365 Agile Group PLC New Licence Agreement and Board Changes (9805T)
04 4월 2016 - 3:00PM
UK Regulatory
TIDM365
RNS Number : 9805T
365 Agile Group PLC
04 April 2016
365Agile Group plc
("365Agile", the "Agile Group" or the "Company")
New Licence Agreement and Board Changes
The Company is pleased to announce that it has entered into a
new licence agreement (the "Licence Agreement") with Castleton
Technology plc ("Castleton"), for the provision of 365Agile's
software solutions to the social housing sector on an exclusive
basis. In addition, the Company announces the departure of Jonathan
Holyhead, CEO, and the appointment of Tony Weaver as Non-Executive
Director.
Licence Agreement
365Agile's suite of software solutions allow field
based/customer facing teams to securely access any system, data
and/or document from any global location, allowing users to
complete tasks in real time (the "365Agile Product"). The 365Agile
Product is already sold exclusively in the social housing sector
through a reseller agreement with Castleton whereby the Company is
paid a 70% commission on the software and associated maintenance
revenues generated by Castleton.
The Licence Agreement guarantees 365Agile a payment of GBP0.6
million for each of the years ended 31 March 2017, 2018 and 2019
with the potential for a further payment of at least GBP0.3 million
in the year to 31 March 2019 dependent on total sales achieved by
Castleton for the first three years of the Licence Agreement. In
addition, it is intended that certain employees of the Agile Group
will be transferred to Castleton in order to assist with
development and implementation of Castleton's suite of software
solutions, including the 365Agile Product, though can be
sub-contracted back to 365Agile when required.
The Licence Agreement is expected to stimulate sales of the
365Agile Product in the social housing sector for the benefit of
both the Company and Castleton. The new arrangements will allow
management to focus on developing sales of the 365Agile Product in
the Group's other target markets, such as Care & Support and
Local Authorities, as well as progress the Group's range of
Internet of Things ("IoT") based solutions, which have been
specifically designed for the Social Housing and Care & Support
sectors and which do not form part of the Licence Agreement.
Further details on the Group's IoT based solutions were given in
the announcement of last November.
Results for the year to 31 December 2015 are expected to show
adjusted EBITDA of GBP0.1 million with the Company having made
further investment in its range of IoT based solutions. The
guaranteed revenues from the Licence Agreement, in conjunction with
the reduced cost base, is expected to provide 365Agile with a solid
platform from which to pursue the opportunities within the IoT
space.
Board Changes
The Company announces that Jonathan Holyhead, CEO, has resigned
from his position as CEO by mutual consent and will leave the
Company with immediate effect. Mr Holyhead has entered into an
agreement with the Company and finnCap Limited, under which he has,
for a period of two years, undertaken not to sell, charge or grant
any interests over the 4,693,199 ordinary shares of 30 pence each
in the capital of the Company ("Ordinary Shares") held by him. He
has also undertaken that for the same period, he will vote the
Ordinary Shares held by him in accordance with the recommendation
of the Board.
Jill Collighan, CFO, will fulfil the duties of the CEO on an
interim basis while a new CEO is recruited.
In order to assist with the Company's strategy of developing
sales of the 365Agile Product in its other chosen markets and
targeting growth in the IoT space, both organically and via
acquisition, Tony Weaver has been appointed as Non-Executive
Director. Tony is a founder of MXC Capital Limited, a specialist
merchant bank that invests and grows value in companies in the TMT
sector, and which is a substantial shareholder in the Company. Tony
is a business leader and investor with proven sales, operations and
management expertise. Tony has served on a number of private and
publically quoted company boards over the last 28 years.
Clive Carver, non-executive chairman said:
"The Licence Agreement with Castleton enables us to maximise the
potential of the 365Agile Product sales to the social housing
market whilst allowing management to concentrate on developing
sales in our other chosen markets as well as progressing with our
Internet of Things based range of solutions. I welcome Tony to the
Board to assist us with this strategy."
The following information is disclosed in accordance with
Schedule Two paragraph (g) of the AIM Rules for Companies:
Anthony ("Tony") Charles Weaver, aged 47 years, has been a
director or partner of the following companies during the five
years preceding the date of this announcement:
Current Within in the past 5
years
Mathian Limited Castleton Nameco Limited
Mathian (CM) Limited Netquest Limited
MXC Capital Finance Limited MXC Capital Listco Plc
Redcentric Plc M2 Systems Limited
MXC (CM) Limited Redcentric MS Limited
Mantin Capital Limited Hotchilli Internet Limited
Mathian (Newco) LLP Redcentric Managed Solutions
Limited
MXC Holdings Limited Redcentric Communications
Limited
Iant Ltd Redcentric Solutions
Limited
Redcentric Holdings Limited
Castleton Technology
Holdings Limited
Cognition Support Services
Limited
Ringwood Software Limited
Seventhree Limited
Centric Networks Limited
Minerva Industrial Systems
Limited
DXI Networks Limited
Cognition Solutions Limited
Castleton Information
Group Limited
Castleton Business Solutions
Limited
Trove Software Limited
Ringwood Group Limited
Azur Business Solutions
Ltd
AH1 Limited
3Net Limited
Fastnet Group Limited
Redstone Group Holdings
Limited
Castleton Communications
Limited
IDN Telecom Limited
Fenfones Communications
Limited
Net Quest Solutions Limited
Redstone Telecom Holdings
Limited
Essential Network Solutions
Limited
Castleton Technology
Plc
Idnenta Limited
Marcom Communications
Limited
Redstone I4E Limited
Genesis Telecommunications
Limited
Xpert Communications
Limited
Systematic Telecoms Limited
Compass Telecom Limited
Compass Communications
Technical Services Limited
Redstone Telecommunications
Limited
Caltell Communications
Limited
Xpert Group Limited
QED Business Systems
Limited
Comunica Group Limited
Redstone Converged Solutions
Limited
Comunica Holdings Limited
MXC Holdings Limited
Fujin Systems Limited
Tony Weaver was a director of Broadblue Catamarans Limited on 3
February 2009 when the company passed an extraordinary resolution
to put the company into creditors' voluntary liquidation and
appoint a liquidator. The company was dissolved on 17 April 2011.
Tony Weaver was also a director of Broadblue Catamarans Sales
Limited which was dissolved on 5 August 2009. The estimated
deficiency to creditors (excluding shareholders) of both companies
was approximately GBP612,500.
Contacts:
365 Agile Group plc +44 (0) 345 504 0365
Clive Carver, Non-executive Chairman
finnCap Limited +44 (0)20 7220 0500
Geoff Nash/Scott Mathieson
MXC Capital Markets LLP +44 (0)20 7965 8149
Charlotte Stranner/ Marc Young
This information is provided by RNS
The company news service from the London Stock Exchange
END
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