ITE Group PLC ITE Group plc rebrands to Hyve Group plc (1571N)

TIDMITE

RNS Number : 1571N

ITE Group PLC

20 September 2019

ITE Group plc

("ITE" or the "Group")

ITE Group plc rebrands to Hyve Group plc

The Company is pleased to announce its change of name and new brand identity, Hyve Group plc. This rebrand reflects the evolution of the Group's business resulting from its Transformation and Growth programme (TAG) announced in May 2017 and now nearing completion.

The Group's vision, enabled through the TAG programme, is to create the world's leading portfolio of content-driven, must-attend events delivering an outstanding experience and ROI for customers. Through the TAG investment we have built a dynamic scalable platform, improved processes and enhanced systems, completed the acquisitions of Ascential Events and Mining Indaba, as well as the disposal or closure of over 150 events. These significant developments have led to the creation of a stronger and more diversified portfolio, with a focus on market-leading events.

Introducing Hyve Group plc

Hyve Group plc is a next generation global events business whose purpose is to create unmissable events, where customers from all corners of the globe share extraordinary moments and shape industry innovation. Hyve Group is a fundamentally different business and has transformed into:

   --    A global presence not purely focused on emerging markets 
   --    A centralised operating model not a decentralised federal organisation 
   --    A premium product business not a geographic market-share led company 
   --    A Group of market-leading events rather than a broad portfolio of mixed quality 

Unveiling Hyve Group plc today, Mark Shashoua, CEO, said:

"Today, we launch our new brand identity, Hyve, to move us into the future, with a clear vision, well defined strategy and a renewed energy. We have transformed the Group into a next generation global events business, and our new name is a better reflection of who we are now and captures our ambitions for our future.

Since taking the helm in 2016, the Group has fundamentally changed from a portfolio of decentralised, emerging markets events into a global business, focused on running market-leading events, wherever they may be in the world.

We are now in a better position than ever before. Following four years of decline, FY18 was the second consecutive year of like-for-like growth, including double-digit growth from our Top 10 events, and was the first year of growth in both volume and yield since 2014.

As Hyve, we are on a mission to deliver unmissable events. We believe our model gives us a distinctive competitive edge as customer needs evolve and we aspire to set the standard for our industry."

Change of TIDM, website address and other information

It is expected that trading in the Company's shares will commence under the new name Hyve Group plc and the new ticker code "HYVE" with effect from 24 September 2019. The Company's ISIN (GB0002520509) and SEDOL number (0252050) remain unchanged. The Company's website will be available at www.hyve.group with effect from today.

The change of name will not affect any shareholders' rights. No new share certificates will be issued in respect of existing ordinary shares held in certificated form. Shareholders should retain their existing share certificates, which will remain valid.

The name change has been approved by the board of directors, in accordance with the Company's articles. The change of name was registered with Companies House on 20 September 2019 and is now effective.

For further information please contact:

 
 Hyve Group plc 
  Melissa McVeigh, Group Director 
  of Communications                   [phone] 
 FTI Consulting 
  Charles Palmer / Emma Hall / 
  Chris Birt                          [phone] 
 

About Hyve Group plc

Hyve Group plc is a next generation global events business whose purpose is to create unmissable events, where customers from all corners of the globe share extraordinary moments and shape industry innovation. Hyve Group plc was announced as the new brand name of ITE Group plc in September 2019, following its significant transformation under the Transformation and Growth (TAG) programme. Our vision is to create the world's leading portfolio of content-driven, must-attend events delivering an outstanding experience and ROI for our customers.

Where business is personal, where meetings move markets and where today's leaders inspire tomorrow's.

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 [e-mail] or visit www.rns.com.

END

MSCSEEFESFUSEEU

(END) Dow Jones Newswires

September 20, 2019 09:11 ET (13:11 GMT)