Corporate Update & Change of Adviser

RNS Number : 6628O

Norman Broadbent PLC

22 August 2017

 

Norman Broadbent plc

("Norman Broadbent" or "the Company" or "the Group")

Corporate Update

Norman Broadbent plc (AIM: NBB) - a leading provider of Talent Acquisition & Advisory Services, comprising Board and Executive Search, Interim Management, Research & Insight, Leadership Consulting & Assessment, and executive-level Recruitment Solutions announces the appointment of Gary Browning as Strategic Adviser to the Board and CEO, the appointment of WH Ireland as Nominated Adviser and Broker, the issue of a £300,000 Loan Note and the commencement of CFO Succession Planning.

Appointment of Gary Browning as Strategic Advisor to the Board and CEO

Norman Broadbent is pleased to announce the appointment of Gary Browning as a Consultant and Strategic Adviser to the Board and CEO.

Gary Browning's role at Norman Broadbent will be to provide advice and support in the areas of strategic opportunities, market and competitive developments and to assist in the execution of Norman Broadbent's growth plan.

Gary Browning's appointment brings the benefit of over 20 years' relevant sector experience to the Company. Gary joined Penna Consulting plc, the international human resources consulting group, in 2002. He was Chief Executive from 2005, when the business was capitalised at approximately GBP25m, until 2016 when the business was sold to ADECCO S.A. for GBP105m. His earlier career included 12 years with WPP Group plc where, from 1997 to 2002, he was Managing Director of BDG McColl Ltd.

Gary Browning is currently a Non-Executive Director at CloudCall plc; a Non-Executive Director and Advisor at Lee Hecht Harrison Penna; Board Advisor to MyKindaFuture; a Non-Executive Director at Talking Talent Ltd, a Non-Executive Director at Employment Conditions Abroad, Board Advisor to AMEO ltd and a Director (National Advisory Board) of Career Ready.

Change of Adviser

The Company is also pleased to announce that it has appointed WH Ireland Limited as its Nominated Adviser and Broker with immediate effect.

Issue of Secured Loan Notes

The Company has raised £300,000, through the issue of secured loan notes ("2017 Loan Notes"). The 2017 Loan Notes are being subscribed for by the MI Downing UK Micro Cap Growth Fund.

The 2017 Loan Notes will be repayable on 22 August 2018 and bear interest at 12% per annum which is payable in cash, quarterly in arrears. The proceeds of the 2017 Loan Notes will be used for working capital purposes as the Group prepares for the next phase of the growth plan.

Downing is a substantial shareholder in Norman Broadbent and therefore the issue of the 2017 Loan Notes to Downing is deemed to be a related party transaction pursuant to Rule 13 of the AIM Rules for Companies. The directors of Norman Broadbent, having consulted with the Group's nominated adviser, WH Ireland Limited, consider Downing's participation in the issue of the 2017 Loan Notes to be fair and reasonable insofar as shareholders are concerned.

CFO Succession Planning

James Webber, Group CFO, has indicated to the Board that he intends to leave Norman Broadbent to pursue other business interests. Accordingly the Company has begun a process to find a successor, which is being led by the Group CEO supported by Gary Browning and the Board. The succession planning process is well underway in order to facilitate a seamless hand-over.

Commenting on today's announcement, Group CEO Mike Brennan said:

"We are delighted to welcome Gary to Norman Broadbent. His significant experience and counsel will be of great value to the Board and me as we enter the next stage of our growth plan. We are ambitious for the Company and feel Gary not only understands that ambition, but can help us achieve it.

On behalf of the Board I would also like to thank James Webber for his significant contribution to Norman Broadbent. Having spent nearly 4 years with us, he showed himself to be a loyal and committed member of the Norman Broadbent team. I have greatly enjoyed working with him since I joined the Group as CEO last April. On behalf of everyone at Norman Broadbent, we wish him all the very best.

The Board are also pleased to welcome WH Ireland to Norman Broadbent's group of advisors. As 'Growth Advisors', they seem ideally positioned to help the Company as we enter a new and exciting phase."          

For further information please contact:

Norman Broadbent plc Mike Brennan/James Webber	020 7484 0000
WH Ireland Limited Adrian Hadden/ Jessica Cave	020 7220 1666

Notes to Editors

Norman Broadbent plc is a leading provider of Talent Acquisition & Advisory Services. These comprise Board and Executive Search, Interim Management, Research & Insight, Leadership Consulting & Assessment, and executive-level Recruitment Solutions.

For further information visit www.normanbroadbent.com  

 

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