Board Changes

9 September 2024

itim Group plc

("itim" or "the Company" and together with its subsidiaries "the Group")

Board Changes

itim Group plc, a SaaS based technology company that enables store-based retailers to optimise their businesses to improve financial performance, announces the appointment of Colin Price as Non-Executive Chairman of the Board, with immediate effect. Mr. Price succeeds Michael Jackson, who is stepping down from his role as Non-Executive Chairman with immediate effect but will remain on the Board as a Non-Executive Director.

Colin Price brings a wealth of experience in consulting, operations, and academia to his new role. His extensive background includes:

Mr. Price also holds academic positions as a Visiting Fellow at Said Business School, University of Oxford, and as a Visiting Professor at the Institute for Global Health Innovation, Imperial College. He is the author of several influential books on business performance and organisational development.

The Board would like to express its gratitude to Michael Jackson for his leadership as Non-Executive Chairman and looks forward to his continued contributions as a Non-Executive Director.

Ali Athar, CEO, said: "We are delighted to welcome Colin Price as our new Non-Executive Chairman. His exceptional track record in organisational transformation, coupled with his deep understanding of strategy and leadership, makes him an ideal fit for guiding itim through our next phase of growth. We look forward to benefiting from his insights and experience as we continue to strengthen our market position and drive innovation. We extend our sincere gratitude to Michael Jackson for his invaluable leadership as Chairman. We're pleased that he will continue to contribute his expertise as a Non-Executive Director, ensuring a smooth transition and ongoing access to his wealth of knowledge."

Additional information 

The following information is being disclosed pursuant to Rule 17 and paragraph (g) of Schedule 2 of the AIM Rules for Companies.

Colin Neil Price, aged 66, does not own any shares in the Company but as part of his employment contract he has been issued options over 250,000 ordinary shares in the Company at an exercise price of 34p. These vest immediately and are exercisable at any time over the next 10 years.

A list of Colin's current directorships and partnerships together with those held within the last five years is set out below:

In addition, Colin is an LLP Member of D III LLP (previously, the Film Development Partnership III LLP) ("DLLP"). DLLP is currently in liquidation. Winding up commenced on 15 December 2021. DLLP was created as an investment vehicle for a film partnership in 2004 for which Colin is an investor alongside c.100 other LLP Members. The investment scheme was not successful and accordingly given the length of time that has now elapsed, the members of DLLP, including Colin, have petitioned the court for the winding up of the DLLP as part of the administrative process of closing it down. HMRC have submitted a preferential creditor claim against DLLP for c£64m but following recent correspondence with the joint liquidators of DLLP it is now anticipated that this claim will be withdrawn.

Save as set out above there are no further disclosures required pursuant to Rule 17 or Schedule Two, paragraph (g) of the AIM Rules for Companies.

Enquiries:

This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

ABOUT ITIM

itim was established in 1993 by its founder, and current Chief Executive Officer, Ali Athar. itim was initially formed as a consulting business, helping retailers effect operational improvement. From 1999 the Company began to expand into the provision of proprietary software solutions and by 2004 the Company was focused exclusively on digital technology. itim has grown both organically and through a series of acquisitions of small, legacy retail software systems and associated applications which itim has redeveloped to create a fully integrated end to end Omni-channel platform.