Strat Aero PLC Operational and Board Changes (1250D)

TIDMAERO

RNS Number : 1250D

Strat Aero PLC

29 January 2018

Strat Aero plc / Index: AIM / TIDM: AERO / Sector: Support Services

29 January 2018

Strat Aero plc ("Strat Aero," the "Company" or the "Group")

Operational and Board Changes

Strat Aero plc, an international aerospace company focused on the rapidly emerging Unmanned Aerial Vehicle ('UAV') sector, announces that it has decided to discontinue its training operations following a review of the ongoing funding requirements of this division.

Following this development Graham Peck, the Company's Executive Chairman, and Mark Wharry, Director of Commercial UAS Training & Education, have tendered their resignations with Graham Peck stepping down from his board role with immediate effect. Graham was a founder of the Company and led the Company through its IPO and ran its training operations. It has been agreed that Mr. Peck will still be able to access and use the Company's AUTQ training course materials.

The Board also announces that Iain McLure, Chief Executive of the Company, has also tendered his resignation with immediate effect. Iain joined Strat Aero in April 2016 when the Company faced many challenges and he has successfully concluded a process of rationalisation, restoring the Company to a stable position. Having achieved this goal, he has decided to pursue other opportunities, and the Board is grateful for his contribution.

Gary Nel, the Company's Director of Engineering & Survey, will continue to manage this division reporting to Trevor Brown as Executive Director of the Company. The Board will make a further announcement in respect of the appointment of a Chairman in due course.

Trevor Brown, Executive Director of Strat Aero plc, commented, "We thank Graham, Iain and Mark for their contributions to the business, and wish them all the best in their endeavours. I am confident that with these changes the Company has a reinvigorated Board now able to deliver shareholder value from a significantly reduced cost base"

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement may have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

- ENDS -

For further information please visit www.strat-aero.com or contact:

 
 Strat Aero plc                       Tel: [phone] 
 Trevor Brown (Executive Director) 
 SP Angel Corporate Finance LLP       Tel: [phone] 
 Nominated Adviser and Joint Broker 
 Stuart Gledhill 
  Jeff Keating 
  Caroline Rowe 
 Peterhouse Corporate Finance         Tel: [phone] 
 Lucy Williams 
  Fungai Ndoro 
 
 
 

Notes

Strat Aero plc is focused on the continued development of the Company's 'Survey & Inspection' business, in addition to implementing an enhanced growth strategy via the appraisal of complementary acquisition or investment opportunities. This is in line with the Company's stated objective to achieve improved financial performance in the near term.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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January 29, 2018 02:00 ET (07:00 GMT)