Board Changes and Update
February 16 2006 - 1:02AM
UK Regulatory
RNS Number:4970Y
TripleArc PLC
16 February 2006
16th February 2006
TripleArc Plc
('TripleArc' or the 'Company')
Board Changes and Trading Update
Board changes
The Company announces that with effect from today, 16th February 2006, Richard
Atkins has been appointed as non-executive Chairman of the TripleArc Board.
Richard has spent the majority of his career within the IT and Support Services
industries, most recently at IBM where he held a number of senior positions in
marketing, strategy and general management. In 1991, as finance director, he led
the MBO of Data Sciences from Thorn EMI before managing its acquisition by IBM
in 1996. Richard is an FCA and is also a non-executive director at Compel Group
plc and Global Crossing (UK) plc.
Also effective today, the Company announces that Chris Pople, JT Wong and Nick
Haigh have resigned from the TripleArc Board. Chris Pople and JT Wong will be
leaving the Company to pursue other interests and the Board wishes them every
success for the future. Nick Haigh will remain with the Company to continue to
assist in the development of the sales function.
Trading Update
The Company will be releasing its preliminary results for the year ended 31
December 2005 in April 2006.
Whilst 2005 was a difficult year, the TripleArc Group continued to generate good
levels of operating cash flow which enabled the Company to manage its debt
efficiently. The Company's long term loan facility with HSBC decreased by #1.25
million on the prior year and the Company's net debt position at 31 December
2005 (including the invoice discounting facility acquired with the Stream
business) stood at #17.7 million.
The Board remains confident in the prospects for TripleArc and looks forward to
further updating shareholders in April.
Jason Cromack, CEO of TripleArc, commented:
"On behalf of the Board I would like to welcome Richard to TripleArc. Richard's
wealth of knowledge and experience will prove invaluable in helping us to
deliver on our growth strategy and in shaping the future direction of the
Company. I believe he will prove a valuable member of the team and look forward
to working with him.
This year is all about driving growth and working with our customers to deliver
added-value solutions that provide them with sustainable cost savings in their
communications strategies. We have worked hard to ensure that the Company is now
on a firm footing to deliver shareholder value in 2006."
Richard Atkins, said:
"I am delighted to be joining the board of TripleArc as Chairman. As more and
more companies look to the benefits of outsourcing, the growth opportunities
available to TripleArc are encouraging and I look forward to working with the
executive team to deliver value to TripleArc shareholders."
For further information:
TripleArc Plc - 0117 933 1000
Jason Cromack
Weber Shandwick Square Mile - 020 7067 0700
Terry Garrett / Nick Dibden
Further information on Richard Atkins
The following disclosures are being made pursuant to Paragraph G of Schedule 2
to Part One of the AIM Rules:
Full name and age:
Richard Charles Atkins (FCA) aged 53.
Current directorships:
Compel Group plc
Global Crossing (UK)Finance plc
Global Crossing (UK) Telecommunications plc
Quillot Associates Ltd
Directorships in the last 5 years:
IBM United Kingdom Trust Ltd - Resigned December 2004
Mr Atkins has also confirmed that.
* he has no unspent convictions in relation to indictable offences;
* he has not been involved in any bankruptcies or individual voluntary
arrangements;
* he has not been involved in any receiverships, compulsory liquidations,
creditors voluntary liquidations, administrations, company voluntary
arrangements or any composition or arrangements with creditors of any
company where he was a director with an executive function at the time or
within the 12 months preceding such events;
* he has not been a partner at the time of or in the 12 months preceding
any compulsory liquidation, administrations or partnership voluntary
arrangements of any partnership;
* he has not been a partner of any partnership at the time or in the 12
months preceding any receiverships of any asset of such partnerships and
none of his personal assets have been subject to receiverships; and
* he has not been the subject of any public criticism by any statutory or
regulatory authority and has not been disqualified by a court from acting
as director of a company or from acting in the management or conduct of the
affairs of any company.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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