CyanConnode Holdings PLC Board Appointments (6329V)

TIDMCYAN

RNS Number : 6329V

CyanConnode Holdings PLC

25 July 2018

CyanConnode Holdings plc

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

Board Appointments

Appointment of David Johns-Powell as Non-Executive Director and Heather Peacock as Group Finance Director

CyanConnode, the world leader in narrowband radio mesh networks, is pleased to announce that William David Johns-Powell has been appointed to the Board of CyanConnode Holdings plc as a Non-Executive Director and Heather Peacock has been appointed as Group Finance Director both with immediate effect.

David is a significant shareholder in the Company, currently having a beneficial interest in 7.84% of the Company's shares. He brings with him extensive entrepreneurial experience across a range of businesses and sectors, including property investment and development, equity investment, manufacturing, leisure, food and beverage, retail and insurance. In his time he has set up businesses and held a number of corporate roles, including overseeing the overall business trading strategies and holding finance and governance roles. David will be working for no remuneration in this Non-Executive Director role.

John Cronin, Executive Chairman of CyanConnode, commented: "We are delighted to welcome David to the Board of CyanConnode. Having known him for some time in the capacity of a significant shareholder of the Company I believe his wide range of business experience will provide complementary skills to the Board and will be invaluable at this time of growth for the Company. I look forward to working with him."

David Johns-Powell commented: "I welcome the opportunity to join the Board of CyanConnode, and I will use my best endeavours to promote the success of the Company for the benefit of all Shareholders. Based on my diverse business management experience, I believe I can assist with improving the financial performance of CyanConnode and thereby begin to restore shareholder faith and value."

On 15 September 2017, the Company announced a placing and subscription to raise GBP8.6 million through the issue of 30,852,488 Ordinary Shares at an issue price of 28 pence per Ordinary Share. One Subscriber agreed to invest a total of GBP1.8M in this placing, of which GBP500K was to be invested in the April 2018 Admission subject to EIS relief being available. As announced on the 10 April 2018, this investment has not yet been made. The Company can now announce that the underlying Subscriber for this GBP500K investment is David Johns-Powell. The Company has agreed to re-apply to HMRC to confirm whether or not he would be eligible to receive EIS relief on this investment following his appointment as a Director to the Company. In addition, since it is more than eighteen months since the Company last applied for EIS assurance it is also deemed necessary to re-confirm the eligibility of the Company's shares for EIS. David has however reconfirmed his intention to make this investment during the current tax year subject to EIS relief being available.

In addition to the appointment of David, Heather Peacock has been appointed as Group Finance Director. Heather joined the Company in November 2008 originally as Financial Controller managing the finance function of the Group. She has a background and qualification in finance and extensive global financial experience at a senior level, having worked for large international organisations in both the UK and South Africa. More recently Heather has worked as Company Secretary for the Company and has been closely involved as the Company has grown. She was appointed as Group Finance Director (non-board) at the start of June and has now been appointed as a Board Director.

John Cronin, Executive Chairman of CyanConnode, commented: "Having worked with Heather since joining the Company I'm delighted to now welcome her to the Board. We're lucky to have someone with her experience and background as she has been able to hit the ground running and this has given us a great opportunity to further reduce costs. Her appointment as Group Finance Director seemed a natural step due to her extensive financial experience and knowledge of the Company. I look forward to working with Heather in her new role."

Heather Peacock commented: "I'm excited to be joining the Board at this time. Having worked for the Company for the past ten years across a number of areas, I'm looking forward to returning to finance and using my experience at a time when the Company needs to closely manage costs and drive shareholder value, while delivering on the orders recently announced."

Enquiries:

 
 CyanConnode Holdings plc           www.cyanconnode.com 
 John Cronin, Executive Chairman    Tel: [phone] 
 FinnCap Ltd (Nomad and Broker) 
 Adrian Hargrave / Giles Rolls      Tel: [phone] 
 Walbrook PR (Investor Relations)   [e-mail] 
 Paul Cornelius / Nick Rome         Tel: [phone] 
 

About CyanConnode

CyanConnode is a world leader in the design and development of narrowband RF mesh networks that enable Omni Internet of Things (IoT) communications. Its innovative solutions use sub GHz frequencies and are optimised for exceptional performance. Optimal solutions provide end-to-end quality of service with reduced total cost of ownership and Omnimesh delivers standards-based IPv6 solutions, enabling rapid innovation for the implementation of third party applications. Through global partnerships, CyanConnode provides customers with the flexibility and choice required to converge networks for applications in smart cities and IoT, delivering increased customer value.

For more information, please visit www.cyanconnode.com

Additional Information

In accordance with the AIM Rules, the following information required to be disclosed in relation to William David Johns-Powell and Heather Peacock is set out below. Other than this information, there is no further information required to be disclosed under paragraph (g) of Schedule Two of the AIM Rules.

Full Name and age

William David Johns-Powell, aged 60

Current Beneficial Interest

10,083,490 ordinary shares of 2 pence each ("Ordinary Shares") in the capital of CyanConnode and does not hold any options over shares in the capital of the Company.

Current Directorships and Partnerships

Cottrell Capital Limited

Cottrell Park Limited

Giving Something Back Limited

Opus General Partnership

Peril Capital Limited

Peril Holdings Limited

Sycamore Cross Road Limited

Torch Platforms Limited

Torch Platforms Montenegro DOO

William Powell & Sons Limited

Past Directorships and Partnerships held in the previous five years:

NIL

David Powell Potteries Ltd, a company which David Johns Powell was a director of, went into voluntary liquidation in 1992 and was struck off the register in 1995.

Full Name and Age

Heather Marie Peacock (née Cannon), aged 50

Current Beneficial Interest

178,255 Ordinary Shares in the Company and 1,928,610 options over Ordinary Shares in the Company as set out below. Of these options, 563,964 are held in the Company's Joint Share Ownership Plan.

 
 Current number   Exercise Price of current      Vesting 
 of Options held    Options (in pence per 
                            share) 
                                               362,621 have 
                                              already vested; 
                                              128,402 to vest 
                                                02/10/2019; 
                                              128,402 to vest 
    619,424                 30.8                02/10/2020 
                                               25% per year 
                                               vest starting 
    745,222                 28.0                01/06/2019 
 
 
 
Current number    Participation Price       Vesting 
 of JSOP shares   (in pence per share) 
      held 
                                          98,856 have 
                                         already vested; 
                                         98,856 to vest 
                                           23/10/2019; 
                                         98,856 to vest 
    296,568              33.3              23/10/2020 
                                          133,698 have 
                                         already vested; 
                                         133,698 to vest 
    267,396              43.4              23/10/2019 
 

Current Directorships and Partnerships

NIL

Past Directorships and Partnerships held in the previous five years:

HSP Business Services Limited

Babyboodle.com Ltd, a company Heather Peacock was a director of, went into voluntary liquidation in 2011 and was dissolved in 2012.

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July 25, 2018 02:01 ET (06:01 GMT)