Board Changes

RNS Number : 0851O

Microsaic Systems plc

05 February 2021

 

5 February 2021

Microsaic Systems plc

("Microsaic" or the "Company")

Board changes

Microsaic (AIM: MSYS), the point-of-need mass spectrometry company, is pleased to announce that, further to the fundraise announcements on 19 January 2021 and the passing of the resolutions at the General Meeting held yesterday, Gerard Brandon and Dr Nigel Burton are appointed to the Board of the Company as Non-Executive Chairman and Non-executive Director respectively, with effect from 8.00 a.m. today.

The Finance & Audit and Remuneration Committees will be chaired by Dr. Nigel Burton, and Gerard Brandon will be a member of both committees. Dr. Nigel Burton will assume the responsibilities of Senior Non-Executive Director. These arrangements will be reviewed when an independent Non-executive Director joins the Board.

Gerard Brandon is Chief Executive Officer of both DeepVerge plc and Cellulac plc. In 1996 he became founder and CEO of Alltracel Pharmaceuticals plc ("Alltracel"), where he built a team which oversaw numerous patents granted on refined cellulose.  Alltracel was admitted to trading on AIM in 2001. In 2004, he was appointed as a Managing Partner for Farmabrand Private Equity. In March 2020, he was appointed as a Non-executive Chairman to Modern Water plc, which was subsequently acquired by DeepVerge plc (formerly Integumen plc) in November 2020. Gerard is a Fellow of the Ryan Academy of Entrepreneurs in Dublin.

Dr. Nigel Burton spent over 14 years as an investment banker at leading City institutions including UBS Warburg and Deutsche Bank, including as the Managing Director responsible for the energy and utilities industries. Nigel spent 15 years as Chief Financial Officer or Chief Executive Officer of a number of private and public companies. Nigel is currently a Non-executive Director of LSE Main Market listed BlackRock Throgmorton Trust plc, and of the AIM quoted companies Digitalbox plc, eEnergy Group plc and Mobile Streams plc. In February 2020, he was appointed as a Non-executive Director of Modern Water plc, which was subsequently acquired by DeepVerge plc (formerly Integumen plc) in November 2020, following which he became a Non-executive Director of DeepVerge plc.

As anticipated in the Circular published on 19 January 2021, Peter Grant, Non-executive Chairman and Eric Yeatman, Non-executive Director, stepped down from the Board with effect from 8.00 a.m. today.   Eric Yeatman will be retained as a consultant.

Gerard Brandon, Chairman, said:

"Nigel and I are delighted to be joining the Board and look forward to working with, and supporting, management to commercialise the amazing technology built over the last 19 years. Investing in the recent Placing and taking our respective Director fees only in shares, we have full confidence for the future of Microsaic.

The Company would also like to take this opportunity to thank Peter Grant for his contribution as Chairman over the past three years and Professor Eric Yeatman for his contribution as one of the original founders of the Company and a Director since 2001. We are pleased to be retaining Eric as a consultant to the Company given his expert knowledge of the Company's technology and business."

  Enquiries:

Microsaic Systems plc
Glenn Tracey, CEO	[phone]
Bevan Metcalf, FD
N+1 Singer	[phone]
(Nominated Adviser and Joint Broker) Aubrey Powell / George Tzimas / Tom Salvesen
Turner Pope Investments (TPI) Limited  (Joint Broker)	[phone]
Zoe Alexander / Andy Thacker

In accordance with obligations under the AIM Rules Schedule 2(g), Gerard James Brandon, 59, holds or has held the following directorships in the previous five years:

Current directorships	Past directorships
Innovenn UK Ltd	Visible Youth Limited
Deepverge plc (nee Integumen plc)	VY Club Ltd
Pursuit Marine Drive Ltd
Cellulac plc
Cellulac Trading Ltd
Rincloud Ltd
Modern Water plc
Parity Group plc Integumen Ltd LifescienceHub UK Limited AER Sustainable Energy Limited LifescienceHub Ireland Limited Integumen Ireland Limited Stoer Ireland Limited

In accordance with obligations under the AIM Rules Schedule 2(g), Dr. Nigel John Burton, 62, holds or has held the following directorships in the previous five years:

Current directorships	Past directorships
Wasdale Head Limited	Management Resource Solutions plc
Wasdale Head Inn Limited	Nu-Oil and Gas plc
SenseToys Limited	Remote Monitored Systems plc
ASD Visual Aids Limited	GyroMetric Systems Limited
Digitalbox plc	Strat Aero International Limited
Tau Capital plc	UKAerovision Limited
Energy Group plc	Corcel plc
Mobile Streams plc
Streams Data Limited
Mobile Streams Inc
Modern Water plc
eEnergy Holdings Limited
DeepVerge plc
Blackrock Throgmorton Trust plc

Dr Burton was a director of Pease Limited within the 12 months prior to the company appointing a liquidator in June 1998. The company was subsequently liquidated in 2002.

There is no further information to be disclosed pursuant to Schedule 2(g) of the AIM Rules for Companies.

Dr. Burton currently holds 500,000 ordinary shares in Microsaic Systems plc.  A separate announcement is today being made confirming the interests of Mr. Brandon and Dr. Burton following completion of the fundraising for the Company.

About Microsaic Systems

Microsaic Systems plc (AIM: MSYS) is a high technology company which develops point-of-need mass spectrometers (MS) designed to improve the efficiency of chemical and biological workflows.

The Company was initially established to develop miniaturised MS instruments based on micro-electromechanical systems (MEMS) technology originating at the highly regarded Optical and Semiconductor Devices Group at Imperial College London. Since being established in 2001, the Company has invested substantially in core intellectual property specific to its miniaturised MS, with over 60 patents in chip based, compact MS.

The Company has sold over 160 instruments to date and has signed over ten commercial partners, including in North America, Europe, China, SE Asia and Japan, with the majority of signings occurring in 2018 and 2019. For more information, please go to www.microsaic.com . 

 

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