XecutiveResearch Group PLC
19 April 2004
EXECUTIVERESEARCH GROUP PLC
CHANGE OF NAME TO
ACCIDENT EXCHANGE GROUP PLC
ACCIDENT EXCHANGE COMMENCES TRADING ON THE ALTERNATIVE INVESTMENT MARKET
Accident Exchange Group plc, the prestige replacement vehicle specialist,
announces that its Ordinary Shares have been admitted to trading on the
Alternative Investment Market (AIM) of the London Stock Exchange, with effect
from 8am today, Monday 19 April.
Accident Exchange was formed in 2001 to provide ABI (Association of British
Insurers) approved car hire on credit to motorists involved in non-fault
accidents that drive marques such as Audi, BMW, Ferrari, Jaguar, Land Rover,
Lexus, Maserati, Mercedes Benz and Porsche.
Accident Exchange has successfully raised £1.5million before expenses, following
a Placing by Insinger Townsley of 6,000,000 New Ordinary Shares at 25p per
share. The Company's market capitalisation at the Placing Price is £15.4million.
The proceeds of the Placing will be used to provide additional working capital
to fund the expansion of Accident Exchange's existing business and to further
accelerate its strategy of providing a higher level of customer service to
dealers, repairers and the motorist, against a background of greater commercial
The Directors believe that technology represents a key ingredient in the
relationship building between Accident Exchange, the insurance industry and the
dealers and repairers to enable all parties to improve customer service levels
and reduce the cost of claim handling. The Company aims to further leverage its
technology expertise amongst the insurance and repair community.
As detailed in the prospectus dated 24 March 2004, the following Directors have
been appointed to the Board with effect from today:
Lord Young of Graffham (Non Executive Chairman)
Steve Evans (Chief Executive)
Paul Wildes (Finance Director)
David Lees (Non Executive Director)
Francis (Jock) Worsley (Non-Executive Director)
Michael Bull has resigned from the Board as Non Executive Director.
Steve Evans, Chief Executive of Accident Group plc said:
'We are delighted by the support given and the enthusiastic response that we
have received from new and existing shareholders. The prospects for Accident
Exchange are very exciting. We are operating in a growth sector with
manufacturers continually investing in the appeal of executive models to an
equally receptive end user.
We also recognise that our business referral sources (dealers and bodyshops)
need more than just a rental company to supply a vehicle to an accident victim.
We will continue to work with them to grow their own offering, helping them
distinguish their business from the competition with a bespoke service that will
match their own specific demands and needs.'
Steve Evans, Chief Executive
Tel: 08700 116720
David Lees, Chairman
Tel: 020 7499 1400
Grant Thornton Corporate Finance
Gerry Beaney, Head of Capital Markets
Tel: 0870 991 2589
Performance PR Ltd
Tel: 020 8946 3456
Mobile: 07968 378 274
Notes to Editors:
Placing Price 25p
Number of Consolidated Shares in issue following Admission 61,620,000
Consideration Shares as a percentage of the Enlarged Consolidated
Share Capital on Admission 88%
Market capitalisation following the Placing at the issue price £15,405,000
Gross proceeds raised by the Company in the Placing £1,500,000
Net proceeds of the Placing following expenses £1,028,000
Lord Young of Graffham (Non-Executive Chairman) aged 72
The Rt. Hon Lord Young of Graffham is a qualified solicitor who served in the
Thatcher government for ten years and as Secretary of State for Trade and
Industry. On retiring from the Cabinet he became Executive Chairman of Cable and
Wireless plc, President of the Institute of Directors, and is today Chairman and
major shareholder of Young Associates Limited, a private equity house
specialising in technology companies. He is also Chairman of Pixology PLC, an
AIM listed technology company which was floated in December 2003.
Stephen Anthony Evans (Chief Executive) aged 45
Steve Evans is the founder and Chief Executive of Accident Exchange Limited.
Steve was formerly Chief Executive of Accident Assistance Limited and is an
entrepreneur with a proven start up track record. Accident Assistance Limited,
which specialised in handling insurance claims on behalf of the victims of road
traffic accidents was sold in 1997.
He is also former Group Marketing Director of the United Kenning Rental Group.
Steve has 19 years' commercial experience in developing fast growth
entrepreneurial businesses with a key focus on technology, automotive, claim
handling and customer service delivery.
In 2003 Steve was listed in the AM Power List as one of the hundred people that
Automotive Management believed would drive change in the automotive industry in
Paul Edward Wildes (Finance Director) aged 28
Paul is a qualified accountant with a strong commercial track record.
His most recent position was as Finance and Commercial Director at Sixt Kenning
Ltd, a £65 million turnover car rental and leasing group. Paul was brought into
the business after Kenning was sold to Sixt Gmbh. He reported to the main Board
in Germany but had overall responsibility for sales and all financial and
strategic activities in the UK.
David John Lees (Non-Executive Director) aged 56
David Lees is a Chartered Accountant qualified in Australia with KPMG. He has
extensive experience in the management and promotion of public companies having
raised significant funds as a co-founder of Griffiths Brothers Limited, Medeva
Plc, Flare Group Plc and Skyepharma Plc. I am currently chairman of Deal Group
Media Plc, Metis Biotechnologies Plc, Network Estates Limited and NamesCo
Limited and finance director of Triple Plate Junction Plc.
Francis Edward (Jock) Worsley (Non-Executive Director) aged 63
Jock Worsley was president of the Institute of Chartered Accountants in England
and Wales, a founder of the Financial Training Company, and its Executive
Chairman from 1972 until 1993. He was Deputy Chairman of Lautro, a member of the
Building Societies Commission and Independent Complaints Commissioner for SIB
and the Financial Services Authority. He was Chairman of Cancer Research
Campaign. He is the Non-Executive Chairman of Lloyds Members Agency Services Ltd
and a Non-Executive Director of stockbrokers Brewin Dolphin Holdings PLC.
This information is provided by RNS
The company news service from the London Stock Exchange