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Share Name Share Symbol Market Type Share ISIN Share Description
Allied Minds Plc LSE:ALM London Ordinary Share GB00BLRLH124 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 23.50 23.00 23.50 24.00 23.50 23.80 1,173,799 15:41:48
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 0.5 -55.5 -22.0 - 57

Allied Minds PLC Directorate Change

15/01/2021 7:00am

UK Regulatory (RNS & others)


Allied Minds (LSE:ALM)
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RNS Number : 7818L

Allied Minds PLC

15 January 2021

15 January 2021

Allied Minds plc

Board change

Allied Minds plc (LSE: ALM) ("the Group" or the "Company"), the IP commercialisation company focused on early stage technology businesses, today announces that Joseph Pignato has decided to step down as Chief Executive Officer and from the Board with immediate effect. Mr. Pignato shall continue to support the Group in the role of Chief Financial Officer (CFO) for an interim period as the Board continues its search for a permanent CFO.

In connection with the year-end strategic review of the portfolio and reaffirmation of the Group's strategy to support and manage its portfolio companies towards successful financial exits, the Company's Board and management have collectively determined it is now appropriate to implement additional restructuring initiatives. With seven companies remaining, of which only three are consolidated entities, the number of companies in the Group's portfolio has reduced by approximately eighty percent since its peak.

Furthermore, as highlighted in our strategic update on 4 January 2021, the Group's progress to date together with the strong leadership teams at each company, position the portfolio to continue making progress with the potential to deliver appropriate returns upon exit if they continue to meet their planned technical and commercial goals. Accordingly, the Company's Board and management determined that the most effective and efficient path forward is direct management of the portfolio by the Board.

The Non-Executive Directors will be involved with each of the Group's portfolio companies. As such, one of either the Chairman, Harry Rein, the Senior Independent, Bruce Failing or the Non-executive Director, Mark Lerdal will each join certain Boards of Directors of such companies, including Federated Wireless, Inc., BridgeComm, Inc., and Spin Memory, Inc., to provide strategic guidance and support advancing the portfolio towards monetisation events.

Harry Rein, Chairman, commented:

"Joe has been a dedicated leader who has been instrumental in supporting our portfolio companies and helping them achieve their progress to date.

"On behalf of the Board, I extend my gratitude and appreciation for Joe's many years of service and contribution to the Company and its portfolio companies.

"I look forward to continuing to work closely with my fellow directors and each of the remaining portfolio companies to help drive them toward successful exits."

Enquiries

 
 Allied Minds                           c/o Instinctif Partners 
 Harry Rein, Chairman 
 Instinctif Partners 
 Adrian Duffield, Kay Larsen, Chantal   AlliedMinds@instinctif.com 
  Woolcock 
 

About Allied Minds

Allied Minds plc is an IP commercialisation company focused on early stage company development within the technology sector. With origination relationships that span US federal laboratories, universities, and leading US corporations, Allied Minds historically created, and now manages and funds, a portfolio of companies to generate long-term value for its investors and stakeholders. Based in Boston, Allied Minds supports its businesses with capital, management, expertise and shared services.

For more information, please visit www.alliedminds.com .

Allied Minds Forward--Looking Statement

This press release contains statements that are or may be forward--looking statements, including statements that relate to Allied Minds' future prospects, developments and strategies. The forward--looking statements are based on current expectations and are subject to known and unknown risks and uncertainties that could cause actual results, performance and achievements to differ materially from current expectations, including, but not limited to, those risks and uncertainties described in the risk factors included in Allied Minds' regulatory filings. These forward--looking statements are based on assumptions regarding the present and future business strategies of Allied Minds and the environment in which it will operate in the future. Each forward--looking statement speaks only as at the date of this press release. Except as required by law, regulatory requirement, the Listing Rules and the Disclosure Guidance and Transparency Rules, neither Allied Minds nor any other party intends to update or revise these forward--looking statements, whether as a result of new information, future events or otherwise.

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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

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January 15, 2021 02:00 ET (07:00 GMT)

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