CentralNic Group PLC Board Changes (8214L)

TIDMCNIC

RNS Number : 8214L

CentralNic Group PLC

24 July 2017

 
 Press Release   24 July 2017 
 

CentralNic Group plc

("CentralNic" or "the Company" or "the Group")

Board Changes

CentralNic Group plc (AIM:CNIC), the internet platform that derives revenue from the worldwide sales of internet domain names, announces that Don Baladasan joins the Board of CentralNic Group plc today as Chief Financial Officer of the Company, returning to the Group that he was Chief Financial Officer of from April 2010 to February 2014, overseeing the financial function at the Group's IPO in 2013.

Don, a Chartered Management Accountant, has several years' experience of being Finance Director of AIM listed companies. Over the last five years he has assisted AIM listed businesses in raising GBP25 million of equity in addition to overseeing a series of acquisitions including reverse takeovers. Don has several years' experience of integrating internationally acquired companies from a finance, governance and commercial perspective. This experience was gained at Stemcor, an international steel trader which at the time had operations in 46 countries and a turnover in excess of GBP6bn, where Don was Head of Accounting Development.

Don initially studied Medicine at Guys Hospital before completing a BSc in Economics at CASS Business School. He was then awarded a place on the Financial Times graduate scheme where he trained as a Chartered Management Accountant.

Ben Crawford, CEO of CentralNic, said: "We welcome Don back to CentralNic with his wealth of experience from financial expertise to buy & build and risk management. These skills are particularly pertinent as CentralNic prepares to the go through the next stage of its growth. With his previous input and knowledge of CentralNic, he understands both the business and the industry and will be able to contribute from day one."

Glenn Hayward has chosen to leave his position with the Group to pursue other opportunities. Mr Hayward's responsibilities included Chief Financial Officer, Board Director and Company Secretary.

Mike Turner, CentralNic's non-executive Chairman, said: "The Board wishes to thank Glenn for the dedicated service and professionalism he has brought to the business over the past three years and we wish him every future success."

Ben Crawford, the Company's CEO, said: "I would like to thank Glenn for his work in helping me to develop the business in recent years and I wish him the very best of luck for the future."

The information on Donald Ahelan Baladasan required to be disclosed under Schedule Two, paragraph (g) (i)-(viii) of the AIM Rules for Companies is as follows:

Donald Ahelan Baladasan, aged 43, is currently a director of the following companies:

 
 Totally plc 
 Balmoor Ltd 
 Optimum Sports Performance Centre 
  Ltd 
 Mataxis Ltd 
 Zombit Ltd 
 About Health Ltd 
 D4B Ltd 
 ZoopaChat Ltd 
 Opes MRF 2013 Ltd 
 Premier Physical Healthcare Ltd 
 Mobi Capital Ltd 
 The Healthcare Property Company 
 Opes Industries Ltd (in Administration) 
 
 

In addition, Don has held the following directorships in the past five years:

 
 Classic Leather Ltd 
 Northern Land Developments 
  Ltd 
 Foxley Stables Ltd 
 PureCycle Ltd 
 Whois Privacy Ltd 
 GB.com Ltd 
 TLD Registrar Solutions Ltd 
 CentralNic Group plc 
 Oncotherapy Resources Ltd 
 CareCapital Ltd 
 Advanced Oncotherapy Ltd 
 Opes MRF 2013 Ltd 
 Sebaris Ltd 
 

Mr Baladasan was a director of Opes industries and Opes MRF 2013 Limited which were put into administration on 9th March 2016. The Group of companies had entered in to a loan agreement with Shore Capital for GBP8.8 million. In February 2016, recycling facilities operated by Opes MRF 2013 Ltd were subject to a fire. This put a halt to operations and business and resulted in the business not being able to generate sufficient cash to meet loan repayments. Shore Capital, appointed an administrator to recover their previous investment of GBP8.8 million. Opes Industries and Opes MRF 2013 subsequently filed for insolvency and the administration is still on going until 8th March 2018.

There is no further information on Don Baladasan required to be disclosed under Schedule Two, paragraph (g) (i)-(viii) of the AIM Rules for Companies.

For further information:

 
    CentralNic Group plc 
    Ben Crawford, Chief Executive 
     Officer                             [phone] 
    Don Baladasan, Chief Financial 
     Officer 
 
    Zeus Capital - Nomad and 
     Joint Broker 
    Nick Cowles / Jamie Peel             [phone] 
    John Goold / Alex Davies             [phone] 
 
      Peel Hunt LLP - Joint Broker 
    Richard Kauffer / Euan Brown 
     (Corporate)                         [phone] 
    Alastair Rae (Syndications) 
 
    Abchurch Communications 
    Julian Bosdet / Dylan Mark 
     / Alejandra Campuzano               [phone] 
    [e-mail]        www.abchurch-group.com 
 

About CentralNic Group plc

CentralNic (AIM: CNIC) is a London-based AIM-listed company which operates globally with customers in over 200 countries. It earns revenues from the worldwide sales of internet domain names using its proprietary technology platform. CentralNic sells these domain names on an annual subscription basis. Customers pay for domain names upfront, making CentralNic a cash-generative business with annuity revenue streams.

CentralNic comprises of three business lines within the domain name industry including wholesale, retail and enterprise divisions. It operates a global network, supplying domain names to over 1,500 vendors in 77 countries to reach over 100,000 resellers. CentralNic is the exclusive wholesaler for over 30 new Top-Level Domain (nTLDs) extensions such as xyz, .site, .online, .website, .space, and .tech (the new alternatives to .com and .net). They rank amongst the top 20 most subscribed nTLDs. About one in three of all domains registered under nTLDs globally use the CentralNic platform. This positions CentralNic as the leading global supplier with more than eight million of these domains under management.

CentralNic is also a leading global domain name retailer, with retail websites including internetbs.net, buydomains.london and domain.luxury. After acquiring Instra Group, CentralNic Group now includes instra.com and a number of other leading retail websites. Through its enterprise programme, CentralNic supplies domain names (itself owning approximately 37,500 premium domain names that it trades), software and services directly to large companies and governments including Saudi Telecom Company, Etisalat and Kuwait Finance House.

For more information please visit: www.centralnic.com

This information is provided by RNS

The company news service from the London Stock Exchange

END

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July 24, 2017 02:00 ET (06:00 GMT)