Board Changes
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FOR IMMEDIATE RELEASE |
26 May 2016 |
Mercia Technologies PLC
"Mercia" or "the Group"
Board Changes
Mercia Technologies PLC (AIM: MERC), which is focused on the creation, funding and scaling of innovative technology businesses with high growth potential from the UK regions, announces that Ray Chamberlain, the Group's current Non-executive Chair has decided that having recently reached 70 years of age now is the appropriate time for him to step down from his role, whilst remaining a Non-executive Director. Susan Searle, currently Non-executive Deputy Chair of the Group, has been appointed as the new Non-executive Chair.
As a consequence of Susan's appointment, there are a number of changes to the composition of the Audit, Nominations and Remuneration Committees. Martin Lamb will become Chair of the Audit Committee, Susan Searle will become Chair of the Nominations Committee and Ian Metcalfe will remain Chair of the Remuneration Committee. All four Non-executive Directors will also now sit on all three committees.
Mark Payton, Chief Executive Officer of Mercia, commented:
"On behalf of the Board, I would like to thank Ray for his significant contribution to the creation and development of Mercia Technologies to date. As a successful and long standing technology investor he has played an instrumental role in the establishment and successful flotation of our Group and I am delighted that he will remain a key member of our Non-executive team.
Susan joined the Board of Mercia at the time of the Group's flotation in December 2014, bringing in-depth sector experience and expertise, having previously been the founder and Chief Executive Officer of Imperial Innovations Group plc. She has demonstrated a natural understanding of all aspects of Mercia's business model and her insights continue to prove invaluable as Mercia executes its growth strategy.
These changes provide strong continuity of leadership for the Board and I look forward to continuing to work with Susan as Chair and Ray as a Non-executive Director going forward."
For further information, please contact:
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Mercia Technologies PLC Mark Payton, Chief Executive Officer Martin Glanfield, Chief Financial Officer
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+44 (0)330 223 1430
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Cenkos Securities plc Ivonne Cantu / Mark Connelly (NOMAD) |
+44 (0)20 7397 8900 |
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Buchanan Sophie McNulty, Victoria Watkins, Stephanie Watson |
+44 (0)20 7466 5000 |
About Mercia Technologies PLC
Mercia is a national investment group focused on the creation, funding and scaling of innovative businesses with high growth potential from the UK regions. Mercia benefits from 14 university partnerships and six offices across the Midlands, the North of England and Scotland, providing it with access to high quality, regional deal flow. Mercia is quoted on AIM with the epic "MERC".
Mercia's "complete capital solution" investment model initially nurtures businesses via its third party funds under management (expanded to circa £220 million following its acquisition of Enterprise Ventures Group) and then over time Mercia can provide further funding to its emerging stars thanks to its ability to deploy direct investment follow-on capital from its own balance sheet.
In a recent report (Source: Beauhurst, The Deal, 2015/16), Mercia was found to be the fifth most active investor in the UK and the fourth most active in technology. Since its IPO in December 2014, the Company has invested over £20 million directly across its portfolio of emerging stars and continues to seek both early stage third party investment opportunities as well as providing its emerging stars with the required capital and management support to build towards exits that will realise incremental value for Mercia shareholders.
This information is provided by RNS
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