Business
Restructure Proposals
Restructure Proposals.
About this update from Synectics Plc
[{"type":"text","content":"\n Quadrant Group PLC\n28 February 2002\n\n Quadrant Group plc\n\n\n ANNOUNCEMENT OF PROPOSED MAJOR RESTRUCTURING\n\n\n\n• COMPANY TO BECOME FOCUSSED ON CCTV SECURITY SYSTEMS AS ITS\n SOLE ACTIVITY\n\n• SALE OF FLIGHT SIMULATION BUSINESSES\n\n• NEW INCENTIVE AND REWARD SCHEME FOR KEY CCTV SECURITY MANAGERS\n\n• CHANGE OF NAME TO QUADNETICS GROUP PLC\n\n• BOARD AND MANAGEMENT CHANGES TO REFLECT THE NEW STRUCTURE\n\n\n\nPeter Rae, Chairman, comments:\n\n'These proposals represent an extremely important milestone for the company.\nThey reflect the Board's determination to deliver value to shareholders through\nfocussing exclusively on the exciting technical developments and growth\nprospects that are now coming to fruition in our CCTV security systems\nbusinesses. The company's prospects look very bright'.\n\n\n\nFor further information contact:\n\n\nDavid Coghlan, Chief Executive 01527 850080\nNigel Poultney, Finance Director 01527 850080\n\n\n\nSummary of Proposals\n\nQuadrant Group today announces a number of proposals in connection with the\nfuture direction of the Company. Over the past three years, the Company has been\nsuccessfully restructured through the disposal of non-core operations to focus\non growth opportunities in its electronic systems businesses. The Board now\nbelieves that the future best interests of the Company will be served by\nconcentrating its resources on a single business area - video-based security\nsystems.\n\n\nThe principal proposals are:\n\n i. to sell the Company's interests in its Flight Simulation\nBusinesses, Quadrant Flight Training Limited ('QFT') and Quadrant Systems\nLimited ('QSL'), to a company connected with two Directors, David Coghlan and\nJeffrey Sandiford;\n\n ii. to transfer 21 per cent. of the share capital in the CCTV\nSecurity Business, Quadrant Video Systems plc ('QVS') and Synectics, to four key\nmembers of the management team, including Russell Singleton, with a view to\nthese managers converting the acquired minority shareholdings into new Shares in\nthe Company, the number, and timing, of which depends on future performance of\nthe CCTV Security Business;\n\n iii. to rename the Company Quadnetics Group plc; and\n\n iv. to appoint Russell Singleton as Chief Executive, and to implement\nother Board changes to reflect the new Group structure.\n\n\n\nBackground to and ...