TIDMSOLI
RNS Number : 1444G
Solid State PLC
17 July 2023
Solid State plc
("Solid State", the "Group" or the "Company")
Directorate Changes & Governance Update
Solid State plc (AIM: SOLI), the specialist value added
component supplier and design-in manufacturer of computing, power,
and communications products, provides an update on board structure
as it evolves to continue maintaining the highest standards of
corporate governance and compliance with the QCA code.
Appointment of Non-Executive Director
Solid State is pleased to announce the appointment of Sam Smith
to the Board of the Company as an independent Non-Executive
Director with effect from 1 August 2023. Sam will sit on the Audit
and Remuneration Committees.
Sam is an entrepreneur with over 25 years' business and capital
markets experience and has specialised in advising small and
mid-cap growth companies. She was previously Chief Executive
Officer of finnCap Group which, under her leadership, has become
one of the largest brokers for companies listed on the AIM market
of the London Stock Exchange. She is currently a non-executive
director of Sumer Group, a professional services firm supporting
SMEs with accounting and other services, and of Griffin Markets
Limited, an OTC wholesale European energy trading business.
Sam is a chartered accountant, having qualified at KPMG and has
received numerous awards in business including Top 100 Financial
Risings Stars Award and National Business Woman of the Future
Award. She is part of the Government Taskforce on Women-Led High
Growth Enterprises, supporting the next generation of female
entrepreneurs. Sam is also on the advisory board for Everywoman,
which champions the advancement of women in business and is a
Patron to The Entrepreneurs Network.
Further board change
The Company further announces that Peter Haining, Non-Executive
Director, has decided that after a long and distinguished period as
a director of the Company, it is appropriate for him not to seek
re-election at the upcoming AGM in September. Peter has overseen a
significant period of growth and development of the Group and has
made an invaluable contribution to the Company, including during
its transition to a fully QCA complaint structure.
Peter has further agreed to continue to serve as Company
Secretary to ensure a smooth transition in the near term, but will
retire from this role towards the end of the current financial
year.
The Board will seek to appoint a further independent
Non-Executive Director within the coming year, who will have the
requisite qualifications, skills and experience to chair the Audit
Committee. In the intervening period, Nigel Rogers will chair the
Audit Committee on an interim basis and will be supported by Peter
Haining during the handover phase. Peter Magowan, the Senior
Independent Director, will continue to chair the Remuneration
committee.
Recruitment of the additional independent Non-Executive Director
will be determined by the Board based on recommendations from the
Nominations Committee comprising Nigel Rogers, Peter Magowan and
Gary Marsh.
Commenting on the announcement, Nigel Rogers, Chair, said:
"I am delighted to welcome Sam to our Board to further
complement the knowledge and experience of our existing team. I am
sure that she will play a key role in supporting the next phase of
Solid State's growth trajectory as we strive to achieve our 2030
ambitions.
"I also wish to pay tribute to Peter Haining's outstanding
contribution to the Group over a number of decades that has seen
the Group transform from a small family business to an established,
high-quality public company. His contributions have been pivotal in
transforming the Group and have placed it in a good position to
take advantage of the many opportunities to continue its growth.
The Board thanks him for his contribution to Solid State's success
and wishes him every success in the future."
For further information please contact:
Solid State plc Via Walbrook
Gary Marsh - Chief Executive
Peter James - Group Finance Director
Cenkos Securities plc (Nominated
Adviser & Joint Broker)
Adrian Hadden / Callum Davidson (Corporate
Finance)
Alex Pollen / Jasper Berry (Sales) 020 73978900
finnCap (Joint Broker)
Ed Frisby (Corporate Finance)
Rhys Williams / Tim Redfern (Sales
/ ECM) 020 7220 0500
Walbrook PR (Financial PR) 020 7933 8780
Tom Cooper / Nick Rome / Joe Walker 0797 122 1972
solidstate@walbrookpr.com
Further information on Sam Smith pursuant to Schedule Two,
paragraph (g) of the AIM Rules for Companies:
Samantha Jane Smith, aged 49, is currently or has previously
been a director or partner of the following companies or
partnerships within the past five years:
Current Directorships Previous Directorships / Partnerships
Griffin Markets Limited FinnCap Group plc
-----------------------------------------
Griffin Markets Services Limited FinnCap Ltd
-----------------------------------------
Griffin Markets Group Limited Cavendish Corporate Finance (UK) Limited
-----------------------------------------
Griffin Markets Europe SAS Energise Ltd
-----------------------------------------
Sumer Group Holdings Limited The Centre for Entrepreneurs Ltd
-----------------------------------------
Think Fair Limited The Quoted Companies Alliance Limited
-----------------------------------------
Peanut SCI The Zentropa Film Partnership LLP
-----------------------------------------
The Close Film Sale and Leaseback
(2004/5) LLP
-----------------------------------------
Sam does not hold any interest in the Company's shares.
Analyst Research Reports: For further analyst information and
research see the Solid State plc website:
https://solidstateplc.com/research/
Notes to Editors:
Solid State plc (SOLI) is a value added electronics group
supplying commercial, industrial and defence markets with durable
components, assemblies, manufactured units and power units for use
in specialist and harsh environments. The Group's mantra is -
'Trusted technology for demanding environments'. To see an
introductory video on the Group - https://bit.ly/3kzddx7
Operating through two main divisions: Systems (Steatite, Active
Silicon & Custom Power) and Components (Solid State Supplies,
Pacer, Willow Technologies & AEC); the Group specialises in
complex engineering challenges often requiring design-in support
and component sourcing for computing, power, communications,
electronic, electro-mechanical and opto-electronic products.
Headquartered in Redditch, UK, Solid State employs approximately
400 staff across the UK and US, serving specialist markets with
high barriers to entry in industrial, defence and security,
transportation, medical and energy.
Solid State was established in 1971 and admitted to AIM in June
1996. The Group has grown organically and by acquisition - having
made three acquisitions in the last three years.
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END
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July 17, 2023 02:00 ET (06:00 GMT)
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