Directorate Change

RNS Number : 4594X

Screen Technology Group plc

25 June 2008

 



25 June 2008

Screen Technology Group plc

("Screen Technology" or the "Company")

Directorate Changes and Directors' shareholdings

Directorate changes

Screen Technology, announces that Mr Thomas Swan, a Non Executive Director, resigned from the Board of the Company with effect from 18 June 2008 following completion of the recent Placing and Open Offer. 

In addition, the Company is pleased to announce the appointment to the Board of Kevin Gate, aged 56, and Derek McLennan, aged 40, as Non-executive Director, with effect from 17 June 2008. 

Commenting on the resignation and the appointments Tom Jarman, Chief Executive, said the following:

"The Board would like to thank Tom for his commitment and enthusiasm during his time as Non Executive Director of Screen Technology and for his support of the Company as a shareholder over the last 10 years. We now move forward with the investment from and support of Scaent Holdings, our new majority shareholder."

"Kevin's experience and understanding of what makes a good business will be a major asset to the Company. He has been instrumental in putting together the recent fund raising and the relationship with Scaent which is an exceptional step forward for the Company. We are delighted to welcome him to the Board, he has already proven that he will be a significant mentor and ally in driving growth and success into the Group."

"Derek's positive thinking and corporate restructuring experience combined with his powerful European business network, particularly in former CIS countries, and clear driven ability to 'make things happen' will have a major impact on the Company and we are delighted to welcome him to the Board."

Kevin Gate

In 1985 Mr. Gate became founder Director of Avon Leisure (Bath) Limited and transformed the company from a small proprietary business to a charter boat business well known in the West Country. Between 1994 and1996 he negotiated the purchase of Anglo Welsh Waterways Holiday business from Barclaycard and brought the company back into profitability within one year. From 1999 he embarked on a career as a corporate finance adviser with Icon Corporate Finance and since 2004 has continued as an independent consultant for the company "Gate Minds Ltd".  Mr. Gate has over twenty five years' experience of running companies from start up to pre-IPO and exit, and approximately seven years corporate finance advice leading and closing around 30 transactions in the technology sector. Additionally, he has hands on experience of change management in the Leisure, Telecommunications and IT sectors and an impressive track record of maximising shareholder value, often in very difficult circumstances.  Mr. Gate joined the Scaent Group in 2007 in a global role as Group Chief Financial Officer.

The Companies which Mr. Gate has been a director of in the past five years are as follows:

Current Directorships:

Solsoft Technology Limited

Gate Minds Limited 

Past Directorships:

Avon Leisure (Bath) - The company was put into a CVA on 17 November 1994 and the CVA was successfully completed on 14 September 1998. 

National Livestock Records Limited

There are no further disclosures to be made under Schedule 2, paragraph (g) of the AIM Rules.

Derek McLennan

After serving in the Armed Forces and a period of further education in 1994 Mr McLennan joined TBA Ltd, as operations Director, a software development company which won several national business awards. In 1999 he was appointed Managing Director of Steel Monkeys Ltd, a video games company, where he successfully negotiated several licensed deals and contracts with BBC Worldwide, MGM, General Motors, Take Two Inc., Electronic Arts Inc. and West McLaren Mercedes Racing. This company won several national and international awards for its products. Between 2004 and 2005 Mr. McLennan held various positions within the Unitrade Group, including General Manager, General Director and Managing Director. During this time he also served as an Executive Director on the Board of Scaent AB. In 2005 he was appointed to the global position of Executive Vice President and Board Member of the Scaent Group and was tasked with the complete global restructuring of the Group companies and projects. This was completed successfully in late 2007 and contributed greatly to the Group's 500% increase in turnover over the three year period. Mr. McLennan sits on the boards of many Scaent Group subsidiary companies and has a BBA Degree in Business Administration. He is also a Member of the United Kingdom Institute of Directors. 

The Companies which Mr. McLennan has been a director of in the past five years are as follows.

Current Directorships:

Scaent Holdings Cooperatie UA

Unitrade International Holdings Ltd

Gonen Bir Enerji AS 

Interenergo BV 

Unitrade Services LLP

Past Directorships:

Redmitek Games Ltd 

Steel Monkeys Ltd - The Company was wound up in August 2004, through a voluntary liquidation with a deficiency to creditors of £890,000. 

There are no further disclosures to be made under Schedule 2, paragraph (g) of the AIM Rules.

Directors' shareholdings

Following the completion of the Placing and Open Offer and the admission to trading of 167,600,577 New Ordinary Shares, the Directors of the Company have the following shareholdings in Screen Technology. 

	Existing Holding following completion of the Placing and Open Offer
Name	Number	%
Tom Jarman	3,170,303	1.56
Peter Smyth	814,717	0.40
Kevin Gate	15,151,515	7.45
Derek McLennan	15,151,515	7.45

Enquiries: 

Screen Technology Group plc Tom Jarman	Tel:  [phone]
Charles Stanley Securities  Nominated Adviser Russell Cook / Carl Holmes	Tel: [phone]

 

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