Further Board Change
17th July 2009 - Oxford
As set out in the Circular to Shareholders dated 7 July, 2009, the Company is currently in partnership discussions in connection with all of its businesses with a view to securing profitable platforms for growth. The structure of the resulting relationships will be announced on completion of the negotiations, however, it is anticipated that the outcome will be a structure in which the Group’s income will consist primarily of royalty income generated by partners’ product sales. This will simplify the Group’s operations considerably and in conjunction with the proposed delisting from AIM, will facilitate further reductions in the Group’s cost base. In anticipation of this further planned restructuring the Chief Financial Officer, Richard Clarke, has informed the Company of his intention to resign from the Board and will leave the Company on 29 September 2009, on the same date as Dr Kevin Matthews and Ed Weeks.
Commenting on this decision, Richard Farleigh, Oxonica’s Chairman said, “Oxonica’s strategy is focused on the establishment of partnerships across the Group’s businesses and minimisation of the corporate centre. Richard has been a valuable member of the executive team and Board over the last five years and the Board would like to thank Richard Clarke for his contribution and wishes him well in his future career. I intend to increase my commitment as required to help Oxonica execute its stated strategy”.
The Company is reviewing its requirements regarding the Executive Management of the Business. However, following the restructuring it is still envisaged that the Board of Oxonica plc will comprise Richard Farleigh as non-executive chairman, an executive director, and George Elliott as the independent non-executive director and audit chairman. Gordon Ringold will also remain on the Board until such time as the Security business is successfully partnered.
rc-resignation-rns-170709.pdf (4 KB)