Allied Minds PLC Directorate Change (7818L)
January 15 2021 - 1:00AM
UK Regulatory
TIDMALM
RNS Number : 7818L
Allied Minds PLC
15 January 2021
15 January 2021
Allied Minds plc
Board change
Allied Minds plc (LSE: ALM) ("the Group" or the "Company"), the
IP commercialisation company focused on early stage technology
businesses, today announces that Joseph Pignato has decided to step
down as Chief Executive Officer and from the Board with immediate
effect. Mr. Pignato shall continue to support the Group in the role
of Chief Financial Officer (CFO) for an interim period as the Board
continues its search for a permanent CFO.
In connection with the year-end strategic review of the
portfolio and reaffirmation of the Group's strategy to support and
manage its portfolio companies towards successful financial exits,
the Company's Board and management have collectively determined it
is now appropriate to implement additional restructuring
initiatives. With seven companies remaining, of which only three
are consolidated entities, the number of companies in the Group's
portfolio has reduced by approximately eighty percent since its
peak.
Furthermore, as highlighted in our strategic update on 4 January
2021, the Group's progress to date together with the strong
leadership teams at each company, position the portfolio to
continue making progress with the potential to deliver appropriate
returns upon exit if they continue to meet their planned technical
and commercial goals. Accordingly, the Company's Board and
management determined that the most effective and efficient path
forward is direct management of the portfolio by the Board.
The Non-Executive Directors will be involved with each of the
Group's portfolio companies. As such, one of either the Chairman,
Harry Rein, the Senior Independent, Bruce Failing or the
Non-executive Director, Mark Lerdal will each join certain Boards
of Directors of such companies, including Federated Wireless, Inc.,
BridgeComm, Inc., and Spin Memory, Inc., to provide strategic
guidance and support advancing the portfolio towards monetisation
events.
Harry Rein, Chairman, commented:
"Joe has been a dedicated leader who has been instrumental in
supporting our portfolio companies and helping them achieve their
progress to date.
"On behalf of the Board, I extend my gratitude and appreciation
for Joe's many years of service and contribution to the Company and
its portfolio companies.
"I look forward to continuing to work closely with my fellow
directors and each of the remaining portfolio companies to help
drive them toward successful exits."
Enquiries
Allied Minds c/o Instinctif Partners
Harry Rein, Chairman
Instinctif Partners
Adrian Duffield, Kay Larsen, Chantal AlliedMinds@instinctif.com
Woolcock
About Allied Minds
Allied Minds plc is an IP commercialisation company focused on
early stage company development within the technology sector. With
origination relationships that span US federal laboratories,
universities, and leading US corporations, Allied Minds
historically created, and now manages and funds, a portfolio of
companies to generate long-term value for its investors and
stakeholders. Based in Boston, Allied Minds supports its businesses
with capital, management, expertise and shared services.
For more information, please visit www.alliedminds.com .
Allied Minds Forward--Looking Statement
This press release contains statements that are or may be
forward--looking statements, including statements that relate to
Allied Minds' future prospects, developments and strategies. The
forward--looking statements are based on current expectations and
are subject to known and unknown risks and uncertainties that could
cause actual results, performance and achievements to differ
materially from current expectations, including, but not limited
to, those risks and uncertainties described in the risk factors
included in Allied Minds' regulatory filings. These
forward--looking statements are based on assumptions regarding the
present and future business strategies of Allied Minds and the
environment in which it will operate in the future. Each
forward--looking statement speaks only as at the date of this press
release. Except as required by law, regulatory requirement, the
Listing Rules and the Disclosure Guidance and Transparency Rules,
neither Allied Minds nor any other party intends to update or
revise these forward--looking statements, whether as a result of
new information, future events or otherwise.
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