Directorate Change

RNS Number : 1156E

Mercia Technologies PLC

02 July 2019

 

RNS                                                                                                                                                        2 July 2019

Mercia Technologies PLC
("Mercia", the "Group" or the "Company")

Directorate Change

Mercia Technologies PLC (AIM: MERC), the national investment group focused on the identification, creation, funding and scaling of innovative technology businesses with high growth potential from the UK regions, announces that Susan Searle has decided to step down from her role as Non-executive Chair and from the Board with immediate effect. Having been Non-executive Deputy Chair of Mercia at the time of its IPO in December 2014, Susan was elected Non-executive Chair in May 2016.   

Ian Metcalfe, currently the Group's Senior Independent Director, has been appointed as Mercia's new Non-executive Chair. An additional Non-executive Director with specialist asset management experience will be appointed in due course.

Ian Metcalfe commented:

"On behalf of the whole Board, I would like to thank Susan for her significant contribution to Mercia over the last five years. She played an important role during a period in which Mercia has grown to the significantly scaled position it is in today. With our increasing focus on further growing Mercia's assets under management to accelerate the path to profitability, our intention is to appoint a new Non-executive Director in due course with experience of the specialist asset management sector."

Ray Chamberlain, Non-executive Director and co-founder of Mercia, commented:

"Without Susan's involvement from the very beginning of the Company in 2014 and in particular her passion for our success, Mercia would not have grown to become the business we are today. We will all miss her enthusiasm and commitment to Mercia but respect her decision to step down as Non-executive Chair."

Susan Searle added:

"I have taken the decision that now is the right time for me to step aside so I can continue to make the appropriate time commitment for my other roles. It has been an honour to work with the team as Mercia has successfully matured as a business, both by significantly increasing its funds under management and deploying balance sheet capital into high growth technology businesses predominantly from the UK regions. I wish Mercia continued success in the future."

For further information, please contact:

Mercia Technologies PLC	[phone]
Mark Payton, Chief Executive Officer
Martin Glanfield, Chief Financial Officer
www.merciatech.co.uk
Canaccord Genuity Limited	[phone]
Simon Bridges, Emma Gabriel (NOMAD and Broker)
Buchanan	[phone]
Chris Lane, Victoria Hayns, Stephanie Watson
www.buchanan.uk.com

About Mercia Technologies PLC

Mercia is a national investment group focused on the funding and scaling of innovative technology businesses with high growth potential from the UK regions. The Group benefits from 19 university partnerships and offices across the Midlands, the North of England and Scotland providing it with access to high quality, regional deal flow. Mercia Technologies PLC is quoted on AIM with the epic "MERC".

Mercia's 'Complete Capital Solution' initially nurtures businesses via its third-party funds and then over time Mercia can provide further funding to the most promising companies, by deploying direct investment follow-on capital from its own balance sheet. Mercia has c.£500million of assets under management and, since its IPO in December 2014, has invested over £78million across its direct investment portfolio.

 

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