TIDMTWD
RNS Number : 0123M
Trackwise Designs PLC
09 January 2023
TRACKWISE DESIGNS PLC
("Trackwise", the "Company" or the "Group")
Board Changes
The Board of Trackwise Designs plc (AIM: TWD), a leading
manufacturer of specialist products using printed circuit
technology, is pleased to confirm, following the General Meeting to
approve the Fundraising, held on Friday 6 January 2023, the
appointment of Andrew Lapping and Chris Pennison to the Board of
the Company, as Non-Executive Chairman and Non-Executive Director
respectively, with effect from 8:00 a.m. on 9 January 2023.
As announced on 14 December 2022, and included in the Circular
to Shareholders dated 15 December 2022, in order to maintain Board
numbers and also to control the cost base, Susan McErlain and Ian
Griffiths will step down from the Board at the same time. Charles
Cattaneo intends to step down from the Board at the end of January
2023. Given the forthcoming departure of Charles Cattaneo, the
Company is commencing a recruitment process for an additional new
non-executive director.
Andrew Lapping, incoming Chairman of Trackwise, commented:
"Today marks a fresh start for the Group after a very tough
recent period.
I am delighted to take on the challenge of helping to lead
Trackwise with my former Hyperdrive CEO Chris Pennison as we join
the Trackwise Board. We bring industry experience to the Group with
a track record of transitioning smart technology into a
commercially viable and successful product.
Prior to our participation in the Fundraising, Chris and I
undertook significant referencing of the sales pipeline and the
core technology. As a result, we believe there is significant
potential for Trackwise and its IHT technology in the EV
market.
Whilst I recognise that the Fundraising has been difficult for
existing shareholders, I would urge all to get behind us as we look
to exploit the Company's world-class IP and production
facilities.
I want to close by reassuring all stakeholders that Trackwise
has enormous potential but to realise its true value, we have to
think and act smart in a very dynamic and rapidly expanding
market."
Definitions
All capitalised terms used in this announcement and not
otherwise defined shall have the meanings given to them in the
Circular.
Enquiries
Trackwise Designs plc +44 (0)1684 299 930
Philip Johnston, CEO www.trackwise.co.uk
Paul Cook, CFO
finnCap Ltd +44 (0)20 7220 0500
NOMAD and Broker
Ed Frisby/Fergus Sullivan - Corporate
Finance
Andrew Burdis/Barney Hayward - ECM
Alma PR +44 (0)20 3405 0205
Financial PR and IR
David Ison/Caroline Forde/Josh Royston/Kieran
Breheny
Notes to editors
Trackwise is a UK-based manufacturer of specialist products
using printed circuit technology.
The full suite includes: Improved Harness Technology(TM) ("IHT")
and Advanced PCBs - Microwave and Radio Frequency ("RF"), Short
Flex, Flex Rigid and Rigid Multilayer products.
IHT uses a proprietary, patented process that Trackwise has
developed to manufacture multilayer flexible printed circuits of
unlimited length. While the technology has many applications, the
directors expect that one of its primary uses will be to replace
traditional wire harnesses in a variety of industries.
The Company operates from three sites, located in Tewkesbury,
Stonehouse and Stevenage. It serves customers in Europe and North
America.
Trackwise Designs plc was admitted to trading on AIM in 2018
with the ticker TWD. For additional information please visit
www.trackwise.co.uk
Regulatory disclosures
INFORMATION REQUIRED UNDER RULE 17 AND SCHEDULE 2, PARAGRAPH (G)
OF THE AIM RULES FOR COMPANIES ("AIM RULES")
Full name: Andrew Christopher Lapping
Age: 59
Shareholding in the Andrew Lapping, and Chris Pennison,
Company: represent a number of underlying
new investors who, including Andrew
and Chris, have acquired in the
Placing a total of 130,000,000
New Ordinary Shares, via Hamilton
Capital Partners LLP; included
within this number is Andrew's
beneficial interest in 7,500,000
New Ordinary Shares. On Admission,
the aggregate of these New Ordinary
Shares will represent approximately
25.3 per cent. of the Company's
enlarged issued share capital.
In addition, on Admission, all
those investing in the Fundraising
will hold Warrants to subscribe
for 1 additional Ordinary Share
for each Warrant held in the ratio
of 1 Warrant for every 2 New Ordinary
Shares issued to those subscribers.
Andrew's beneficial interest in
Warrants will be 3,750,000 Warrants,
held via Hamilton Capital Partners
LLP. Andrew is a LLP Designated
Member of Hamilton Capital Partners
LLP.
Current directorships and/or Historic directorships
partnerships: and/or partnerships (within
the last five years):
24 Camphill Avenue LLP B L Developments Limited
Exchangelaw (No229) Limited Bamburgh First Property
Fibre Broadband Company LLP
Ltd BDL Select Hotels Limited
Gemini Print Southern Limited BDL Select Operations Limited
Gemini Print UK Limited Blackford Media LLP
Glasgow Renovation Homes Brookfields Park Syndicate
(No.2) LLP LLP
Glasgow Renovation Homes Crosshill Developments LLP
LLP Davidsons Mains Investments
Glasgow Renovation Homes LLP
No.3 LLP Duckhouse Gallery Limited
Hamilton Capital Partners Glasgow South Orbital (Hamilton)
LLP Limited
HCP HASI LLP Grace Darling Holidays Limited
HCP High Yield Carried Interest GSO Hamilton Cip Limited
No3 LLP Hamcap Redheughs LLP
HCP High Yield No3 Limited Hamilton Hindley Properties
Hindley Capital Ltd Ltd
Hindley Circuits Limited Hamilton Road Developments
Hindley Edinburgh Limited LLP
Hindley Prospect Hill Limited Hamilton Springburn Ltd
Hindley Residential Lettings Hamiltongold LLP
Ltd HCP 1 (Glasgow 2) Limited
Keepers Cottage LLP HCP 1 (Glasgow) Limited
Northern Edge Limited HCP Carried Interest LLP
Solway Capital Investments HCP Carried Interest No
Plc 2 LLP
The Hamilton Portfolio (Care HCP Durham 2 Ltd
Homes) Limited HCP Durham Ltd
The Hamilton Portfolio Partnership HCP General Partner Limited
LLP HCP General Partner No 2
Yellowfin Limited Limited
HCP High Yield No2 LLP
HCP High Yield No3.5 Limited
HCP Redheughs LLP
Hindley Cedar (Glasgow)
Homes LLP
Hindley Cedar Homes Limited
Hindley Cedar Property LLP
Hindley Communications Ltd
Hindley Fibre Limited
Hindley Glasgow Limited
Hindley Glasgow South LLP
Hindley Prem 2 LLP
Hindley Refurbthat LLP
Hindley West Embankment
Properties Limited
Hyperdrive Innovation Holdings
Limited
Hyperdrive Innovation Ltd
Hyperdrive Technologies
Ltd
Maybury Media LLP
Motherwell Football And
Athletic Club Limited (The)
Oak Hotels LLP
Paten & Co Limited
Paten Hotels Limited
Peak Income Partnership
(Balliol) Ltd
Peak Income Partnership
(Boldon) Ltd
Peak Income Partnership
LLP
Princes Street Suites Limited
Refurbthat Holdings Limited
Riverside Dyce LLP
Silver Travel Advisor Limited
Space 2001 Limited
St James Media LLP
TAL SE Land Development
Partnership LLP
The Hamilton Portfolio Limited
All the following disclosures relate to appointments where
Andrew Lapping was an investor and either a non executive director,
or a limited liability partnership (LLP) designated member.
On 12 April 2005, Andrew Lapping was appointed as a LLP
designated member of Barrance Farm LLP. Barrance Farm LLP went into
creditors' voluntary liquidation on 17 June 2014. The members'
statement of affairs dated 22 September 2014 showed an estimated
deficiency as regards creditors of GBP742,236. Under the
liquidation, no dividend was declared to creditors as the funds
realised were distributed, used or allocated for defraying the
expenses of the administration. Barrance Farm LLP was subsequently
dissolved on 24 December 2014.
On 17 December 1999, Andrew Lapping was appointed as a director
of Buzzsoft Limited and subsequently resigned as a director on 18
September 2001. Buzzsoft Limited went into creditors' voluntary
liquidation on 20 June 2002. The directors' statement of affairs
dated 1 February 2007 showed an estimated deficiency as regards
creditors of GBPnil. Buzzsoft Limited was subsequently dissolved on
16 May 2007.
On 1 January 2000, Andrew Lapping was appointed as a director of
Collingwood Developments Limited. Collingwood Developments Limited
went into administration on 11 June 2004 and subsequently went into
creditors' voluntary liquidation on 8 June 2006. Under the
liquidation, a dividend of 55 pence in the pound was paid to
unsecured creditors. Collingwood Developments Limited was
subsequently dissolved on 25 November 2016.
On 17 February 2003, Andrew Lapping was appointed as a director
of Container Store Limited. Container Store Limited went into
administration on 30 August 2005. Container Store Limited had no
realizable assets or creditors and accordingly the administration
was automatically ended on 29 August 2006. Container Store Limited
was subsequently dissolved on 8 June 2007.
On 12 December 2005, Andrew Lapping was appointed as a LLP
designated member of Coopersknowe Developments LLP. Coopersknowe
Developments LLP went into administration on 9 January 2009. The
members' statement of affairs dated 6 February 2009 showed an
estimated deficiency as regards creditors of GBP773,123.
Coopersknowe Developments LLP was subsequently dissolved on 14
April 2013.
On 1 March 2005, Andrew Lapping was appointed as a director of
Frasers Hamilton (Shrubhill) Limited. Frasers Hamilton (Shrubhill)
Limited went into administration on 10 September 2012. The
directors' statement of affairs dated 10 October 2012 showed an
estimated deficiency as regards creditors of GBP16,896,000. Frasers
Hamilton (Shrubhill) Limited was subsequently dissolved on 1
December 2014.
On 27 July 2007, Andrew Lapping was appointed as a LLP
designated member of Hamilton Road Developments LLP. Hamilton Road
Developments LLP went into administration on 28 October 2015. The
members' statement of affairs dated 13 November 2015 showed an
estimated deficiency as regards creditors of GBP478,284. Hamilton
Road Developments LLP was subsequently dissolved on 27 January
2021.
On 29 March 1999, Andrew Lapping was appointed as a director of
Motherwell Football And Athletic Club Limited (The) and
subsequently resigned as a director on 20 June 2012. Motherwell
Football And Athletic Club Limited (The) went into administration
on 25 April 2002 and was subsequently discharged from
administration on 20 April 2004. On 17 March 2004 Motherwell
Football And Athletic Club Limited (The) approved a corporate
voluntary arrangement (CVA) and the CVA was subsequently completed
on 27 April 2012. Under the CVA, a dividend of 23 pence in the
pound was paid to unsecured creditors. The company remains on the
Register of Companies.
On 25 August 2005, Andrew Lapping was appointed as a director of
Reston Developments Limited. Reston Developments Limited went into
administration on 20 December 2012. The directors' statement of
affairs dated 11 February 2013 showed an estimated deficiency as
regards creditors of GBP1,632,740. Reston Developments Limited was
subsequently dissolved on 28 November 2015.
On 6 March 2000, Andrew Lapping was appointed as a director of
Room 2 Limited and subsequently resigned as a director on 22 July
2005. Room 2 Limited went into administration on 30 August 2005 and
subsequently went into creditors voluntary liquidation on 30 August
2006. Under the liquidation, a dividend of 100 pence in the pound
was paid to preferential creditors and a dividend of 1.57 pence in
the pound was paid to unsecured creditors. Room 2 Limited was
subsequently dissolved on 10 December 2019.
On 5 August 2003, Andrew Lapping was appointed as a director of
SOE Development Limited. SOE Development Limited went into
administration on 19 April 2005 and subsequently went into
creditors' voluntary liquidation on 3 April 2006. The directors'
statement of affairs dated 4 May 2010 showed an estimated
deficiency as regards creditors of GBPnil. SOE Development Limited
was subsequently dissolved on 11 August 2010.
On 9 January 2009, Andrew Lapping was appointed as a director of
TAL CPT 2 Limited. TAL CPT 2 Limited went into creditors' voluntary
liquidation on 10 May 2011. The directors' statement of affairs
dated 8 February 2013 showed an estimated deficiency as regards
creditors of GBP414. Under the liquidation, no dividend was
declared to creditors as the funds realised were distributed, used
or allocated for defraying the expenses of the administration. TAL
CPT 2 Limited was subsequently dissolved on 19 May 2013.
On 3 April 2007, Andrew Lapping was appointed as a director of
TAL CPT Hub Company Limited. TAL CPT Hub Company Limited went into
creditors' voluntary liquidation on 27 October 2011. The directors'
statement of affairs dated 29 April 2014 showed an estimated
deficiency as regards creditors of GBP854,761. Under the
liquidation, GBP43,633 was returned to shareholders. TAL CPT Hub
Company Limited was subsequently dissolved on 1 August 2014.
On 9 January 2009, Andrew Lapping was appointed as a director of
TAL CPT Limited. TAL CPT Limited went into creditors' voluntary
liquidation on 10 May 2011. The directors' statement of affairs
dated 8 February 2013 showed an estimated deficiency as regards
creditors of GBP525,319. Under the liquidation, no dividend was
declared to creditors as the funds realised were distributed, used
or allocated for defraying the expenses of the administration. TAL
CPT Limited was subsequently dissolved on 19 May 2013.
On 19 February 2009, Andrew Lapping was appointed as a director
of TAL CPT Management Limited. TAL CPT Management Limited went into
creditors' voluntary liquidation on 8 May 2012. TAL CPT Management
Limited was subsequently dissolved on 17 August 2013.
On 23 January 2004, Andrew Lapping was appointed as a director
of Vis Entertainment Limited and subsequently resigned as a
director on 17 June 2004. Vis Entertainment Limited went into
administration on 7 April 2005 and subsequently went into
creditors' voluntary liquidation on 20 March 2007. The directors'
statement of affairs dated 7 April 2005 showed an unknown estimated
deficiency as regards creditors. Under the liquidation, no dividend
was declared to creditors as the funds realised were distributed,
used or allocated for defraying the expenses of the administration.
Vis Entertainment Limited was subsequently dissolved on 29 July
2014.
On 18 December 2007, Andrew Lapping was appointed as a director
of Yellowfin Limited. Yellowfin Limited went into administration on
26 August 2009 and subsequently went into compulsory liquidation on
20 August 2010. The directors' statement of affairs dated 26 August
2009 showed an estimated deficiency as regards creditors of
GBP8,535,823. Under the administration, a distribution of 100 pence
in the pound was paid to preferential creditors equivalent to
GBP3,202. No distribution was made to unsecured creditors under the
administration. Under the liquidation, a prescribed part
distribution of 0.0005 pence in the pound was set aside for
unsecured creditors equivalent to GBP3,949. The Company was
subsequently issued with a court order for winding up, following
the cessation of the appointment of the administrator, on 1
February 2011. Mr Lapping is still shown as a director on the
Register of Companies however he no longer has any involvement in
the company.
Full name: Christopher Roy Pennison
Age: 55
Shareholding in the Andrew Lapping, and Chris Pennison,
Company: represent a number of underlying
new investors who, including Andrew
and Chris, have acquired in the
Placing a total of 130,000,000
New Ordinary Shares, via Hamilton
Capital Partners LLP; included
within this number is Chris's
beneficial interest in 2,500,000
New Ordinary Shares. On Admission,
the aggregate of these New Ordinary
Shares will represent approximately
25.3 per cent. of the Company's
enlarged issued share capital.
In addition, on Admission, all
those investing in the Fundraising
will hold Warrants to subscribe
for 1 additional Ordinary Share
for each Warrant held in the ratio
of 1 Warrant for every 2 New Ordinary
Shares issued to those subscribers.
Chris's beneficial interest in
Warrants will be 1,250,000 Warrants.
Current directorships and/or Historic directorships
partnerships: and/or partnerships (within
the last five years):
Avid Electric Vehicles Limited Academy 360
Avid Innovation Limited HamiltonGold LLP
Avid Technology Group Limited Hyperdrive Innovation Holdings
Avid Technology Limited Limited
Avid Vehicles (Projects) Hyperdrive Innovation Ltd
Limited Hyperdrive Technologies
Collingwood Solutions Limited Ltd
DFV Management Services The Laidlaw Schools Trust
Ltd
Gemini Print Southern Limited
Gemini Print UK Limited
Glasgow Renovation Homes
(No2) LLP
Glasgow Renovation Homes
No.3 LLP
Hindley Circuits Limited
Hyperdrive Innovation Holdings
Limited
Hyperdrive Innovation Ltd
Hyperdrive Technologies
Ltd
Irridian Industrial Electronics
Limited
Turntide Drives Limited
Turntide Transport Limited
On 16 August 2004, Chris Pennison was appointed as a director of
James Ross & Son (Newcastle) Limited. James Ross & Son
(Newcastle) Limited went into administration on 15 February 2007
and subsequently went into creditors' voluntary liquidation on 16
August 2007. The directors' statement of affairs dated 2 April 2007
showed an estimated deficiency as regards creditors of
GBP1,454,794.40. The return of final meeting dated 17 November 2010
showed, under the liquidation, a preferential dividend of GBP37,184
equivalent to 100 pence in the pound and an unsecured dividend of
GBP442,031 equivalent to 23.76 pence in the pound was paid to
creditors. James Ross & Son (Newcastle) Limited was
subsequently dissolved on 22 February 2011.
There is no further information disclosable in respect of Andrew
Lapping and Chris Pennison pursuant to Rule 17 and Schedule 2,
paragraph (g) of the AIM Rules.
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END
BOABPMTTMTJMBPJ
(END) Dow Jones Newswires
January 09, 2023 02:00 ET (07:00 GMT)
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