Appointment of CEO and Award of Options

Synectics PLC

18 November 2024

 

18 November 2024

Synectics plc

("Synectics" or the "Company")

Appointment of Chief Executive Officer

and

Award of Options

Synectics plc (AIM: SNX), a leader in advanced security and surveillance systems, is pleased to announce the appointment of Amanda Larnder, currently interim Chief Executive Officer and Chief Financial Officer, as its Chief Executive Officer with immediate effect.

Following the sudden passing of Paul Webb, the Company's former Chief Executive Officer, in late August 2024, Amanda has been instrumental in ensuring that the Company continues its positive growth trajectory in what has been a difficult period for the Company and its employees.

After a period of evaluation, led by Bob Holt, Synectics' Non-Executive Chair, the Board unanimously agreed to Amanda's appointment as Chief Executive Officer.  Amanda has been Synectics' Chief Financial Officer since July 2022 when she rejoined the Company and has over 16 years' experience in leadership roles, including within Synectics.

Amanda will continue to oversee the Company's finance and administrative functions until her replacement as Chief Financial Officer is appointed, the search for which is underway. The Company will release further announcements on this process as appropriate.

Award of Options

Upon her appointment, Amanda has been granted options over, in aggregate, 1,000,000 ordinary shares of 20 pence each in the Company under a new long term incentive plan, which vest on a straight-line basis based on share price performance from £2.90 (0% vesting) to £6 (100% vesting) and are exercisable from 30 November 2027. The options are exercisable at 20 pence per share. This new plan, the Executive Growth Plan, has been set up by the Company's Non-Executive Directors, who consider that it will help to drive long-term sustainable growth and build shareholder value. The vesting date of the options which were awarded in late April 2024 to Bob Holt upon his appointment as Non-Executive Chair has been extended to align with this award.

The award of the options set out above to Amanda Larnder and the extension of the vesting date of Bob Holt's existing options, in aggregate, is deemed to be a related party transaction pursuant to the AIM Rules for Companies (the "Related Party Transaction"). The independent Directors of the Company, being Dr Alison Vincent CBE, Andrew Lockwood and Jon Kempster, consider, having consulted with the Company's nominated adviser, Shore Capital and Corporate Limited, that the Related Party Transaction is fair and reasonable so far as the shareholders of the Company are concerned.

Bob Holt, Non-Executive Chair of Synectics, commented:

"On behalf of the Board, I am delighted that Amanda has been appointed as the Company's permanent Chief Executive Officer, after what has been a challenging period for everyone at Synectics. Not only has Amanda provided both stability and strength, but her knowledge of, enthusiasm and strategic vision for Synectics have been central in this decision.

The Board and I look forward to continuing to work closely with Amanda as we focus on implementing our strategy, ultimately delivering growth to all stakeholders."

For further information, please contact:

Synectics plc Amanda Larnder, CEO and CFO Claire Stewart, Company Secretary email: [e-mail]	Tel: [phone] www.synecticsplc.com
Shore Capital	Tel: [phone]
Corporate Advisory - Tom Griffiths / David Coaten / Rachel Goldstein Corporate Broking - Fiona Conroy
Vigo Consulting   Jeremy Garcia / Fiona Hetherington / Peter Jacob [e-mail]	Tel: [phone]

About Synectics plc

Synectics (AIM: SNX) is a leader in advanced security and surveillance systems that help protect people, property, communities, and assets around the world.

The Company's expertise is in providing solutions for specific markets where security and surveillance are critical to operations. These include gaming, oil and gas, public space, transport, and critical infrastructure.

Synectics has deep industry experience in these markets and works closely with customers to deliver solutions that are tailored to meet their needs. Technical excellence, combined with decades of experience and long-standing customer relationships, provides fundamental differentiation from mainstream suppliers and makes the Company a stand-out in its field.

Find out more at www.synecticsplc.com

 

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