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Share Name Share Symbol Market Type Share ISIN Share Description
Caretech Holdings Plc NEX:CTH.GB NEX Ordinary Share GB00B0KWHQ09
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +10.00p +2.74% 375.00p 350.00p 380.00p 380.48p 365.00p 365.00p 23,697 16:30:05
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
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CareTech Holdings PLC Board Appointment

23/01/2019 7:00am

UK Regulatory (RNS & others)


TIDMCTH

RNS Number : 8189N

CareTech Holdings PLC

23 January 2019

 
 For immediate release   23 January 2019 
 

CareTech Holdings PLC

("CareTech" or "the Company")

Board Appointment

CareTech Holdings PLC (AIM: CTH), a pioneering provider of specialist social care services in the UK, announces that, further to the Company's announcement on 10 December 2018, Gareth Dufton has been appointed to the Company's Board as Interim Group Finance Director with immediate effect.

Mr Dufton is a former partner of Moore Stephens LLP, the top 10 City based accountants where he played a key role in client liaison, undertaking a mix of audit, tax and corporate finance where he worked between 2000 and 2007. He has experience working with both privately owned businesses and public companies assisting in raising finance, acquisitions and disposals.

Mr Dufton has been involved in CareTech since 2000 initially advising as part of Moore Stephens and from 2007 working directly with the Company in a variety of roles, including acting as Associate Finance Director between 2009 and 2016. Over the years, Mr Dufton has provided ongoing support to CareTech at a senior level with financial matters including: acquisitions (including the recent acquisition of Cambian), equity raisings, renewal of debt facilities, share placements and disposals of properties and businesses.

Since 2016 Mr Dufton has served as Chief Financial Officer of Sheikh Holdings, a private family office founded by Farouq and Haroon Sheikh, which comprises of three major business streams: property investment, property development and private equity investment. Mr Dufton is a chartered accountant, having been admitted as a member of the ICAEW in 2001 and as a Fellow in 2013 and has a first-class degree in accounting from the University of Hertfordshire.

Mr Dufton holds options over ordinary shares in CareTech in aggregate pursuant to the Caretech share schemes:

2009 approved scheme 9,022 shares at an exercise price of 332.5p

2009 unapproved scheme 20,978 shares at an exercise price of 332.5p

2010 unapproved scheme 30,000 shares at an exercise price of 305p

2017 Executive Share Ownership Plan (ExSOP) 75,000 shares

Gareth also owns 23,601 ordinary shares in Caretech.

Farouq Sheikh, Executive Chairman of CareTech, commented:

"We are fortunate to have in Gareth an experienced accountant with a deep understanding of our business, its systems and people and is able to step in following the tragic death of Michael Hill. We are grateful to Gareth for supporting the business at this crucial stage."

Update on additional Board changes

As stated in the Company's prospectus produced in connection with the acquisition of Cambian Group plc, the Company intends to add two independent non-executive directors to its Board. This process has taken longer than originally hoped however the Board is pleased with the calibre of candidates it has met to date and is confident that these appointments can be made in the coming months.

Further AIM disclosures relating to Gareth Dufton's appointment:

Gareth Norman Dufton, age 43, is currently or has been a director of the following companies within the past five years:

 
 Current directorships                    Previous directorships 
 
 Aequitas Estates (Hoddesdon) Limited     Aequitas Estates (Poyle) Limited 
 Aequitas Estates (Maidstone) Limited     Ardrich New Homes Limited 
 Aequitas Estates (Midlands No.2)         Buraq Retail (Potbelly) Reading 
  Limited                                  Limited 
 Aequitas Estates (Moulton Park)          Buraq Retail Limited 
  Limited 
 Aequitas Estates (Raunds No2) Limited    Goresbrook Property Limited 
 Aequitas Estates (Raunds No3) Limited    Halsey Masonic Hall (Waltham 
                                           Cross) Limited 
 Aequitas Estates Holdings Limited        Harrow The Hub (Investments) 
                                           No.2 Limited 
 Aequitas Estates Limited                 Ironville Property Partnership 
                                           LLP 
 Aequitas Estates MK1 Limited             Locksbridge Developments (Wick 
                                           Lane) Limited 
 Ampersand Apartments Management          Locksbridge Estates (Bredbury) 
  Company Limited                          Limited 
 Buraq Retail No 2 Limited                Locksbridge Estates (Bushey) 
                                           Limited 
 Cranfield Technology Park Investments    Locksbridge Estates (Edith Grove) 
  Limited                                  Limited 
 Grosvenor (UK) Limited                   Locksbridge Estates (Ilford) 
                                           Limited 
 Harrow The Hub (Holdings) Limited        Locksbridge Estates (Investment) 
                                           Limited 
 Harrow The Hub Investments Limited       Locksbridge Estates (Sutton) 
                                           Limited 
 Locksbridge Capital Limited              Locksbridge Estates Limited 
 Locksbridge Developments (Braintree)     Meaalofa Developments Holding 
  Limited                                  Limited 
 Locksbridge Developments (Whyteleaf) 
  No2 Limited                             Metanova Limited 
 Locksbridge Developments Limited         RUH Dental (Notting Hill Gate) 
                                           Limited 
 Metropolitan House Investments (U.K.)    Sheikh Couture Limited 
  Limited 
 Metropolitan House Investments Limited   Solihull Heights Management 
                                           Company Limited 
 Peninsula Healthcare (UK) Limited        Tritax Atherstone (UK) Limited 
 RUH Dental (Manchester) Limited 
 Sheikh Holdings Group (Investments) 
  Limited 
 The Chocolate And Coffee Bean Cafe 
  Limited 
 Three Sixty Holdings Limited 
 Three Sixty Investments No1 Limited 
 V7 Mountbatten Limited 
 

Metanova Limited, a company of which Gareth Dufton was a director, appointed a liquidator on 19 March 2008 and was dissolved on 1 June 2012; there was a creditor shortfall of approximately GBP1.6 million.

Save as set out in this announcement, there are no further matters to be disclosed under Rule 17 or paragraph (g) of Schedule 2 of the AIM Rules for Companies in respect of Mr Dufton.

For further information, please contact:

   CareTech Holdings PLC                                               01707 601800 

Farouq Sheikh, Executive Chairman

Gareth Dufton, Interim Group Finance Director

   Buchanan (PR Adviser)                                                020 7466 5000 

Mark Court

Sophie Wills

Tilly Abraham

   Panmure Gordon (Nomad and Joint Broker)                020 7886 2500 

Emma Earl

Freddy Crossley

Charles Leigh-Pemberton

   WH Ireland (Joint Broker)                                             020 7220 1666 

Adrian Hadden

Chris Viggor

About CareTech

CareTech Holdings plc is a leading provider of specialist social care services, supporting adults and children with a wide range of complex needs in more than 330 specialist services around the UK.

Committed to the highest standards of care and care governance, CareTech provides its innovative care pathways covering adult learning disabilities, specialist services, young people residential services, foster care and learning services.

On 19 October 2018, CareTech acquired Cambian Group, which has a specific focus on children with high acuity, challenging behaviours and complex care requirements. Cambian looks after 2,000 children across a portfolio of 224 residential facilities, specialist schools and fostering offices located in England and Wales.

CareTech, which was founded in 1993, began trading on the AIM market of the London Stock Exchange in October 2005 under the ticker symbol CTH. Its property portfolio comprises more than 200 properties.

For further information please visit: www.caretech-uk.com

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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January 23, 2019 02:00 ET (07:00 GMT)

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