Norman Broadbent PLC Corporate Update & Change of Adviser (6628O)
August 22 2017 - 4:36AM
UK Regulatory
TIDMNBB
RNS Number : 6628O
Norman Broadbent PLC
22 August 2017
Norman Broadbent plc
("Norman Broadbent" or "the Company" or "the Group")
Corporate Update
Norman Broadbent plc (AIM: NBB) - a leading provider of Talent
Acquisition & Advisory Services, comprising Board and Executive
Search, Interim Management, Research & Insight, Leadership
Consulting & Assessment, and executive-level Recruitment
Solutions announces the appointment of Gary Browning as Strategic
Adviser to the Board and CEO, the appointment of WH Ireland as
Nominated Adviser and Broker, the issue of a GBP300,000 Loan Note
and the commencement of CFO Succession Planning.
Appointment of Gary Browning as Strategic Advisor to the Board
and CEO
Norman Broadbent is pleased to announce the appointment of Gary
Browning as a Consultant and Strategic Adviser to the Board and
CEO.
Gary Browning's role at Norman Broadbent will be to provide
advice and support in the areas of strategic opportunities, market
and competitive developments and to assist in the execution of
Norman Broadbent's growth plan.
Gary Browning's appointment brings the benefit of over 20 years'
relevant sector experience to the Company. Gary joined Penna
Consulting plc, the international human resources consulting group,
in 2002. He was Chief Executive from 2005, when the business was
capitalised at approximately GBP25m, until 2016 when the business
was sold to ADECCO S.A. for GBP105m. His earlier career included 12
years with WPP Group plc where, from 1997 to 2002, he was Managing
Director of BDG McColl Ltd.
Gary Browning is currently a Non-Executive Director at CloudCall
plc; a Non-Executive Director and Advisor at Lee Hecht Harrison
Penna; Board Advisor to MyKindaFuture; a Non-Executive Director at
Talking Talent Ltd, a Non-Executive Director at Employment
Conditions Abroad, Board Advisor to AMEO ltd and a Director
(National Advisory Board) of Career Ready.
Change of Adviser
The Company is also pleased to announce that it has appointed WH
Ireland Limited as its Nominated Adviser and Broker with immediate
effect.
Issue of Secured Loan Notes
The Company has raised GBP300,000, through the issue of secured
loan notes ("2017 Loan Notes"). The 2017 Loan Notes are being
subscribed for by the MI Downing UK Micro Cap Growth Fund.
The 2017 Loan Notes will be repayable on 22 August 2018 and bear
interest at 12% per annum which is payable in cash, quarterly in
arrears. The proceeds of the 2017 Loan Notes will be used for
working capital purposes as the Group prepares for the next phase
of the growth plan.
Downing is a substantial shareholder in Norman Broadbent and
therefore the issue of the 2017 Loan Notes to Downing is deemed to
be a related party transaction pursuant to Rule 13 of the AIM Rules
for Companies. The directors of Norman Broadbent, having consulted
with the Group's nominated adviser, WH Ireland Limited, consider
Downing's participation in the issue of the 2017 Loan Notes to be
fair and reasonable insofar as shareholders are concerned.
CFO Succession Planning
James Webber, Group CFO, has indicated to the Board that he
intends to leave Norman Broadbent to pursue other business
interests. Accordingly the Company has begun a process to find a
successor, which is being led by the Group CEO supported by Gary
Browning and the Board. The succession planning process is well
underway in order to facilitate a seamless hand-over.
Commenting on today's announcement, Group CEO Mike Brennan
said:
"We are delighted to welcome Gary to Norman Broadbent. His
significant experience and counsel will be of great value to the
Board and me as we enter the next stage of our growth plan. We are
ambitious for the Company and feel Gary not only understands that
ambition, but can help us achieve it.
On behalf of the Board I would also like to thank James Webber
for his significant contribution to Norman Broadbent. Having spent
nearly 4 years with us, he showed himself to be a loyal and
committed member of the Norman Broadbent team. I have greatly
enjoyed working with him since I joined the Group as CEO last
April. On behalf of everyone at Norman Broadbent, we wish him all
the very best.
The Board are also pleased to welcome WH Ireland to Norman
Broadbent's group of advisors. As 'Growth Advisors', they seem
ideally positioned to help the Company as we enter a new and
exciting phase."
For further information please contact:
Norman Broadbent plc
Mike Brennan/James Webber 020 7484 0000
WH Ireland Limited
Adrian Hadden/ Jessica Cave 020 7220 1666
Notes to Editors
Norman Broadbent plc is a leading provider of Talent Acquisition
& Advisory Services. These comprise Board and Executive Search,
Interim Management, Research & Insight, Leadership Consulting
& Assessment, and executive-level Recruitment Solutions.
For further information visit www.normanbroadbent.com
This information is provided by RNS
The company news service from the London Stock Exchange
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