Pebble Beach Systems Group plc (the "Company" or the "Group")
Group Restructuring
Following the sale of VCS, the Group has decided to pursue a cost reduction strategy, resulting in the closure of the Head Office function, which is no longer appropriate as the Company now has a single operating subsidiary, Pebble Beach Systems Limited which operates from a stand-alone site.
Accordingly notice of termination of his service contract has been served on John Hawkins, who has ceased, with immediate effect, to carry out the role of Executive Chairman.
Notice has also been served on the 6 members of the Head Office team.
John Varney, currently a Non-Executive Director, with a 35 year career in Broadcasting, Technology and Software will become Non-Executive Chairman, supported by the other two current Non-Executive Directors.
The 2016 results are expected to be announced on 31 March 2017.
There has been no change in the banking situation since the announcement of 6 February. Following the most recent meeting with the bank on 13 February 2017, the bank remains supportive of the Company.
For further information please contact:
Robin Howe Senior Independent Non-Executive Director Pebble Beach Systems Group plc |
+44 (0) 14 88 68 55 00 |
Charlie Jack / Bertie Berger Hudson Sandler |
+44 (0) 20 77 96 41 33 |
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Shaun Dobson / James White N+1 Singer |
+44 (0) 20 74 96 30 00 |
The Company is listed on the LSE AIM market (PEB.L). More information can be found at www.pebbleplc.com.
About Pebble Beach Systems Limited
Pebble Beach Systems Limited (Pebble) is a leading developer and supplier of automation, channel in a box, integrated and virtualised playout technology for TV broadcasters, service providers, and cable and satellite operators. Founded in 2000 and headquartered in Weybridge, Surrey, Pebble has developed a portfolio of successful products which have the flexibility to support a wide range of broadcast applications with scalable products designed for highly efficient multichannel transmission as well as complex news and sports television. Installed in more than 70 countries and with proven systems ranging from single up to over 150 channels in operation, Pebble's international client base includes TV Globo Brazil, Fox News and Business channels USA, ZDF Germany, Orbit Showtime Network UAE, TV4 Sweden, TV2 Denmark, MTG UK, DMC in the Netherlands and AMC Networks Inc. USA.
