limited. Collingwood Developments Limited went into administration on 11 June 2004 and subsequently went into creditors' voluntary liquidation on 8 June 2006. Under the liquidation, a dividend of 55 pence in the pound was paid to unsecured creditors. Collingwood Developments Limited was subsequently dissolved on 25 November 2016.

On 17 February 2003, Andrew Lapping was appointed as a director of Container Store Limited. Container Store Limited went into administration on 30 August 2005. Container Store Limited had no realizable assets or creditors and accordingly the administration was automatically ended on 29 August 2006. Container Store Limited was subsequently dissolved on 8 June 2007.

On 12 December 2005, Andrew Lapping was appointed as a LLP designated member of Coopersknowe Developments LLP. Coopersknowe Developments LLP went into administration on 9 January 2009. The members' statement of affairs dated 6 February 2009 showed an estimated deficiency as regards creditors of £773,123. Coopersknowe Developments LLP was subsequently dissolved on 14 April 2013.

On 1 March 2005, Andrew Lapping was appointed as a director of Frasers Hamilton (Shrubhill) Limited. Frasers Hamilton (Shrubhill) Limited went into administration on 10 September 2012. The directors' statement of affairs dated 10 October 2012 showed an estimated deficiency as regards creditors of £16,896,000. Frasers Hamilton (Shrubhill) Limited was subsequently dissolved on 1 December 2014.

On 27 July 2007, Andrew Lapping was appointed as a LLP designated member of Hamilton Road Developments LLP. Hamilton Road Developments LLP went into administration on 28 October 2015. The members' statement of affairs dated 13 November 2015 showed an estimated deficiency as regards creditors of £478,284. Hamilton Road Developments LLP was subsequently dissolved on 27 January 2021.

On 29 March 1999, Andrew Lapping was appointed as a director of Motherwell Football And Athletic Club Limited (The) and subsequently resigned as a director on 20 June 2012. Motherwell Football And Athletic Club Limited (The) went into administration on 25 April 2002 and was subsequently discharged from administration on 20 April 2004. On 17 March 2004 Motherwell Football And Athletic Club Limited (The) approved a corporate voluntary arrangement (CVA) and the CVA was subsequently completed on 27 April 2012. Under the CVA, a dividend of 23 pence in the pound was paid to unsecured creditors. The company remains on the Register of Companies.

On 25 August 2005, Andrew Lapping was appointed as a director of Reston Developments Limited. Reston Developments Limited went into administration on 20 December 2012. The directors' statement of affairs dated 11 February 2013 showed an estimated deficiency as regards creditors of £1,632,740. Reston Developments Limited was subsequently dissolved on 28 November 2015.

On 6 March 2000, Andrew Lapping was appointed as a director of Room 2 Limited and subsequently resigned as a director on 22 July 2005. Room 2 Limited went into administration on 30 August 2005 and subsequently went into creditors voluntary liquidation on 30 August 2006. Under the liquidation, a dividend of 100 pence in the pound was paid to preferential creditors and a dividend of 1.57 pence in the pound was paid to unsecured creditors. Room 2 Limited was subsequently dissolved on 10 December 2019.

On 5 August 2003, Andrew Lapping was appointed as a director of SOE Development Limited. SOE Development Limited went into administration on 19 April 2005 and subsequently went into creditors' voluntary liquidation on 3 April 2006. The directors' statement of affairs dated 4 May 2010 showed an estimated deficiency as regards creditors of £nil. SOE Development Limited was subsequently dissolved on 11 August 2010.

On 9 January 2009, Andrew Lapping was appointed as a director of TAL CPT 2 Limited. TAL CPT 2 Limited went into creditors' voluntary liquidation on 10 May 2011. The directors' statement of affairs dated 8 February 2013 showed an estimated deficiency as regards creditors of £414. Under the liquidation, no dividend was declared to creditors as the funds realised were distributed, used or allocated for defraying the expenses of the administration. TAL CPT 2 Limited was subsequently dissolved on 19 May 2013.

On 3 April 2007, Andrew Lapping was appointed as a director of TAL CPT Hub Company Limited. TAL CPT Hub Company Limited went into creditors' voluntary liquidation on 27 October 2011. The directors' statement of affairs dated 29 April 2014 showed an estimated deficiency as regards creditors of £854,761. Under the liquidation, £43,633 was returned to shareholders. TAL CPT Hub Company Limited was subsequently dissolved on 1 August 2014.

On 9 January 2009, Andrew Lapping was appointed as a director of TAL CPT Limited. TAL CPT Limited went into creditors' voluntary liquidation on 10 May 2011. The directors' statement of affairs dated 8 February 2013 showed an estimated deficiency as regards creditors of £525,319. Under the liquidation, no dividend was declared to creditors as the funds realised were distributed, used or allocated for defraying the expenses of the administration. TAL CPT Limited was subsequently dissolved on 19 May 2013.

On 19 February 2009, Andrew Lapping was appointed as a director of TAL CPT Management Limited. TAL CPT Management Limited went into creditors' voluntary liquidation on 8 May 2012. TAL CPT Management Limited was subsequently dissolved on 17 August 2013.

On 23 January 2004, Andrew Lapping was appointed as a director of Vis Entertainment Limited and subsequently resigned as a director on 17 June 2004. Vis Entertainment Limited went into administration on 7 April 2005 and subsequently went into creditors' voluntary liquidation on 20 March 2007. The directors' statement of affairs dated 7 April 2005 showed an unknown estimated deficiency as regards creditors. Under the liquidation, no dividend was declared to creditors as the funds realised were distributed, used or allocated for defraying the expenses of the administration. Vis Entertainment Limited was subsequently dissolved on 29 July 2014.

On 18 December 2007, Andrew Lapping was appointed as a director of Yellowfin Limited. Yellowfin Limited went into administration on 26 August 2009 and subsequently went into compulsory liquidation on 20 August 2010. The directors' statement of affairs dated 26 August 2009 showed an estimated deficiency as regards creditors of £8,535,823. Under the administration, a distribution of 100 pence in the pound was paid to preferential creditors equivalent to £3,202. No distribution was made to unsecured creditors under the administration. Under the liquidation, a prescribed part distribution of 0.0005 pence in the pound was set aside for unsecured creditors equivalent to £3,949. The Company was subsequently issued with a court order for winding up, following the cessation of the appointment of the administrator, on 1 February 2011. Mr Lapping is still shown as a director on the Register of Companies however he no longer has any involvement in the company.

Full name:

Christopher Roy Pennison

Age:

55

Shareholding in the Company:

Andrew Lapping, and Chris Pennison, represent a number of underlying new investors who, including Andrew and Chris, have acquired in the Placing a total of 130,000,000 New Ordinary Shares, via Hamilton Capital Partners LLP; included within this number is Chris's beneficial interest in 2,500,000 New Ordinary Shares. On Admission, the aggregate of these New Ordinary Shares will represent approximately 25.3 per cent. of the Company's enlarged issued share capital. In addition, on Admission, all those investing in the Fundraising will hold Warrants to subscribe for 1 additional Ordinary Share for each Warrant held in the ratio of 1 Warrant for every 2 New Ordinary Shares issued to those subscribers. Chris's beneficial interest in Warrants will be 1,250,000 Warrants.

 

Current directorships and/or partnerships:

Historic directorships and/or partnerships (within the last five years):

 

Avid Electric Vehicles Limited

Avid Innovation Limited

Avid Technology Group Limited

Avid Technology Limited

Avid Vehicles (Projects) Limited

Collingwood Solutions Limited

DFV Management Services Ltd

Gemini Print Southern Limited

Gemini Print UK Limited

Glasgow Renovation Homes (No2) LLP

Glasgow Renovation Homes No.3 LLP

Hindley Circuits Limited

Hyperdrive Innovation Holdings Limited

Hyperdrive Innovation Ltd

Hyperdrive Technologies Ltd

Irridian Industrial Electronics Limited

Turntide Drives Limited

Turntide Transport Limited

Academy 360

HamiltonGold LLP

Hyperdrive Innovation Holdings Limited

Hyperdrive Innovation Ltd

Hyperdrive Technologies Ltd

The Laidlaw Schools Trust

 

On 16 August 2004, Chris Pennison was appointed as a director of James Ross & Son (Newcastle) Limited. James Ross & Son (Newcastle) Limited went into administration on 15 February 2007 and subsequently went into creditors' voluntary liquidation on 16 August 2007. The directors' statement of affairs dated 2 April 2007 showed an estimated deficiency as regards creditors of £1,454,794.40. The return of final meeting dated 17 November 2010 showed, under the liquidation, a preferential dividend of £37,184 equivalent to 100 pence in the pound and an unsecured dividend of £442,031 equivalent to 23.76 pence in the pound was paid to creditors. James Ross & Son (Newcastle) Limited was subsequently dissolved on 22 February 2011.

There is no further information disclosable in respect of Andrew Lapping and Chris Pennison pursuant to Rule 17 and Schedule 2, paragraph (g) of the AIM Rules.

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