Update on Mercedes Action & Directorate Change

RNS Number : 3144W

Anexo Group PLC

14 April 2023

 

14 April 2023

Anexo Group plc

('Anexo' or the 'Group')

Update on Mercedes Benz Class Action

Directorate Change

Anexo Group plc (AIM: ANX), the specialist integrated credit hire and legal services provider, is pleased to announce that proceedings have been issued against Mercedes and its affiliates in the High Court, alongside more than 12,000 other claimants. The claim will be formally served on the Defendants in early summer.

On 9 February 2023, a High Court Judge approved a Group Litigation Order which ensures that all the allegations being made against Mercedes by over 300,000 Claimants will be addressed in one set of proceedings. As previously announced, the Order was granted on 8 March 2023. The Judge at the hearing set out a timetable for the progress of the claim. The Order setting out these measures will now need to be confirmed by the President of the High Court King's Bench Division, and we anticipate receiving this imminently. A steering committee has now been formed to represent the best interests of all Claimants and Bond Turner is a member of the Claimant Solicitors' Committee.

We remain confident that these cases have the potential to be of significant value to both the Claimants and the Group.

Directorate Change

The Board announces that Mark Fryer has resigned from the Board and will cease to be a Director of Anexo plc today. We thank Mark for his service and wish him well in all his endeavours.

The Board is delighted to announce that the position of Interim Chief Financial Officer will be filled by Gary Carrington. Gary is a Chartered Accountant who spent twenty-two years at major accounting firms, ending as Corporate Tax Partner at RSM. He subsequently spent five years at Fletchers Solicitors Limited, primarily as Chief Financial Officer. Gary joined the Group in July 2020 as Head of Operations.

The Board intends to appoint Gary as a Director at the next Board meeting, to be held on 18 April 2023, upon completion of the necessary AIM Rule requirements.

Alan Sellers, Executive Chairman of Anexo Group, commented: "We are delighted to announce a more senior role for Gary. He has a wealth of experience in the sector and after nearly three years with the Group fully warrants this step up to Board level."

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For further enquiries:

Anexo Group plc	[phone] www.anexo-group.com
Alan Sellers, Executive Chairman Nick Dashwood Brown, Head of Investor Relations
WH Ireland Limited (Nominated Adviser & Joint Broker)
Chris Hardie / Hugh Morgan/ Darshan Patel / Enzo Aliaj (Corporate) Fraser Marshall / Harry Ansell (Broking)	[phone] www.whirelandplc.com/capital-markets
Zeus Capital plc (Joint Broker) Louisa Waddell (Investment Banking) Simon Johnson (Corporate Broking)	[phone] w ww.zeuscapital.co.uk

Notes to Editors:

Anexo is a specialist integrated credit hire and legal services provider. The Group has created a unique business model by combining a direct capture Credit Hire business with a wholly owned Legal Services firm. The integrated business targets the impecunious not at fault motorist, referring to those who do not have the financial means or access to a replacement vehicle.

Through its dedicated Credit Hire sales team and network of over 1,100 active introducers around the UK, Anexo provides customers with an end-to-end service including the provision of Credit Hire vehicles, assistance with repair and recovery, and claims management services. The Group's Legal Services division, Bond Turner, provides the legal support to maximise the recovery of costs through settlement or court action as well as the processing of any associated personal injury claim.

The Group was admitted to trading on AIM in June 2018 with the ticker ANX.

For additional information please visit: www.anexo-group.com . To subscribe to our investor alert service and receive all press releases, financial results and other key shareholder messages as soon as they become available, please visit: https://www.anexo-group.com/content/investors/alert.asp .

 

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