TIDMARP

RNS Number : 5148M

Ashcourt Rowan PLC

17 August 2011

For immediate release: 1030hrs Wednesday 17 August 2011

Ashcourt Rowan plc

("Ashcourt Rowan", "the Company" or the "Group")

Directorate Changes

Appointment of Chairman, Group CEO and NED

The Directors of Ashcourt Rowan plc (AIM: ARP), the wealth management group, are delighted to announce the appointments of Buzz West, Jonathan Polin and Steve Haines as non executive Chairman, Group CEO, and non executive Director respectively of the Company. Jonathan Polin will formally commence his position on 2 September 2011, the appointments of Buzz West and Steve Haines will commence with immediate effect. As part of the Board re-organisation, Mark Cheshire has stepped down from the Board as Group CEO with immediate effect.

The promotion of Buzz West to non executive Chairman follows his appointment as Interim Chairman of Ashcourt Rowan on 1(st) August 2011.

Ashcourt Rowan's newly appointed Group CEO, Jonathan Charles Polin (51), was previously an Executive Director at Ignis Asset Management where he was in charge of Sales and Marketing - a role he held for seven years and from which he stepped down in June 2011. Whilst at Ignis, Jonathan Polin was the architect of its successful joint venture boutique strategy and the force behind Ignis's growth in the IFA and Wholesale markets.

Over the last 20 years Jonathan Polin has held multiple board appointments within the financial services industry including eight years at Aberdeen Asset Management where he was Managing Director UK, Europe, and Middle East Sales. Prior to entering the financial services sector, Jonathan served for 12 years in the British Army.

Buzz West, Chairman of Ashcourt Rowan, commented:

"We thank Mark Cheshire for his instrumental role in restructuring Ashcourt Rowan. Moving forward our focus is now on transforming top line revenue growth into bottom line sustainable profits and establishing Ashcourt Rowan as a central force within the UK Wealth Management market. The Board and major shareholders are therefore delighted to have attracted Jonathan to the Group. We believe he has the requisite vision, strategic understanding of the market and skill-set to achieve the ambitions of the Group."

Jonathan Polin said:

"Ashcourt Rowan has a strong brand within the industry, a good national footprint and an excellent team of investment managers and financial planners at its core. The opportunity to utilise this platform to create a focused vertically integrated asset management and financial advice group is hugely exciting. As we move towards a post RDR environment, there is the real opportunity for the Group to take a significant share of the market through both organic growth and strategic acquisition."

Stephen "Steve" Paul Haines, 46, also today joins the Ashcourt Rowan Board as a non executive Director. Steve Haines has held a range of finance and operational roles within the property industry over the last 23 years and brings significant experience in margin focus and improvement. Steve is currently an Executive Director at Dwyer Asset Management Plc, a company owned by a significant shareholder of Ashcourt Rowan, as a result Steve is not regarded as independent.

Buzz West added:

"We are likewise delighted to welcome Steve to the Board. He brings a highly valuable commercial network and perspective."

Additional Information on the Newly Appointed Directors

Jonathan Polin

In the last five years, Mr Polin has held the following Directorships:

 
 Current:   Previous: 
  N/A        Ignis Agency Management Limited 
             Ignis Alternative Funds plc 
             Ignis International Funds plc 
             Castle Hill Asset Managment LLC 
             Ignis Asset Management Limited 
             Ignis Fund Managers Limited 
             Ignis Investment Management Limited 
             Ignis Investment Services Limited 
             Ignis Investments Limited 
             Ignis LP Limited 
             Ignis Nominees Limited

Jonathan Polin currently has no notifiable interests in the Company.

There is no further information on Mr Polin required to be disclosed under Schedule Two, paragraph (g) (i)-(viii) of the AIM Rules for Companies.

Steve Haines

Mr Haines is a member of the Chartered Institute of Management Accountants (CIMA).

In the last five years, Steve Haines has held the following Directorships:

 
 Current:                 Previous: 
 Dwyer Asset Management   N/A 
  Plc 
                         ---------- 
 Dwyer Plc 
                         ---------- 
 Dwyer CS Ltd 
                         ----------

Steve Haines currently has no notifiable interests in the Company.

There is no further information on Steve Haines required to be disclosed under Schedule Two, paragraph (g) (i)-(viii) of the AIM Rules for Companies.

-Ends-

For further information please contact:

Ashcourt Rowan plc

Buzz West (Chairman) Tel: 020 7871 7373

Cenkos Securities plc

Stephen Keys (NOMAD)/Julian Morse (Sales) Tel: 020 7397 8900

GTH Communications

Toby Hall/Christian Pickel Tel: 020 3103 3903/3902

This information is provided by RNS

The company news service from the London Stock Exchange

END

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