TIDMJHD
RNS Number : 3246S
James Halstead PLC
02 October 2017
2 October 2017
Board Changes
James Halstead plc, the commercial flooring manufacturer and
distributor, is today announcing certain Board changes.
Mr Geoffrey Halstead will stand down as Chairman at the upcoming
annual general meeting to be held on 1 December 2017. Mr Halstead
has been a Director of the company for 55 years, the last 17 as
Chairman. In the light of this achievement the Board has extended
to Mr Halstead the honorary title of President.
In addition to this, Mr Eberhard Lotz has notified his intention
to retire at the upcoming AGM after 9 years on the Board and 21
years with the group (having previously been the Managing Director
of Objectflor, our German subsidiary).
Consequent to these departures the Board proposes the following
changes. Mr Anthony Wild, who has held the role of Senior
Independent Director since 2001, will step up to the position of
Chairman and Mr Stephen Hall, a Director since 2012, will succeed
Mr Wild as the Senior Independent Director.
With regard to restoring the Board to a full complement it is
proposed to bring on to the Board two new Non-Executive Directors
effective from the date of the upcoming AGM, on 1(st) December
2017.
Mr Russell Whiting, aged 51, who is a local businessman and a
Director and shareholder of Associated Credits Holdings Ltd. Mr
Whiting has extensive experience of offering leasing solutions to a
broad range of commercial enterprises.
Mr Michael Halstead, aged 60, is an executive of many years
standing in the advertising industry, in recent years for his own
company (HH&S Group Ltd) and formerly as an account director
for Saatchi & Saatchi.
Commenting on the Board changes Mark Halstead, Chief Executive
said:
"On behalf of the Board I would firstly like to thank Eberhard
for his major contribution to the Group over the last 20 years and
wish him well for the future. We also pay tribute to the
exceptional contribution Geoffrey has made to the success of James
Halstead over the last 55 years. Under his leadership the Company
has been transformed from a largely textile based business to a
leading global supplier of largely UK manufactured product that has
consistently delivered market leading shareholder returns. His
industry knowledge and passion for the business is unrivalled and
we are very glad that he has accepted the honorary title of
President.
In addition, I welcome Russell Whiting and Michael Halstead to
the Board and look forward to their contribution as James Halstead
seeks to exploit the exciting opportunities that lie ahead."
Please refer to Annex 1 for all further disclosures relating to
Rule 17 or paragraph (g) of Schedule 2 of the AIM Rules for
Companies.
Enquiries:
Mark Halstead, Chief Executive
Gordon Oliver, Finance Director Telephone: 0161 767 2500
Nick Lyon - Hudson Sandler Telephone: 020 7796 4133
Ben Thorne/ Andrew Potts - Panmure Gordon (Nominated Adviser & Joint Broker) Telephone: 020 7886 2500
Chris Hardie - Arden Partners (Joint Broker) Telephone: 020 7614 5900
Annex 1
Michael James Halstead (age 60) is, or has been in the previous
five years, a director or partner of the following companies:
Current directorships Previous directorships
HH&S Group Limited Cowes Week Limited
HH&S Limited
Letmetryit.com Limited
Marketing Agencies Association
Limited
Mtwoend Limited
Poems Courses Limited
Retail Marketing Partnership
Limited
Sterling Marketing Limited
Summit Sales Promotion
Limited
Tangram Marketing Limited
Michael Halstead was appointed as a director of Carchase Limited
on 24 March 2000. On 18 June 2002, the company was issued with a
notice of winding up order. A final meeting of creditors was held
on 23 October 2003 and the deficiency to creditors was GBP161,555.
The company was dissolved on 4 February 2004.
Michael Halstead was appointed as a director of Sterling
Marketing Limited on 22 August 2015. On 25 April 2017, the company
was issued with a notice of winding up order. The company is still
in the process of being wound up and the deficiency to creditors is
yet to be determined. The statement of affairs as at 12 April 2017
shows a deficiency as regards to creditors or GBP274,965. The
principal creditor is HH&S Group Limited totalling GBP190,006,
which is 50% owned by Michael Halstead.
Michael Halstead has a direct interest in 2,000 ordinary shares
in James Halstead plc, which represents 0.001% of James Halstead's
issued share capital.
In addition, the estate of his late father, Arthur Halstead,
holds 1,500,000 ordinary shares in James Halstead plc.
Russell Peter Whiting (age 51) is, or has been in the previous
five years, a director or partner of the following companies:
Current directorships Previous directorships
Associated Credits Holdings None
Limited
Associated Credits Limited
Corporate Fleet Care
Finance Limited
Fimdon Asset Finance
Limited
Fimdon Commercial Leasing
Limited
Fimdon Finance Leasing
Limited
Fimdon Finance Limited
Fimdon Motor Finance
Limited
Fimdon Vehicle Leasing
Limited
Peter Read Investments
Limited
Scott Adamsons Associated
Limited
Scott Adamsons Management
Limited
Valdor Commercial Leasing
Limited
Valdor Holdings Limited
Valdor Industrial Developments
Limited
Vistahurst Limited
Wrenwood Group Finance
Limited
Russell Whiting does not have an interest in any ordinary shares
of James Halstead plc.
Associated Credits Limited has arranged motor vehicles leasing
finance solutions to James Halstead plc.
There are no other disclosures required in relation to Rule 17
or paragraph (g) of Schedule 2 of the AIM Rules for Companies.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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