Business
Appointment of Deputy Chairma
Appointment of Deputy Chairma.
About this update from Bango Plc
[{"type":"text","content":"\n RNS Number : 8305A Bango PLC 08 February 2011 \n \n\n8 February 2011\nBANGO PLC\n(\"Bango\" or \"the Company\")\n \nAppointment of Deputy Chairman and Proposed Chairman\nGrant of Options\n \nBango plc (AIM:BGO.L), the mobile web payments and analytics company, announces that further to the announcement on the 6 January 2011 regarding the intention of the Chairman, Lindsay Bury, to retire from the Board, David Sear has been appointed Deputy Chairman of the Board with immediate effect. Mr. Sear has been a Non-Executive Director of Bango since August 2010.\n \nMr. Bury will retire as Chairman with effect from the conclusion of Bango's financial year, being 31 March 2011. Following his retirement, Mr. Sear will be appointed Chairman of the Board from 1 April 2011.\n \nOn 7 February 2011, Mr. Sear was granted 100,000 options to subscribe for ordinary shares of 20p each in the Company at the exercise price of 153.0 pence per share, being the mid-market closing price on 4 February 2011. The options are subject to the terms of the Company's standard rules for unapproved share options in the Bango plc 2005 Enterprise Management Incentive Share Option Plan.\n \nThe options vest over a three year period, in twelve equal instalments, one twelfth each quarter and may be exercised up to the tenth anniversary of the date of grant.\n \nRay Anderson, CEO of Bango, said: \"We are delighted that David will be taking on the role of Chairman from 1 April 2011. His experience in the areas of international payments and the management of high growth payments businesses has proven beneficial since he joined the Board in August of last year and we look forward to working more closely with him in his role as Chairman.\"\n \nDavid Sear is Divisional Managing Director at Travelex Global Business Payments, a company which specialises in international and domestic payment and receipt processing services and solutions.\n\nDavid joined Travelex in March 2006 from Voca Ltd (previously BACS), where he helped to transform the company at the centre of the UK's payments industry. Prior to Voca, David was Chief Operating Officer at WorldPay Group plc, a major global player in the adoption and development of e-Commerce. Earlier in his career David spent seven years at Equifax Cheque Services, the world's largest cheque guara...