3 June 2024
Marlowe plc
Completion of Divestment,
Special Dividend Timetable and Board Changes
Commencement of £225 million
return to shareholders
Marlowe plc ("Marlowe" or the "Group"), the leader in
business-critical services, announces completion of the sale of
certain Governance, Risk & Compliance ("GRC") software and services assets for
an Enterprise Value of £430 million (the "Divestment") and, as a result, confirms
the timetable for the £150 million special dividend set out by the
Group on 22 May 2024. The Group also announces the resignation of
Kevin Quinn as Executive Chairman and the appointment of Julia
Robertson as an Independent Non-Executive Director, both with
immediate effect.
Special Dividend Timetable
The Divestment completed on schedule
on 31 May 2024 and, following receipt of the cash proceeds of the
Divestment, the Group confirms that a special dividend of £1.55 per
Marlowe ordinary share will be paid on 5 July 2024, with a record
date of 14 June 2024 and an ex-dividend date of 13 June
2024.
The Group's previously announced
share buyback programme to return up to £75 million to Marlowe
shareholders ("Buyback
Programme") will commence on payment of the special
dividend. The terms of the Buyback Programme were announced by the
Company on 22 May 2024.
Board Changes
Julia Robertson has been appointed
as an Independent Non-Executive Director of the Company with
immediate effect. Julia Robertson is Group
Chief Executive Officer of Impellam Group Limited, having been
appointed in April 2013. Her journey at Impellam began in 2000 when
she sold two businesses to the group after which she held numerous
leadership positions before taking on the role of Group CEO. She
has also served as Chief Executive of the Institute of Employment
Consultants (now REC), the professional body for the UK recruitment
industry.
Kevin Quinn has resigned as
Executive Chairman of the Company with immediate effect. Lord
Ashcroft KCMG PC has assumed the role of Non-Executive Chairman on
an interim basis.
Lord
Ashcroft, Interim Non-Executive Chairman of Marlowe,
commented:
"The Board extends its sincere thanks to Kevin for his
dedicated service and commitment as Marlowe's Chairman. Kevin has
made a significant contribution to the development of Marlowe
throughout his six-year tenure, and we wish him all the best for
the future.
We
are pleased to welcome Julia to the Board of
Marlowe."
For
further information:
Marlowe plc
|
Lord Ashcroft KCMG PLC, Interim
Non-Executive Chairman
|
www.marloweplc.com
|
Adam Councell, Chief Financial
Officer
|
Tel: +44 (0) 203 813 8498
|
Benjamin Tucker, Head of Investor
Relations & Strategy
|
|
|
|
Cavendish Capital Markets Limited (Nominated Adviser and Joint
Broker)
|
Ben Jeynes
|
Tel: +44 (0)20 7220 0500
|
George Lawson
|
|
|
|
Investec Bank plc (Joint Broker)
|
Henry Reast
|
Tel: +44 (0)20 7597 5970
|
Oliver Cardigan
|
|
|
|
FTI
Consulting
|
|
Nick Hasell
|
Tel: +44 (0)20 3727 1340
|
Alex Le May
|
|
The directorships and partnerships
currently held by Julia Robertson, aged 65, and over the five years
preceding the date of her appointment, are as follows:
Current directorships / partnerships
|
Previous directorships / partnerships
|
BMS Ltd
|
Allied Employment Group Pty
Limited
|
Carbon60 Ltd
|
Blue Arrow Financial Services
Limited
|
Carlisle Cleaning Services Holdings
Ltd
|
Blue Arrow Holdings
Limited
|
Carlisle Events Services
Ltd
|
Blue Arrow Ltd
|
Carlisle Group Ltd
|
Career Teachers 2006
Limited
|
Carlisle Nominees Ltd
|
Career Teachers Limited
|
Carlisle Security (Holdings)
Limited
|
Chadwick Nott (Holdings)
Limited
|
Carlisle Security Ltd
|
Chrysalis Community Care Group
Limited
|
Carlisle Staffing Services Holdings
Ltd
|
Devonshire Club (Holdings)
Limited
|
Carlisle Staffing Services Ireland
Ltd
|
Devonshire Club Limited
|
Carlisle Staffing Services
Ltd
|
Doctors on Call
|
Comensura Ltd
|
Global Group (UK) Limited
|
Comensura Pty Ltd
|
Global Medics Limited
|
Flexy Corporation Ltd
|
Global Medics NZ Ltd
|
Flexy Services Pty Ltd
|
Global Medics Pty Limited
|
Guidant Global UK Limited
|
Guidant Global APAC Pty
Ltd
|
Headfirst Global Plc
|
Healthlink New Zealand Group
Limited
|
Impellam Group Limited
|
Latitudes Group International
Management
|
Impellam Holdings Ltd
|
Litmus Workforce Solutions
Limited
|
Impellam UK Ltd
|
Litmus Workforce Solutions
Limited
|
Irish Recruitment Consultants
Ltd
|
Litmus Workforce Solutions Pty
Ltd
|
Laybridge Ltd
|
Medacs Global Group Ltd
|
Lorien Ltd
|
Medacs Global Group Ltd
|
Lorien Resourcing Ltd
|
Medacs Healthcare Australasia Group
Limited
|
OneTrue Ltd
|
Medacs Healthcare Australia Pty
Ltd
|
Science Recruitment Group
Ltd
|
Medacs Healthcare Limited
|
Younifi Limited
|
Medacs Healthcare Plc
|
|
Medacs Healthcare Pty Ltd
|
|
Ossea Holdings Limited
|
|
PRN Recruitment Limited
|
|
Sabertooth Services
Limited
|
|
Tate Recruitment Limited
|
Julia Robertson was previously a
non-executive director of both Devonshire Club (Holdings) Limited
and Devonshire Club Limited. Both of these companies entered into
administration on 18 March 2020 and were dissolved on 23 June 2021
and 24 June 2021 respectively following liquidations and an
aggregate creditors deficit of approximately £3.5
million.
Julia Robertson currently holds no
Ordinary Shares in Marlowe.
About Marlowe plc
Marlowe is a leader in
business-critical services which ensures compliance with strict
regulations and insurance requirements across Fire Safety &
Security, Water & Air Hygiene and Occupational Health. The
Group has a national footprint and serves over 30,000 customers
across office complexes, high streets & leisure facilities,
manufacturing plants and industrial estates, and include thousands
of SMEs, local authorities, facilities management providers,
multi-site NHS trusts and FTSE 100 companies.