Appointments of executive Deputy Chairman and Chief Executive; Investment of £350,000
Vitesse Media Plc ("the Company"), the AIM listed media business, is pleased to announce its intention to appoint David John Smith, age 62, to the board as executive Deputy Chairman, effective from 5 July 2012. David has held senior positions in the Thomson Organisations and Wolters Kluwer, was CEO of Taylor & Francis and Executive Chairman of Informa and Granada Learning. He has agreed to subscribe for 7,368,421 new ordinary shares at a price of 4.75p, representing 19.4% of the enlarged issued share capital. The subscription is subject to admission and certain termination rights not being exercised prior to admission. Application has been made for the admission of the new shares to trading on AIM and dealings are expected to start on 2 July 2012. The new shares for which he is subscribing will be subject to a lock in for 6 months from admission, subject to certain exceptions.
We are also delighted to announce the appointment of Niki Baker to the role of Chief Executive. Niki succeeds Leslie Copeland, who is relocating to Norway with his family. Leslie will remain with the Company until no later than 30 September 2012. Niki will take up her appointment not later than 1 October 2012. Niki joined Vitesse Media in 2006 as head of the Company's events division and was appointed Chief Operating Officer in July 2009. Prior to joining Vitesse Media in 2006 Niki was show director for DMG World Media on events such as the Daily Mail Ski and Snowboard Show and the Daily Mail Ideal Home Show.
Executive Chairman, Sara Williams, said "Dave has a wealth of experience and contacts in business, educational and database publishing and a well-established track record in growing media businesses organically and by acquisition. We consider his appointment to be a significant event for Vitesse Media. The investment strengthens our resources to invest in new product and to continue to develop and deliver on our 3 and 5-year strategic plans.
I am also delighted to announce the appointment of Niki Baker to succeed Leslie Copeland as Chief Executive. Niki has been the driving force behind the development of our events business, whilst serving as Chief Operating Officer of the Company. I would finally like to offer Leslie our sincere thanks for his vision and sheer hard work in driving the Company through the transition to digital, since he was appointed CEO in 2009, and we wish him every success in his new venture."