Management Change, Furlough Update

RNS Number : 3853O

Sabien Technology Group PLC

29 May 2020

 

29 May 2020

Sabien Technology Group plc
("Sabien" or the "Company")

Management Change; furlough update

The Board of Sabien announces that David Bakst has resigned his role as Managing Director (non-Board) of the Sabien operating company and will leave the employment of the Company by mutual agreement on 31 May 2020.

As the majority of Sabien staff are currently on Covid19 furlough, David's departure will have no immediate impact on business operations. Pending a full return to normal working after the current lockdown, Sabien Executive Chairman, Richard Parris, will undertake the day-to-day management of the operating business.

It is likely that the Company will continue to work with David Bakst from time-to-time on special projects.

Regarding the 31st March 2020 announcement that the Company was placing 85% of staff on furlough, the Company is pleased to report it has live orders for the installation of 350 Sabien M2G units from multiple customers. Some of these customers are indicating that Sabien engineers can start to return to site to undertake installations from early July. Subject to this site access being granted, we anticipate a phased return to normal operations from 1^st July. This will enable the Company to meet customer demand to install purchased units before the start of the winter heating season.

Richard Parris, Chairman said, "On behalf of the Board, I would like to thank David for his significant contribution as a member of the senior management team at Sabien over the last fourteen years". I also thank Sabien staff for their forbearance during their continuing furlough and I look forward to working with the team to tackle a strong order backlog. Their support has helped prepare the Company for a strong recovery post-pandemic."

For further information please contact:

For further information:

Sabien Technology Group plc   Richard Parris, Chairman   SPARK Advisory Partners Limited (Nominated Adviser)  Neil Baldwin / Matt Davis   Peterhouse Capital Limited (Broker)  Duncan Vasey/ Lucy Williams

[phone] [phone]  [phone]

 

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