TIDMHUME
RNS Number : 0940K
Hume Capital Securities PLC
20 June 2014
20 June 2014
Hume Capital Securities plc ("Hume" or the "Company")
Board Changes, Placing and Update
Board Changes
Further to the announcement of 8(th) May 2014, the Board is
pleased to announce that it is making the following Board
changes:
Guy Peters, who is currently Head of Corporate at Hume, will be
joining the Board and assuming the role of Chief Executive Officer
with immediate effect, whilst retaining overall responsibility for
the corporate finance and corporate stockbroking side of Hume's
business. Guy joined Hume in May 2013 and has extensive experience
as a corporate adviser and corporate broker to quoted companies
over many years, predominantly in the small and mid-cap space.
Guy originally trained and practised as a City solicitor with
Herbert Smith before moving into merchant banking as a corporate
financier with Lloyds Merchant Bank and then subsequently
integrated investment banking for 10 years at Albert E Sharp, which
was acquired by Old Mutual and subsequently itself acquired Greig
Middleton, becoming Old Mutual Securities. After its sale to
Arbuthnot and renaming as Arbuthnot Securities, Guy left to join
Shore Capital, where he stayed for a further 6 years before joining
Seymour Pierce in 2010 and then subsequently Hume Capital in
2013.
Jonathan Freeman, who became Interim Chief Executive Officer on
8(th) May 2014, now returns to being a non-executive director.
David Barrow will join the Board of Hume with immediate effect
as Finance Director. Mike Frame has stepped down from the Board and
will remain with the Company with responsibility for risk
management. Mike will also assist David in the handover of his
finance, systems and controls responsibilities. David, a Chartered
Accountant, has significant experience in refinancing and
restructuring and has worked closely with David Taylor (a
significant shareholder in Hume) in a number of his businesses over
the past few years. Prior to working with David Taylor, David
Barrow qualified as a Chartered Accountant in 2008 before moving
into industry. He led the budgeting and forecasting functions in
the finance department of Victrex PLC between 2010 and 2012,
subsequently worked as Finance Director designate for Recycling
Lives Ltd, a privately owned recycling and waste management
company, before joining David Taylor Partnerships Ltd and various
of David Taylor's investee companies as Finance Director in March
2013.
Ben Ticehurst will also join the Board of Hume as Operations
Director. Ben has spent much of his career in local government,
with a particular focus on business improvement, cost reduction and
commercialisation. Ben has worked at an executive level in UK local
authorities, including a position as Deputy CEO and previously
Director of Children Services at Peterborough Council. Over the
last 5 years he has, in conjunction with an associate of one of
Hume's major investors, undertaken consultancy roles in his own
companies largely focussed on the development and commercialisation
of local authority businesses.
Placing
As stated in the 8(th) May 2014 announcement, the Board is
currently undertaking a review of the Company and is looking to
ensure that the Company's financial resources are adequate to fund
the business for the foreseeable future. This review has identified
the need for further significant capital injection. The Board has
been discussing the capital requirements of the business with a
group of investors who have confirmed that they intend to provide
the requisite funding to secure the Company's business for the
short and medium term, which is likely to be provided in several
tranches, the first of which is set out below. The provision of
further funding will be subject to a number of regulatory and
shareholder consents and the precise quantum and nature of the
further tranche of that funding is still being finalised, but is
likely to involve a further significant equity injection. The
Board's review of the business also includes an exercise to ensure
that the Company's costs reflect its current business and pipeline,
which will include some cost cutting and restructuring measures in
the short term, as costs are not adequately covered by the current
level of revenues.
The Board is pleased to announce that Mr David Taylor, an
existing shareholder of Hume and further details of whom are set
out below, has agreed to subscribe for a total of 425,085,889 new
ordinary shares of 0.1p each in the Company ("Ordinary Shares") at
par, raising gross proceeds of just over GBP425,000 for the Company
(the "Placing"). The Placing fully utilises the remainder of the
Company's current authorities to issue new share capital. The
Placing will take place in three tranches of 150,000,000 Ordinary
Shares, 150,000,000 Ordinary shares and 125,085,889 Ordinary Shares
with settlement on 26(th) June 2014, 16(th) July 2014 and 25(th)
July 2014 respectively. Following the Placing, Mr Taylor will have
an interest in approximately 20.44% of the Company's issued share
capital. Application will be made for:
a). 150,000,000 new Ordinary Shares to be admitted to trading on
AIM in which dealings are anticipated to commence on 27(th) June
2014;
b). 150,000,000 new Ordinary Shares to be admitted to trading on
AIM in which dealings are anticipated to commence on 17(th) July
2014; and
c). 125,085,889 new Ordinary Shares to be admitted to trading on
AIM in which dealings are anticipated to commence on 28(th) July
2014.
David Taylor, CBE, has considerable experience in the property
development sector having been Chief Executive of Enterprise plc,
AMEC Developments Limited and having run English Partnerships (a
government agency) for six years. More recently he has been
Executive Chairman of BL Canada Quays, a joint venture with British
Land plc. David is currently a Director of the Olympic Development
Authority (ODA), Chairman of Energy 10 Limited (a waste to energy
company) a Director of Money and Co and Chairman of all the
companies listed in the David Taylor Partnership Group, whose
website can be viewed at www.dtp88.com.
Outlook
The Company's business will remain focused on Stockbroking,
Wealth Management and Corporate Advisory business and the Board
intends to grow the business substantially in the medium term.
Commenting on the above, Guy Peters said:
"The measures we are taking are designed to ensure that we are
in a strong position to achieve our aims, with a strengthened
capital base and a cost base appropriate to the current level of
business, but with the ability to expand as new business comes
through. We are grateful to all of our clients, market
counterparties, business introducers and stakeholders for their
substantial ongoing support. The outcome of the plans we have
outlined should place us in a substantially better position to
service our clients' requirements in the future."
The information required by Schedule 2 paragraph (g) in relation
to each of Guy Peters, David Barrow and Ben Ticehurst is as
follows:
Director's Full Name Current Directorships/ Directorships/Partnerships
and Age Partnerships within the last 5 years
-------------------------------- ---------------------------------- -------------------------------
Guy Richard Peters Hume Capital Global Shore Capital Markets
(aged 52) Limited Shore Capital & Corporate
XCAP Securities Limited Limited
-------------------------------- ---------------------------------- -------------------------------
Guy Peters owns 6,666,667 ordinary shares in Hume through his
SIPP.
-----------------------------------------------------------------------------------------------------
David Paul Barrow (aged David Taylor Partnerships
31 ) Limited
Allied Lighting Limited
Carbon Numbers Limited
Eco Control Systems
Limited
Nu-Ven Ltd
Endo Enterprises (UK)
Limited
Endo Enterprises Limited*
ProGreen (Properties)
Limited
Xplore4 Technologies
Limited
----------------------------------- ------------------------------- -------------------------------
*David Barrow was the part-time finance director of Endo Enterprises
Limited. The company was placed into administration on 1(st)
November 2013 with a deficit to creditors of GBP195,060.52..
-----------------------------------------------------------------------------------------------------
Benjamin Galbraith Ticehurst Right Brain Ltd Options Enterprises
(aged 52) Limited**
Groovy Situation Limited
Cambridge Enterprise
Services Limited
V4 Services Limited
----------------------------------- ------------------------------- -------------------------------
**Ben Ticehurst was a director of Options Enterprises Limited,
a vehicle for supplying business transformational services to
local authorities. Due to a change to its contracting environment,
it became impossible to trade. The company was placed into creditors'
voluntary liquidation on 30(th) January 2012 with a deficit
to creditors of GBP81,596.
-----------------------------------------------------------------------------------------------------
Save as disclosed above, there are no further disclosures
required to be made in respect of the appointments or the Placing
under Schedule 2(g) or Rule 17 of the AIM Rules for Companies.
Enquiries:
Hume Capital Securities plc
Guy Peters (Chief Executive Officer) 020 3693 1492
Grant Thornton UK LLP, Nominated Adviser
Philip Secrett /Melanie Frean/ Jamie Barklem 020 7383 5100
This information is provided by RNS
The company news service from the London Stock Exchange
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