New Chairman Appointed
Image Scan Holdings PLC
30 November 2007
30 November 2007
Image Scan Holdings plc
('Image Scan' or 'the Company')
NEW CHAIRMAN APPOINTED
AWARD OF OPTIONS
The Board of Image Scan, a leader in the field of real-time 3D and 2D x-ray
imaging for the 'Homeland Security' and 'Industrial Inspection' markets, today
announces the appointment of Gilbert Chalk as non-executive Chairman.
Mr Chalk is a senior private equity manager and corporate finance adviser. With
previous directorships and advisory roles in blue chip institutions including
Baring Private Equity Partners Limited, ABSA Bank and Hambros Group, Mr Chalk
has wide sector knowledge and extensive Board experience in large and small,
listed and unquoted companies.
Commenting on his appointment, Chairman Gilbert Chalk said: 'I am delighted to
be asked to join the Board of the Image Scan. The Company has established itself
at the leading edge of x-ray technology with its products now installed, or in
trial, across a range of major industrial and public authority locations
worldwide. All Image Scan's customers require sophisticated x-ray imaging and
inspection where safety and accuracy are of vital importance. The recently
announced sales of the Company's Axis-3d(R) system to the Chinese for use at the
Beijing Olympics is a further endorsement by a major high profile international
customer of one of the Company's range of products. In the near term the Board's
principal aim will be to extend the Company's ability to obtain high margin
direct sales growth by widening its current customer base. Measures are in
process to refocus and add to the Marketing and Sales effort, and the recent
addition of Jerry Horwood to the Board will add further to the strategic
direction of the Company's customer focus. Steps have also been taken to reduce
overheads to bring Image Scan closer to achieving profitability as further sales
revenues are generated.'
In line with the Company's stated objective to control costs, the remuneration
committee has agreed not to increase the salaries of the directors, but instead
to reward their long term commitment to the company through the award of
options. The Chief Executive, Nick Fox, and the Finance Director, Louise
George, will therefore each be granted options over 750,000 shares.
In addition, Mr Johnson, non-executive director since 2001, has been granted
options over 250,000 shares, and the new Chairman, Mr Chalk, is to be issued
with options over 500,000 shares.
The exercise price of share options issued to Mr Chalk and Mr Johnson was agreed
at 10p, whereas those issued to Mr Fox and Mrs George will have an exercise
price of 15p reflecting the price at which the placing was carried out in June
2007.
Image Scan's CEO, Nick Fox commented
'We are delighted to welcome Gilbert Chalk to the Board as Chairman. The
challenge for the Company is to capitalise on its leading position by winning
further orders on a larger scale across the Industrial Inspection and Homeland
Security markets. Gilbert's appointment will provide a wealth of experience, and
will enable the management team to focus on achieving this goal. Image Scan
would like to express its thanks to Ian Johnson for acting as interim Chairman
over the past month, and is grateful for his ongoing contribution as a
long-standing member of the Board.'
Pursuant to Rule 17 of the AIM Rules, the information required to be given in
respect of Gilbert Chalk is as follows:
Full name: Gilbert John Chalk
Previous names: None
Age: 61
Apart from his directorship of the Company, Gilbert Chalk has been a director or
partner of the following companies or partnerships, during the previous five
years:
Present
The Baring English Growth Fund
Constantine Holdings Limited
Past
Baring Private Equity Partners Limited
NCM Management (UK) Limited
Baring Private Equity Partners International Limited
Secure Mail Services Limited
Parkside International Limited
Gilbert Chalk, as a result of his position as an employee of Hambros Bank
Limited and later Baring Private Equity Partners Ltd, was a non executive
director of a number of private companies in which these companies, or their
managed funds, invested along with other investors.
As an employee of Baring Private Equity Partners Ltd ('BPEP') Gilbert Chalk was
a director of Parkside International Limited, founded in 2000. BPEP sold their
interest in the company in January 2004 at which time Gilbert Chalk resigned as
a director. The company was placed into administration in December 2004.
In his capacity as an employee of the Hambros Group, he was appointed a director
of Melcham Limited, a distributor of electrical goods, in August 1983 and
resigned in May 1984. In July 1984, a liquidator was appointed and the company
was dissolved in April 1988 with a deficit due to unsecured creditors of
approximately £0.4m.
Also in this capacity, he was appointed a director of Melville Technology
Limited (which later changed its name to Sigma Corporation Limited), a holding
company of a group of companies involved in the manufacture and sale of
metrology products on 14 January 1986 and resigned as a director early 1990.
Administrative receivers were appointed in September 1990, and ceased to act in
September 1998, with an estimated total deficiency as regards creditors of
approximately £5.5m.
He was a non executive director of Bear Brand plc which acquired Leisure
Investments plc, a diversified Leisure Group in April 1990, at which time he was
briefly appointed to the board of Leisure Investments plc and from which he
resigned in May 1990. Administrative receivers were appointed in May 1990 and
ceased to act in November 1999. The company entered voluntary creditors'
liquidation and was wound up in March 1991 with an estimated total deficiency as
regards creditors of approximately £110m.
Under Schedule Two, paragraph g, of the AIM Rules, there is nothing further to
disclose.
--ENDS--
For further information, please contact:
Image Scan Holdings plc Tel: +44 (0) 1664 503 600
Nicholas Fox, CEO
info@ish.co.uk
Seymour Pierce Tel: +44 (0) 207 107 8008
David Newton / Sarah Jacobs
Bishopsgate Communications Ltd Tel: +44 (0) 207 562 3350
Jenni Herbert / Louise Cook
This information is provided by RNS
The company news service from the London Stock Exchange
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