Business
Board changes, Director/other holdings, TVR etc.
Board changes, Director/other holdings, TVR etc..
About this update from Electric Guitar Plc
[{"type":"text","content":"\n\n \n2 April 2025\n \nElectric Guitar PLC\n(\"Electric Guitar\" or the \"Company\")\n \nCompletion of Subscription, Restoration of trading on AIM, Board changes, director and other shareholdings in Company\nTotal voting rights\n \nFurther to the Company's announcement on 1 April 2025, Electric Guitar PLC (LSE: ELEG) is pleased to announce its Ordinary Shares will be restored to trading on AIM with effect from 7.30 a.m. today and completion of the Subscription will occur with effect from 8.00 a.m. today (\"Admission\"). The Company can now pursue its strategy as an AIM Rule 15 cash shell to invest in and/or acquire companies which show significant potential for growth, cash-generation, and a profitable exit in the medium term. Leveraging their knowledge and contacts, the new Board will actively seek to identify suitable investment and/or acquisition opportunities, with a view to completing a reverse takeover pursuant to the AIM Rules for Companies. At this stage, the new Board would not seek to exclude any particular sector or jurisdiction.\n \nAs an AIM Rule 15 cash shell, the Company will be required to make an acquisition or acquisitions which constitute a reverse takeover under AIM Rule 14 or seek re-admission to AIM as an investing company (as defined under the AIM Rules) on or before 24 June 2025, failing which the Company's Ordinary Shares would be suspended from trading on AIM pursuant to AIM Rule 40.\n \nBoard changes\n \nAs anticipated as part of the Proposals, John Hutchinson, John Regan and Caroline Worboys yesterday resigned as directors of the Company with immediate effect, and both John Regan's and Richard Horwood's executive roles (as CEO and COO respectively) were made redundant. Richard Horwood's directorship has become non-executive and Grahame Cook has been appointed non-executive Chair.\n \nIn addition, Sarfraz Niaz Munshi (aged 34) was yesterday appointed as a non-executive director of the Company. Mr Munshi is currently a director of Belmont Partners Ltd and Catenai plc and was a director of Electric Guitar plc until 3 May 2024 (which entered into a Company Voluntary Arrangement in March 2025). From Admission, Mr Munshi will hold 29,166,666 Ordinary Shares and 205,991 warrants over Ordinary Shares.\n \nThe Board of the Company now comprises:\n ...