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Blur Group 's new chairman takes over as board restructured after £1.75mln fundraising

Last updated: 13:23 12 Jul 2017 BST, First published: 12:23 12 Jul 2017 BST

e-commerce
blur's new chairman was the CEO and founder of Easynet Group, a UK-listed global Enterprise Cloud service business that was sold to BSkyB in 2006

Blur Group PLC (LON:BLUR) has confirmed a restructuring of its board after the group's successful £1.75mln fundraising exercise earlier this month, with David Rowe - CEO of Black Green Capital - taking over as its chairman from today.

The e-commerce enabler said Rowe replaces David Sherriff with immediate effect. The group has also appointed Preeti Mardia, Richard Rae and Richard Croft as non-executive directors of the company.

READ: blur raises £1.75mln as it looks to reboot; major backer ups his stake once again

Previous non-executive directors Roger de Peyrecave and Rob Wirszycz, as well as blur's chief delivery officer Kara Cardinale, have all resigned from the board with immediate effect as well, moves which were flagged up with the fundraising completion on July 7.

Restructured board set to carry out review

blur's new chairman was the CEO and founder of Easynet Group, a UK-listed global Enterprise Cloud service business that was sold to BSkyB in 2006. Rowe then headed up B2B at BSkyB.

Black Green Capital is based in London and specialises in disruptive digital transformation.

In the statement issued on July 7, Rowe had said: “The task of the restructured board is to ensure that the company has the right approach and support to convert these prospects into reference customers in the next 12 months and build on its A.I. capabilities.

“The restructured board will be carrying out a review in the coming weeks and months with a view to making recommendations on improvements to the business plan in order to optimise the business.”

Board changes await shareholders approval at meeting end of July

The new board line-up have agreed to stump up £300,000 as part of blur's recent fundraising exercise, with Rowe accounting for half of that amount - £150,000 - having subscribed for around 8.57mln shares under the placcing.

The proposed changes still need to be approved by shareholders at a general meeting at the end of the month, although blur warned that failure to do so would mean the placing would not proceed as that is conditional on the new members being voted in. 

Assuming all goes as the company expects, current finance director Tim Allen will make way shortly after that meeting with existing financial controller James Porter temporarily taking over whilst a permanent successor is found.

blur shares were temporarily suspnded on June 28 at 3.12p pending the fund-raising and board changes.

 

 

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