Imaginatik PLC Appointment of CEO (0830U)

TIDMIMTK

RNS Number : 0830U

Imaginatik PLC

10 July 2018

Imaginatik PLC

("Imaginatik" or the "Company")

Appointment of CEO

Imaginatik plc (AIM: IMTK.L), the #1 ranked leader in corporate innovation management according to Forrester Research, today announces the appointment to the Board of Angus Forrest as CEO, with immediate effect. Angus is an experienced venture capitalist and investor.

Angus joins Imaginatik with the remit to place the Company on a secure financial footing and to restructure the business to generate growth. He was engaged by the Company last month as a consultant to review the Company's operations, and he is a key driver behind the restructuring and refocus of the Company's operations.

Angus has over 25 years' experience as a venture capitalist and investor, with a particular focus on the technology sector. In 2000 he co-founded Billam plc, an internet incubator, and in 2013 he founded Tern plc, with both companies specialising in making and actively managing technology investments. He has been involved with the IPOs and reconstructions of several AIM companies, delivering increased shareholder value.

Simon Charles, Acting Chairman of Imaginatik plc, commented, "We are delighted to formally welcome Angus to the Imaginatik management team and Board. He has made significant strides in improving operations since his initial involvement with the company started. His understanding of the requirements of a successful technology public company will be invaluable to us as we seek to reinvigorate Imaginatik."

Angus Forrest, incoming CEO of Imaginatik plc, commented, "The initial phase of investigation and a cost-cutting programme to reduce overheads by more than GBP800,000 pa has been completed. I have been extremely encouraged by the opportunity for Imaginatik. The Company has a first-class customer list, a market-leading offering and a dedicated team of employees. I am looking forward to working with them to continue to improve the financial performance and growing Imaginatik, for the benefit of the employees, the customers and the shareholders."

Angus George Patrick Forrest, 65, currently holds or has held the following Directorships in the last five years:

 
 Current Directorships              Former Directorships (held 
                                     within the last 5 years) 
 Talisman Ventures Limited          Alpha Returns plc 
 *Carrara Administration Limited    *Concerto Software ltd 
 *Carrara (Nominees) Limited        FlexiOPS Limited 
 *Carrara (No 1 Nominees) Limited   Larke Investments Limited 
 *Drumz Limited                     Millais Management Ltd 
 *Dunnet (Nominees) Limited         *Shidu Capital Ltd 
 *Dunnet (No 1 Nominees) Limited    Tern Plc 
 *Fearnmore Properties Ltd 
 *Fearnmore Properties No 1 
  Ltd 
 *Hurn Investments Ltd 
 *Secured Savings Bond Limited 
 

*dormant companies which never traded

In relation to Angus Forrest, he held the following directorships of businesses which became insolvent whilst he was or within 12 months of ceasing to be a director.

BMI Electronics Ltd - CVA 1999

Cafe Poppy plc - 1995

Challenger Communications Limited - 1993

Alpha Returns Group plc - CVA 2012

DLM Products Ltd and DLM Professional Services Ltd 2012

Kelways Nurseries Limited - 1993

Logistix Recruitment Ltd - CVA 1990

Medi Info Net Limited - 2003

Waterstone Glassware Limited - 2000

There is no further information to be disclosed in relation to Angus Forrest and pursuant to paragraph (g) of Schedule Two of the AIM Rules for Companies.

Angus Forrest is beneficially interested in 3,000,000 ordinary shares in the Company.

For further information please contact:

 
 Imaginatik plc                                     Tel: [phone] 
                                                     243 
 Shawn Taylor, CFO 
 
                                                    Tel: [phone] 
   finnCap Ltd - Nomad and broker 
 Jonny Franklin-Adams/Max Bullen-Smith, corporate 
  finance 
 Camille Gochez, corporate broking 
 
                                                    Tel: [phone] 
   Peterhouse Capital Limited - Joint broker 
 Duncan Vasey / Lucy Williams 
 
                                                    Tel: [phone] 
   Alma PR 
 Caroline Forde / Robyn Fisher 
 

About Imaginatik

Imaginatik is the only innovation solution provider which has combined a proven innovation program with purpose-built idea management software to enable companies to achieve breakthrough and continuous innovation at scale. Imaginatik works with leading global enterprises to build and integrate innovation management skills as a core competency. Customers include ExxonMobil, Altria, Shell, Goodyear, AECOM, Caterpillar, Novartis and Cargill.

Imaginatik is a public company traded on the AIM market of the London Stock Exchange (LSE: IMTK.L) with offices in Boston, MA, USA and Fareham, U.K.

For more information visit www.imaginatik.com.

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July 10, 2018 02:00 ET (06:00 GMT)