Board Changes

RNS Number : 0123M

Trackwise Designs PLC

09 January 2023

 

TRACKWISE DESIGNS PLC

("Trackwise", the "Company" or the "Group")

Board Changes

The Board of Trackwise Designs plc (AIM: TWD), a leading manufacturer of specialist products using printed circuit technology, is pleased to confirm, following the General Meeting to approve the Fundraising, held on Friday 6 January 2023, the appointment of Andrew Lapping and Chris Pennison to the Board of the Company, as Non-Executive Chairman and Non-Executive Director respectively, with effect from 8:00 a.m. on 9 January 2023.

As announced on 14 December 2022, and included in the Circular to Shareholders dated 15 December 2022, in order to maintain Board numbers and also to control the cost base, Susan McErlain and Ian Griffiths will step down from the Board at the same time. Charles Cattaneo intends to step down from the Board at the end of January 2023. Given the forthcoming departure of Charles Cattaneo, the Company is commencing a recruitment process for an additional new non-executive director.

Andrew Lapping, incoming Chairman of Trackwise, commented:

"Today marks a fresh start for the Group after a very tough recent period.

I am delighted to take on the challenge of helping to lead Trackwise with my former Hyperdrive CEO Chris Pennison as we join the Trackwise Board. We bring industry experience to the Group with a track record of transitioning smart technology into a commercially viable and successful product.

Prior to our participation in the Fundraising, Chris and I undertook significant referencing of the sales pipeline and the core technology. As a result, we believe there is significant potential for Trackwise and its IHT technology in the EV market.

Whilst I recognise that the Fundraising has been difficult for existing shareholders, I would urge all to get behind us as we look to exploit the Company's world-class IP and production facilities.

I want to close by reassuring all stakeholders that Trackwise has enormous potential but to realise its true value, we have to think and act smart in a very dynamic and rapidly expanding market."

Definitions

All capitalised terms used in this announcement and not otherwise defined shall have the meanings given to them in the Circular.

Enquiries

Trackwise Designs plc	[phone]
Philip Johnston, CEO	www.trackwise.co.uk
Paul Cook, CFO
finnCap Ltd	[phone]
NOMAD and Broker
Ed Frisby/Fergus Sullivan - Corporate Finance Andrew Burdis/Barney Hayward - ECM
Alma PR	[phone]
Financial PR and IR
David Ison/Caroline Forde/Josh Royston/Kieran Breheny

Notes to editors

Trackwise is a UK-based manufacturer of specialist products using printed circuit technology.

The full suite includes: Improved Harness Technology™ ("IHT") and Advanced PCBs - Microwave and Radio Frequency ("RF"), Short Flex, Flex Rigid and Rigid Multilayer products.

IHT uses a proprietary, patented process that Trackwise has developed to manufacture multilayer flexible printed circuits of unlimited length. While the technology has many applications, the directors expect that one of its primary uses will be to replace traditional wire harnesses in a variety of industries.

The Company operates from three sites, located in Tewkesbury, Stonehouse and Stevenage. It serves customers in Europe and North America.

Trackwise Designs plc was admitted to trading on AIM in 2018 with the ticker TWD. For additional information please visit www.trackwise.co.uk

Regulatory disclosures

INFORMATION REQUIRED UNDER RULE 17 AND SCHEDULE 2, PARAGRAPH (G) OF THE AIM RULES FOR COMPANIES ("AIM RULES")

Full name:	Andrew Christopher Lapping
Age:	59
Shareholding in the Company:	Andrew Lapping, and Chris Pennison, represent a number of underlying new investors who, including Andrew and Chris, have acquired in the Placing a total of 130,000,000 New Ordinary Shares, via Hamilton Capital Partners LLP; included within this number is Andrew's beneficial interest in 7,500,000 New Ordinary Shares. On Admission, the aggregate of these New Ordinary Shares will represent approximately 25.3 per cent. of the Company's enlarged issued share capital. In addition, on Admission, all those investing in the Fundraising will hold Warrants to subscribe for 1 additional Ordinary Share for each Warrant held in the ratio of 1 Warrant for every 2 New Ordinary Shares issued to those subscribers. Andrew's beneficial interest in Warrants will be 3,750,000 Warrants, held via Hamilton Capital Partners LLP. Andrew is a LLP Designated Member of Hamilton Capital Partners LLP.
Current directorships and/or partnerships:		Historic directorships and/or partnerships (within the last five years):
24 Camphill Avenue LLP Exchangelaw (No229) Limited Fibre Broadband Company Ltd Gemini Print Southern Limited Gemini Print UK Limited Glasgow Renovation Homes (No.2) LLP Glasgow Renovation Homes LLP Glasgow Renovation Homes No.3 LLP Hamilton Capital Partners LLP HCP HASI LLP HCP High Yield Carried Interest No3 LLP HCP High Yield No3 Limited Hindley Capital Ltd Hindley Circuits Limited Hindley Edinburgh Limited Hindley Prospect Hill Limited Hindley Residential Lettings Ltd Keepers Cottage LLP Northern Edge Limited Solway Capital Investments Plc The Hamilton Portfolio (Care Homes) Limited The Hamilton Portfolio Partnership LLP Yellowfin Limited		B L Developments Limited Bamburgh First Property LLP BDL Select Hotels Limited BDL Select Operations Limited Blackford Media LLP Brookfields Park Syndicate LLP Crosshill Developments LLP Davidsons Mains Investments LLP Duckhouse Gallery Limited Glasgow South Orbital (Hamilton) Limited Grace Darling Holidays Limited GSO Hamilton Cip Limited Hamcap Redheughs LLP Hamilton Hindley Properties Ltd Hamilton Road Developments LLP Hamilton Springburn Ltd Hamiltongold LLP HCP 1 (Glasgow 2) Limited HCP 1 (Glasgow) Limited HCP Carried Interest LLP HCP Carried Interest No 2 LLP HCP Durham 2 Ltd HCP Durham Ltd HCP General Partner Limited HCP General Partner No 2 Limited HCP High Yield No2 LLP HCP High Yield No3.5 Limited HCP Redheughs LLP Hindley Cedar (Glasgow) Homes LLP Hindley Cedar Homes Limited Hindley Cedar Property LLP Hindley Communications Ltd Hindley Fibre Limited Hindley Glasgow Limited Hindley Glasgow South LLP Hindley Prem 2 LLP Hindley Refurbthat LLP Hindley West Embankment Properties Limited Hyperdrive Innovation Holdings Limited Hyperdrive Innovation Ltd Hyperdrive Technologies Ltd Maybury Media LLP Motherwell Football And Athletic Club Limited (The) Oak Hotels LLP Paten & Co Limited Paten Hotels Limited Peak Income Partnership (Balliol) Ltd Peak Income Partnership (Boldon) Ltd Peak Income Partnership LLP Princes Street Suites Limited Refurbthat Holdings Limited Riverside Dyce LLP Silver Travel Advisor Limited Space 2001 Limited St James Media LLP TAL SE Land Development Partnership LLP The Hamilton Portfolio Limited

All the following disclosures relate to appointments where Andrew Lapping was an investor and either a non executive director, or a limited liability partnership (LLP) designated member.

On 12 April 2005, Andrew Lapping was appointed as a LLP designated member of Barrance Farm LLP. Barrance Farm LLP went into creditors' voluntary liquidation on 17 June 2014. The members' statement of affairs dated 22 September 2014 showed an estimated deficiency as regards creditors of £742,236. Under the liquidation, no dividend was declared to creditors as the funds realised were distributed, used or allocated for defraying the expenses of the administration. Barrance Farm LLP was subsequently dissolved on 24 December 2014.

On 17 December 1999, Andrew Lapping was appointed as a director of Buzzsoft Limited and subsequently resigned as a director on 18 September 2001. Buzzsoft Limited went into creditors' voluntary liquidation on 20 June 2002. The directors' statement of affairs dated 1 February 2007 showed an estimated deficiency as regards creditors of £nil. Buzzsoft Limited was subsequently dissolved on 16 May 2007.

On 1 January 2000, Andrew Lapping was appointed as a director of Collingwood Developments Limited. Collingwood Developments Limited went into administration on 11 June 2004 and subsequently went into creditors' voluntary liquidation on 8 June 2006. Under the liquidation, a dividend of 55 pence in the pound was paid to unsecured creditors. Collingwood Developments Limited was subsequently dissolved on 25 November 2016.

On 17 February 2003, Andrew Lapping was appointed as a director of Container Store Limited. Container Store Limited went into administration on 30 August 2005. Container Store Limited had no realizable assets or creditors and accordingly the administration was automatically ended on 29 August 2006. Container Store Limited was subsequently dissolved on 8 June 2007.

On 12 December 2005, Andrew Lapping was appointed as a LLP designated member of Coopersknowe Developments LLP. Coopersknowe Developments LLP went into administration on 9 January 2009. The members' statement of affairs dated 6 February 2009 showed an estimated deficiency as regards creditors of £773,123. Coopersknowe Developments LLP was subsequently dissolved on 14 April 2013.

On 1 March 2005, Andrew Lapping was appointed as a director of Frasers Hamilton (Shrubhill) Limited. Frasers Hamilton (Shrubhill) Limited went into administration on 10 September 2012. The directors' statement of affairs dated 10 October 2012 showed an estimated deficiency as regards creditors of £16,896,000. Frasers Hamilton (Shrubhill) Limited was subsequently dissolved on 1 December 2014.

On 27 July 2007, Andrew Lapping was appointed as a LLP designated member of Hamilton Road Developments LLP. Hamilton Road Developments LLP went into administration on 28 October 2015. The members' statement of affairs dated 13 November 2015 showed an estimated deficiency as regards creditors of £478,284. Hamilton Road Developments LLP was subsequently dissolved on 27 January 2021.

On 29 March 1999, Andrew Lapping was appointed as a director of Motherwell Football And Athletic Club Limited (The) and subsequently resigned as a director on 20 June 2012. Motherwell Football And Athletic Club Limited (The) went into administration on 25 April 2002 and was subsequently discharged from administration on 20 April 2004. On 17 March 2004 Motherwell Football And Athletic Club Limited (The) approved a corporate voluntary arrangement (CVA) and the CVA was subsequently completed on 27 April 2012. Under the CVA, a dividend of 23 pence in the pound was paid to unsecured creditors. The company remains on the Register of Companies.

On 25 August 2005, Andrew Lapping was appointed as a director of Reston Developments Limited. Reston Developments Limited went into administration on 20 December 2012. The directors' statement of affairs dated 11 February 2013 showed an estimated deficiency as regards creditors of £1,632,740. Reston Developments Limited was subsequently dissolved on 28 November 2015.

On 6 March 2000, Andrew Lapping was appointed as a director of Room 2 Limited and subsequently resigned as a director on 22 July 2005. Room 2 Limited went into administration on 30 August 2005 and subsequently went into creditors voluntary liquidation on 30 August 2006. Under the liquidation, a dividend of 100 pence in the pound was paid to preferential creditors and a dividend of 1.57 pence in the pound was paid to unsecured creditors. Room 2 Limited was subsequently dissolved on 10 December 2019.

On 5 August 2003, Andrew Lapping was appointed as a director of SOE Development Limited. SOE Development Limited went into administration on 19 April 2005 and subsequently went into creditors' voluntary liquidation on 3 April 2006. The directors' statement of affairs dated 4 May 2010 showed an estimated deficiency as regards creditors of £nil. SOE Development Limited was subsequently dissolved on 11 August 2010.

On 9 January 2009, Andrew Lapping was appointed as a director of TAL CPT 2 Limited. TAL CPT 2 Limited went into creditors' voluntary liquidation on 10 May 2011. The directors' statement of affairs dated 8 February 2013 showed an estimated deficiency as regards creditors of £414. Under the liquidation, no dividend was declared to creditors as the funds realised were distributed, used or allocated for defraying the expenses of the administration. TAL CPT 2 Limited was subsequently dissolved on 19 May 2013.

On 3 April 2007, Andrew Lapping was appointed as a director of TAL CPT Hub Company Limited. TAL CPT Hub Company Limited went into creditors' voluntary liquidation on 27 October 2011. The directors' statement of affairs dated 29 April 2014 showed an estimated deficiency as regards creditors of £854,761. Under the liquidation, £43,633 was returned to shareholders. TAL CPT Hub Company Limited was subsequently dissolved on 1 August 2014.

On 9 January 2009, Andrew Lapping was appointed as a director of TAL CPT Limited. TAL CPT Limited went into creditors' voluntary liquidation on 10 May 2011. The directors' statement of affairs dated 8 February 2013 showed an estimated deficiency as regards creditors of £525,319. Under the liquidation, no dividend was declared to creditors as the funds realised were distributed, used or allocated for defraying the expenses of the administration. TAL CPT Limited was subsequently dissolved on 19 May 2013.

On 19 February 2009, Andrew Lapping was appointed as a director of TAL CPT Management Limited. TAL CPT Management Limited went into creditors' voluntary liquidation on 8 May 2012. TAL CPT Management Limited was subsequently dissolved on 17 August 2013.

On 23 January 2004, Andrew Lapping was appointed as a director of Vis Entertainment Limited and subsequently resigned as a director on 17 June 2004. Vis Entertainment Limited went into administration on 7 April 2005 and subsequently went into creditors' voluntary liquidation on 20 March 2007. The directors' statement of affairs dated 7 April 2005 showed an unknown estimated deficiency as regards creditors. Under the liquidation, no dividend was declared to creditors as the funds realised were distributed, used or allocated for defraying the expenses of the administration. Vis Entertainment Limited was subsequently dissolved on 29 July 2014.

On 18 December 2007, Andrew Lapping was appointed as a director of Yellowfin Limited. Yellowfin Limited went into administration on 26 August 2009 and subsequently went into compulsory liquidation on 20 August 2010. The directors' statement of affairs dated 26 August 2009 showed an estimated deficiency as regards creditors of £8,535,823. Under the administration, a distribution of 100 pence in the pound was paid to preferential creditors equivalent to £3,202. No distribution was made to unsecured creditors under the administration. Under the liquidation, a prescribed part distribution of 0.0005 pence in the pound was set aside for unsecured creditors equivalent to £3,949. The Company was subsequently issued with a court order for winding up, following the cessation of the appointment of the administrator, on 1 February 2011. Mr Lapping is still shown as a director on the Register of Companies however he no longer has any involvement in the company.

Full name:	Christopher Roy Pennison
Age:	55
Shareholding in the Company:	Andrew Lapping, and Chris Pennison, represent a number of underlying new investors who, including Andrew and Chris, have acquired in the Placing a total of 130,000,000 New Ordinary Shares, via Hamilton Capital Partners LLP; included within this number is Chris's beneficial interest in 2,500,000 New Ordinary Shares. On Admission, the aggregate of these New Ordinary Shares will represent approximately 25.3 per cent. of the Company's enlarged issued share capital. In addition, on Admission, all those investing in the Fundraising will hold Warrants to subscribe for 1 additional Ordinary Share for each Warrant held in the ratio of 1 Warrant for every 2 New Ordinary Shares issued to those subscribers. Chris's beneficial interest in Warrants will be 1,250,000 Warrants.
Current directorships and/or partnerships:		Historic directorships and/or partnerships (within the last five years):
Avid Electric Vehicles Limited Avid Innovation Limited Avid Technology Group Limited Avid Technology Limited Avid Vehicles (Projects) Limited Collingwood Solutions Limited DFV Management Services Ltd Gemini Print Southern Limited Gemini Print UK Limited Glasgow Renovation Homes (No2) LLP Glasgow Renovation Homes No.3 LLP Hindley Circuits Limited Hyperdrive Innovation Holdings Limited Hyperdrive Innovation Ltd Hyperdrive Technologies Ltd Irridian Industrial Electronics Limited Turntide Drives Limited Turntide Transport Limited		Academy 360 HamiltonGold LLP Hyperdrive Innovation Holdings Limited Hyperdrive Innovation Ltd Hyperdrive Technologies Ltd The Laidlaw Schools Trust

On 16 August 2004, Chris Pennison was appointed as a director of James Ross & Son (Newcastle) Limited. James Ross & Son (Newcastle) Limited went into administration on 15 February 2007 and subsequently went into creditors' voluntary liquidation on 16 August 2007. The directors' statement of affairs dated 2 April 2007 showed an estimated deficiency as regards creditors of £1,454,794.40. The return of final meeting dated 17 November 2010 showed, under the liquidation, a preferential dividend of £37,184 equivalent to 100 pence in the pound and an unsecured dividend of £442,031 equivalent to 23.76 pence in the pound was paid to creditors. James Ross & Son (Newcastle) Limited was subsequently dissolved on 22 February 2011.

There is no further information disclosable in respect of Andrew Lapping and Chris Pennison pursuant to Rule 17 and Schedule 2, paragraph (g) of the AIM Rules.

 

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