Appointment of Executive Chairman

RNS Number : 9294A

TLA Worldwide PLC

17 September 2018

 

17 September 2018

TLA Worldwide plc

("TLA" or "the Group")

Appointment of Ian Gray as Executive Chairman

Richard Shamsi, Chief Financial Officer, steps down as a board director

Further to the announcement on 4 September 2018, TLA Worldwide plc (AIM: TLA), a leading athlete representation and sports marketing business, announces that it has appointed Ian Gray as Executive Chairman of the Group.

Ian Gray is expected to be appointed to the Board as soon as practicable at which point Keith Sadler, the current interim Non-Executive Chairman, will revert to his position as Senior Non-Executive Director.

Over the coming weeks, Ian will lead a strategic review of the Group's operations and financial performance with a view to developing and executing a new strategic plan for the Group.

Additionally, for personal reasons Richard Shamsi has tendered his resignation as a director with immediate effect but will continue to act as Chief Financial Officer for the time being and support Ian Gray in the initial stage of his review.

Ian Gray has extensive international experience of business recovery in wide-ranging assignments.  Ian's boardroom experience includes numerous PLCs and spans many different industry sectors, including in particular, the following relevant experience:

·    Chief Executive of Tottenham Hotspur plc.  Led a strategic review that led to a focus on the core activities of football and associated merchandising and negotiated new facilities that allowed the company to relist.  After winning the FA Cup (which qualified the club to play in European matches) became a member of the negotiating team with broadcasters for European transmission rights.

·    Interim COO for CSS Stellar plc, a quoted British theatrical and sports agency based in London.  Company floated with the intention of becoming a global sports and entertainment management business.  Negotiated new bank facilities.

·    Chairman of The Creative Solutions Group.  Headquartered in Hong Kong, this event management company won the mandate to represent the Greek Government in the Cultural Year of Greece in China in the period leading up to the Beijing Olympics.

·    Finance Director of Stoll Moss Theatres Ltd.  Owner and operator of 12 West End theatres including: London Palladium; Theatre Royal Drury Lane; and Victoria Palace Theatre. Turnover grew from £25m to £75m and profits grew from break even to £10m.

·    Executive Chairman FILA EMEA.  A branded sports apparel and footwear distributor/retailer with operations in EMEA, India, Hong Kong, Indonesia, and Vietnam.

Ian is a Fellow of the Institute of Chartered Accountants; holds the Corporate Finance Qualification; is a Chartered Manager; and a Companion of The European Association of Certified Turnaround Professionals. He has won a number of prestigious business awards for his work.

Keith Sadler, interim Non-Executive Chairman, said: "We are delighted to welcome Ian Gray to the Group. Ian will bring a considerable range of skills and experience to bear on the various issues referred to in the Group's announcement on 4 September 2018. The Board looks forward to working with him. The Directors also wish to express their heartfelt thanks to Richard for all his efforts and professionalism in serving the Board and helping us deal with a number of challenging issues over the past year and appreciate his continuing support."

This announcement contains inside information for the purpose of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

Enquiries:

Numis Securities
Nick Westlake and Oliver Hardy (Nomad)	[phone]
Christopher Wilkinson (Broker)
Luther Pendragon
Harry Chathli, Alexis Gore	[phone]

 

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