Business
Board Changes, Placing and Change of Broker
Board Changes, Placing and Change of Broker.
About this update from Physiomics Plc
[{"type":"text","content":"\n \n Physiomics plc (\"Physiomics\" or \"the Company\") \n\n \n\n1 September 2006\n\n \n\n Board changes \n Placing \n Appointment of broker \n\n \n\n \n\nBoard Changes\n\n \n\nPhysiomics announces the resignation with immediate effect of its chairman,\nDavid Evans. John Pool, a director of the Company, will assume the role of\nChairman for the time being.\n\n \n\nThe Company also announces the resignation from the board of David Collins\n(Finance Director) and David Fell (non-executive Director). Professor Fell, a\nrecognised expert in systems biology, will remain closely linked to the Company\nas he continues to direct the technical programme.\n\n \n\nThe board would like to express its gratitude to David Evans, David Collins and\nDavid Fell for their significant contribution to the Company.\n\n \n\nPhysiomics is pleased to announce the appointment of Edward Oliver as Finance\nDirector and Duncan Lipscombe as a non-executive Director with immediate\neffect.\n\n \n\nEdward is a Chartered Accountant with considerable experience both in\nprofessional practice and in industry. Formerly a senior partner at the London\nbased firm of Chartered Accountants, AGN Shipleys, Edward Oliver has since 2002\nprovided consultancy and advisory services to companies through his firm,\nOlivers. Edward Oliver is a director of AIM companies Sareum Holdings plc,\nAngel Biotechnology Holdings plc and Zyzygy plc.\n\n \n\nDuncan Lipscombe joins the board as a non-executive Director following a\nsuccessful career as an entrepreneur and director of a family business. Since\ndisposing of a significant interest in his family fast food chain established\nover a 30 year period, he has served as a director of AIM quoted Zyzygy plc.\n\n \n\nPlacing\n\nThese board changes were conditional on further funding being made available to\nthe Company. The Company is currently undertaking a placing of up to\n142,947,040 Physiomics ordinary shares at price of 0.3p per share to raise cash\nof £226,000 and in lieu of fees and debt of £202,841. The funds raised will be\nused to continue developing the Company's existing business and to enable it to\nprogress a number of acquisition opportunities.\n\nA number of directors and former directors have agreed to subscribe for shares\nas part of the placing in lieu of fees, including Dr Paul Harper who will be\nsubscribing for...