4 May 2022

Distribution Finance Capital Holdings plc

("DF Capital" or the "Company" together with its subsidiaries the "Group")

Directorate Changes

Distribution Finance Capital Holdings plc, the specialist bank providing working capital solutions to dealers and manufacturers across the UK, today announces the following Board changes, subject to regulatory approval:

Nicole Coll

Nicole Coll will be joining the Board as an Independent Non-Executive Director with effect from 16 May 2022.  Nicole is currently chief financial officer of STM Group plc and a non-executive director of Dudley Building Society where she is deputy chair and senior independent non-executive director and chairs the audit committee.  Nicole is a qualified Chartered Accountant with over 20 years' global financial services experience including service as Chief Finance Officer at Bank and Clients PLC, Chief Financial Accountant at the Bank of England, and senior finance roles at Société Générale. 

Sheryl Lawrence

Sheryl Lawrence will also be joining the Board with effect from 16 May 2022 as Senior Independent Non-Executive Director and Chair of the Board Risk Committee.  Sheryl is currently an independent non-executive director of Morses Club plc and RCI Bank UK Limited where she chairs the remuneration & people committee. She also chairs the board audit committees of both firms. Sheryl is a chartered accountant and holds an MBA from London Business School and an LLM from the Institute of Advanced Legal Studies.  She has held senior executive roles at Barclays, Lloyds Bank, Santander, Coventry Building Society, Nationwide Building Society, and Provident Financial Group. Sheryl began her banking career at NatWest Bank in 1996, after 11 years' multi-sector experience with Coopers & Lybrand.

Carole Machell

Carole Machell has confirmed to the Company that she will not be seeking re-election by shareholders at the forthcoming Annual General Meeting of the Company, and consequentially will be stepping down from the Board with effect from the conclusion of that meeting, to be held on 15 June 2022. 

Following Carole Machell stepping down from the Board, Nicole Coll will Chair the Board Audit Committee.

Mark Stephens, Chair, commented: "On behalf of the entire Board I would like to thank Carole for her valuable contribution to the Group since joining the Board in 2018, and especially during the chair transition process last year, where she took on additional responsibilities in support.  Carole has thoroughly enjoyed being involved in DF Capital's journey through the AIM listing and gaining the bank license. She has decided to reduce the number of iNED roles that she holds and is, therefore, not seeking re-election at the AGM. 

"I would also like to welcome Nicole and Sheryl to DF Capital and look forward to the fresh perspective each will bring to the Board's proceedings."

Following these changes, the Board will comprise an independent non-executive Chair, a non-executive Senior Independent Director, two independent non-executive directors, one non-executive director, the Chief Executive Officer and the Chief Financial Offer. 

Additional information required to be disclosed under with AIM Rule 17 and paragraph (g) of Schedule Two of the AIM Rules for Companies:

Nicole Coll (formerly Foster) (age 46 years) currently holds or has held the following directorships and partnerships over the last five years:

Sheryl Arlene Frances Lawrence (formerly Mothersille, formerly Dear) (age 57 years) currently holds or has held the following directorships and partnerships over the last five years:

Except as disclosed in this announcement, no other disclosures are required in respect of the appointment of Nicole Coll and Sheryl Lawrence under paragraph (g) of Schedule Two of the AIM Rules for Companies

For further information contact: