Business
Result of AGM & Board Changes
Result of AGM & Board Changes.
About this update from Cloudcoco Group Plc
[{"type":"text","content":"\n Glen Group PLC\n09 May 2008\n\n\n9 May 2008\n Glen Group plc\n ('Glen' or 'the Company')\n\n Result of AGM and Board Changes\n\nResult of Annual General Meeting\n\nAt the annual general meeting of the Company held today, all resolutions\nproposed were duly passed.\n\nBoard changes\n\nGlen announces today a number of forthcoming changes to the composition of its\nBoard, each of which will become effective on 1 June 2008.\n\n • Alan J Bonner, a co-founder and the Managing Director of Pinnacle Group\n Limited acquired by the Company in June 2007, will join the Board as Chief\n Executive Officer. Mr Bonner is the registered and beneficial owner of\n 122,727,273 ordinary shares of 0.10p in the Company, representing\n approximately 10.28% of the issued share capital.\n\n • Graham J Duncan, the current CEO, will take on the role of Non-Executive\n Chairman.\n\n\n • Eric M Hagman CBE, who has been Non-Executive Chairman of the Company\n since it was first admitted to AIM in December 2004, is stepping down to\n pursue his other business interests.\n\nFollowing the sale of Eclectic Group Limited ('Eclectic') and I G Software\nLimited ('inGroup') in early January 2008 for a net consideration of £2.7m, the\nBoard has considered a range of options for the Company. Given the skill set of\nthe management team, and recognising market conditions, the Board believes that\nit remains appropriate to follow our defined telecommunications integration\nstrategy where we continue to see opportunities, particularly in the development\nof new technologies such as voice over broadband ('VoIP').\n\nIn respect of his role as Non-Executive Chairman, Mr Duncan has entered into a\nletter of appointment which is for an initial period of one year with a\nthree-month rolling notice period thereafter. Separately, he has entered into a\nconsulting contract to provide a package of services to Glen over a period of\nthree years, covering certain financial and M&A work. In order to assist in\nlowering the costs of the business given its reduced size, Mr Duncan has agreed\nto bring his existing executive service contract to an end on 31 May 2008,\nwithout compensation, notwithstanding that it has a one year notice period.\nThese changes are designed to substantially reduce the annual operating costs of\nthe Group without losing the services and considerab...