Strategy, Board Changes and Litigation

 

TIDMEVOL TIDMASTR 
 
RNS Number : 5804M 
Evolve Capital PLC 
26 May 2010 
 

Evolve Capital Plc ("Evolve") 
 
Strategy, Board Changes and Litigation 
 
26 May 2010 
 
In the light of recent unsuccessful corporate activity, the board of Astaire 
Group Plc ("Astaire") in which Evolve owns a 53.6 per cent interest, has 
concluded that it cannot continue to pursue the strategy of consolidation in the 
financial services sector at the current time and that there is a need to revise 
this strategy and seek alternatives for delivering value to shareholders. 
Accordingly discussions are being held with a number of parties with a view to 
considering alternative ownership arrangements for the operating businesses of 
Astaire. 
 
Evolve, as Astaire's majority shareholder, has concluded that it has no desire 
for ongoing involvement in actively managing its investment in Astaire and thus 
the directors of Evolve and Astaire announce that with this in mind and with a 
desire to improve the independence between the two companies, Oliver Vaughan, 
Chairman of both Astaire and Evolve, has today resigned as a director of Astaire 
with immediate effect but remains Executive Chairman of Evolve. 
 
Edward Vandyk has also today resigned from the Board and from his role as Chief 
Executive of Astaire and as a director of Evolve, with immediate effect. James 
Noble and Christopher Roberts, who are directors of both Astaire and Evolve, 
have resigned as directors of Evolve with immediate effect but remain directors 
of Astaire. James Noble has been appointed as Chairman of Astaire. 
 
In addition, Evolve announces that a dormant holding company within the Astaire 
Group, Corporate Synergy Holdings Limited has received, from lawyers acting on 
behalf of Izodia Plc, service of a Claim Form and Particulars of Claim filed 
with the High Court, claiming compensation of approximately GBP4 million plus 
interest in respect of alleged events which occurred in mid 2002. Astaire 
Securities Plc is also listed as a defendant in the claim, but solely in respect 
of a claim for compensation of GBP25,000 plus interest. 
 
Astaire and its subsidiaries are receiving legal advice in respect of this 
matter and expect to present a vigorous defence to the allegations which the 
Astaire Group believes to be wholly unfounded. A further update announcement 
will be made to shareholders of both Evolve and the Astaire Group in due course. 
 
Enquiries: 
 
Maitland 
Neil Bennett and George Hudson 
Tel: [phone] 
 
Fairfax I.S. PLC 
Ewan Leggat 
Tel: [phone] 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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