SEC Newgate S.p.A. Replacement - Group CFO Change and Business Update (8711I)
06 Aprile 2020 - 9:15AM
UK Regulatory
TIDMSECG
RNS Number : 8711I
SEC Newgate S.p.A.
06 April 2020
The following amendment has been made to the SEC Newgate S.p.A.
announcement released on 6 April 2019 at 07:00 under RNS No 80221.
The headline "Group CFO Change and Business Update" replaces
"Directorate Change and Business Update". All other details remain
unchanged.
6 April 2020
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the
publication of this announcement via a Regulatory Information
Service, this inside information is now considered to be in the
public domain.
SEC Newgate S.p.A.
("SEC Newgate", the "Group" or the "Company")
NOTICE OF GROUP CFO CHANGE
BUSINESS AND CORONAVIRUS UPDATE
The Board of SEC Newgate, the international communications,
advocacy and research group, today announces the appointment of
Sergio Penna as Group Financial Officer. This follows the decision
of Federico Vecchio, currently Chief Financial Officer, to step
down for personal reasons. Mr Vecchio was not a member of the Group
Board.
Mr Penna will join the Group on 1 June 2020 in order to ensure
an effective handover with Mr Vecchio, who will be leaving on 30
June 2020. It is intended Mr Penna will join the Board of SEC
Newgate during the Autumn of 2020.
Mr Penna qualified as a chartered auditor in 2005 with Mazars
S.p.A. and holds a degree in economics from Luigi Bocconi
University in Milan. He brings to the Group extensive financial
experience gained in a number of multinational organisations. His
most recent role was as Finance Manager at MotorK, an Italian based
multinational which specialises in providing hi-tech services to
the car industry in operations across Europe. Prior to that, he
held accounting and financial positions with Amazon, Celio, BDO and
WeiserMazar, in Italy, France and the US. In addition to Italian,
Mr Penna is fluent in both English and French.
Commenting, John Foley, Chairman of SEC Newgate S.p.A.,
said:
"On behalf of the Board, I would like to thank Federico for the
significant contribution he has made during the initial stages of
the Group's evolution following the successful SEC Newgate merger,
which became effective on 4 September 2019. We wish him every
success in his future endeavours.
We are fortunate Sergio is able to join us in June so an
effective handover of Federico's responsibilities can take place.
Sergio has the knowledge and experience to add considerable value
to the Group as its CFO and we look forward to working with
him."
Business and coronavirus ("CV-19") update
The Group made an excellent start to the current financial year,
generating a very healthy level of new business wins and performing
at above budget profit levels. However, we anticipate the level of
future activity will be adversely affected to varying degrees in
individual countries where we operate depending on the severity of
CV-19. Our operations have reduced all discretionary spend and we
are in the process of assessing the likely three-month position in
the changed circumstances that we face, including the availability
of assistance from Government financing initiatives. In the
meantime, our service offering has been recalibrated and a best
practice exchange setup for our specialists across the Group to
share initiatives to support our clients in protecting their market
share and brand equity in the CV-19 environment and beyond.
The Group has committed banking facilities available with
maintainable covenants and enjoys excellent relationships with its
lenders to support the Group through this difficult period. It also
benefits from the recent Euro 2.5m Convertible Bond issue and a new
Euro 3m four-year banking facility with Deutsche Bank S.P.A
announced in December 2019.
- ends -
Further information:
For further information please contact:
SEC Newgate S.p.A.
Fiorenzo Tagliabue (Group CEO) Telephone: +39 335 6008858
tagliabue@secrp.com
Emma Kane (Deputy Group CEO, Telephone: +44 (0) 7876
CEO Newgate Communications UK) 338339
emma.kane@newgatecomms.com
Federico Vecchio (Group CFO) Telephone: +44 (0) 20
7680 6500
federico.vecchio@secnewgate.co
Arden Partners (Nominated Adviser
and Broker)
Richard Johnson / Benjamin Cryer Telephone: +44 207 614
5900
Notes to Editors about SEC Newgate
-- Further information is available at www.secnewgate.com
-- On 3 September 2019, SEC S.p.A. and Porta Communications Plc
merged to create SEC Newgate S.p.A.
-- The Group's principal brands are: ACH SEC Global (Spain);
Cambre Associates (Belgium); Cambre Maroc (Morocco); Clai (France);
Kohl PR (Germany); Martis Consulting (Poland); SEC Latam
(Colombia); Newgate Communications (Abu Dhabi, Australia, Greater
China, Singapore, UK); Newington (UK); Publicasity (UK); SEC
Newgate S.p.A. (Italy); and 2112 (UK).
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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