Potential Disposal and Directorate Change

RNS Number : 1680J

Altitude Group PLC

15 August 2019

 

ALTITUDE GROUP PLC

 (the "Company", the "Group" or "Altitude")

Potential asset disposal and Directorate Change

Altitude Group plc (AIM: ALT), the operator of the leading marketplace for personalised products, provides the following update.

Potential asset disposal

The Company has received an unsolicited approach which may or may not lead to an offer for our Manchester based promotional product Trade Only^tm supply business, AdProducts.com Limited ("ADP").

In recognition of the value potential of the US business and our increasing focus of management resources on AIMastermind ("AIM") in the US, the Board has decided to explore the potential divestment of ADP.

The ADP business has a reputation for speed of delivery and value pricing and its recently increased operational capacity will allow it to grow sales substantially and is therefore an attractive proposition to USA and EU based promotional product suppliers wishing to service market leading distributors in the UK.

Directorate Change

Gellan Watt, a Non-Executive Director of the Company, will step down from the Board at the end of August 2019 to allow him to focus on his other commitments.

As our value creation shifts fully to the North American market opportunity, we have considered the composition of the Board and have determined to focus our efforts on the recruitment of a new Non-Executive Director with US experience.

Nikki Stella, Group CEO said:

"We have a clear focus on providing incredible services to our Preferred Supplier Partners and Members on the AIM platform, and subsequently growing our US business substantially. We therefore, following the receipt of the unsolicited approach for ADP, made the decision for the UK management team to explore the approach. Sale proceeds generated will be allocated to, and invested in, US growth and we will provide a further trading update on 5^th September.

Finally, on behalf of the Board, I would like to thank Gellan for his contribution to the legacy businesses over the last few years and wish him all the best with his future endeavors."

Enquiries:

Altitude Group plc Nichole Stella, Chief Executive Officer Graeme Couturier, Chief Financial Officer Peter Hallett, Non-Executive Chairman	Via Instinctif - 020 7457 2020
finnCap ltd Jonny Franklin-Adams (Corporate Finance) Scott Mathieson (Corporate Finance) Richard Chambers (ECM)		020 7220 0500
Instinctif Partners (Financial PR) Matthew Smallwood Chantal Woolcock	020 7457 2020

 

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