Proxama PLC AGM Statement (3686I)
March 21 2018 - 2:01AM
UK Regulatory
TIDMPROX
RNS Number : 3686I
Proxama PLC
21 March 2018
21 March 2018
Proxama PLC
("Proxama" or the "Company")
AGM Statement
Proxama plc (AIM: PROX), the leading mobile location data and
intelligence expert, is holding its Annual General Meeting today at
9.00am at the offices of Redleaf Communications, Sky Light City
Tower, 50 Basinghall Street, London EC2V 5DE.
Ahead of the formal business of the meeting, Kelvin Harrison,
Non-Executive Chairman of Proxama, will make the following
statement:
"2017 was a transformational year for Proxama. The sale of the
Digital Payments Division and the successful GBP3.1 million placing
and open offer mean the Company is now debt free.
A new management team, including a new Chairman, CEO, CFO and
Chief Strategy Officer, have completed the restructuring of the
Company, and the cost base has been radically reduced with
administrative costs now running at less than half of their 2017
level. The London and Norwich offices have been relocated to more
cost-effective sites and headcount has been reduced substantially
to 16 from 60 people at the end of 2016.
As a result, we are well placed to pursue our new strategy,
focused on the rapidly growing location data market and I am
pleased to report that we are trading in line with management
expectations.
The Company has also set new KPIs for 2018 focused on gathering
30 billion data points with an audience of 10 million consumers,
and aims to launch and monetise two new products.
A resolution will be put to the AGM to change the Company's name
to Location Sciences Group PLC, reflecting this new strategy.
Subject to shareholder approval, following the AGM, the Company
will also launch a new website with improved shareholder
functionality.
There will be a presentation from senior management following
the AGM, outlining why the Company has focused on location data and
intelligence, including the market opportunity and a product
demonstration.
We are also pleased that, as separately announced today,
Benjamin Chilcott will be appointed as a non-executive director of
the Company, following conclusion of the AGM. Benjamin brings a
wealth of experience and relationships with brands, agencies and
products.
The new Board is pleased with the progress that the Company has
already made and we look forward to updating shareholders as our
strategy unfolds."
End
Enquiries:
Proxama PLC Via Redleaf Communications
Mark Slade, Chief Executive
Officer
David Rae, Chief Financial
Officer
Stockdale Securities Tel: +44 (0)20 7601 6100
Limited
Tom Griffiths
Ed Thomas
Redleaf Communications Tel: +44 (0) 20 3757
6880
Charlie Geller
Fiona Norman
This information is provided by RNS
The company news service from the London Stock Exchange
END
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