Driver Group plc Board changes and business disposal (7742U)
2017年10月27日 - 3:00PM
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TIDMDRV
RNS Number : 7742U
Driver Group plc
27 October 2017
27 October 2017
DRIVER GROUP PLC
("Driver" or "the Group")
Board changes and business disposal
Driver Group, the global professional services consultancy to
construction and engineering industries announces changes to the
composition of the Board and the sale of Initiate Consulting
Ltd.
The Board is pleased to announce the appointment of David
Kilgour, FCA, as Chief Financial Officer of the Group. David
qualified with PwC in 1987 and his subsequent career history
includes senior divisional finance roles with AMEC plc for five
years and before that with United Utilities PLC for eight years. He
will join the Group on 6 November 2017. However, in order to ensure
a smooth transition, Hugh Cawley will remain as CFO until the
announcement of the Group's preliminary results for the year ended
30 September 2017, expected on or around 12 December, at which
point David will succeed him and Hugh will step down from the
Board. The Board would like to thank Hugh for his substantial
contribution to the success of the equity refinancing completed
earlier in the year.
The Board also announces that Colin Davies, Non-Executive
Director has notified his intention to step down from the Board at
the end of October. The Board would like to thank Colin for his
contribution over many years.
The Board is also pleased to announce that, in line with its
expressed strategy of focusing on Claims, Disputes and Expert
Witness work, it has recently concluded the sale of Initiate
Consulting Ltd ("Initiate") to PDSI Limited. The consideration,
payable in cash and the amount of which will be finally determined
after certification of the completion balance sheet, is expected to
be something less than GBP0.2m, resulting in a non-cash write down
of goodwill and intangibles of approximately GBP0.9m. It is
estimated that Initiate broke even at an operating level on sales
of GBP3.26m in the financial year ended 30 September 2017. The sale
of Initiate concludes the realignment of the group to focus
exclusively on its core business areas and no further business
disposals are currently contemplated.
Additional Disclosures
David John Kilgour, aged 56, has in the last five years, and
continues to be, a Director of Kilgour Partners Limited. Within the
same period, David was also previously a Director of the following
companies:
AMEC Global Renewables UK Limited
Global Renewables Lancashire Limited
Global Renewables Lancashire Holdings Limited
Global Renewables Lancashire Holdings No 2 Limited
Save as set out above, there is no information specified by
paragraph (g) in Schedule Two to the AIM Rules that is required to
be disclosed.
Enquiries:
Driver Group plc
Gordon Wilkinson (CEO) 07964-518095 gordon.wilkinson@driver-group.com
Hugh Cawley (CFO) 07971-469975 hugh.cawley@driver-group.com
N+1 Singer - Nominated Adviser
Sandy Fraser 0207-496-3000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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