Business
Group Restructuring
Group Restructuring.
About this update from Pebble Beach Systems Group Plc
[{"type":"text","content":"\n \nRNS Number : 7785W Pebble Beach Systems Group PLC 14 February 2017 \n\nPebble Beach Systems Group plc (the \"Company\" or the \"Group\")\n \nGroup Restructuring\n \nFollowing the sale of VCS, the Group has decided to pursue a cost reduction strategy, resulting in the closure of the Head Office function, which is no longer appropriate as the Company now has a single operating subsidiary, Pebble Beach Systems Limited which operates from a stand-alone site. \n \nAccordingly notice of termination of his service contract has been served on John Hawkins, who has ceased, with immediate effect, to carry out the role of Executive Chairman. \nNotice has also been served on the 6 members of the Head Office team.\nJohn Varney, currently a Non-Executive Director, with a 35 year career in Broadcasting, Technology and Software will become Non-Executive Chairman, supported by the other two current Non-Executive Directors.\nThe 2016 results are expected to be announced on 31 March 2017.\nThere has been no change in the banking situation since the announcement of 6 February. Following the most recent meeting with the bank on 13 February 2017, the bank remains supportive of the Company.\n \n \n \nFor further information please contact:\n \n \n\n\n\n\nRobin Howe\nSenior Independent Non-Executive Director\nPebble Beach Systems Group plc\n\n\n+44 (0) 14 88 68 55 00\n\n\n\n\n \n\n\n\n\nCharlie Jack / Bertie Berger \nHudson Sandler\n\n\n+44 (0) 20 77 96 41 33\n\n\n\n\n\n\n\n\n\n\n\n\nShaun Dobson / James White\nN+1 Singer \n\n\n+44 (0) 20 74 96 30 00\n\n\n\n\n \n \nThe Company is listed on the LSE AIM market (PEB.L). More information can be found at www.pebbleplc.com.\nAbout Pebble Beach Systems Limited \n \nPebble Beach Systems Limited (Pebble) is a leading developer and supplier of automation, channel in a box...