LONDON - XLMedia PLC (AIM: XLM), a leading digital media company specializing in sports and gaming, has announced significant changes to its board structure as it proceeds with the sale of its assets and prepares for eventual liquidation. The company, known for its digital marketing services, is in the process of executing a strategic shift following the disposal of its North American assets.
The board has reiterated its commitment to cost reduction while maintaining effective corporate governance. A further return of capital to shareholders is planned for the second quarter of H1 2025, following an initial return earlier in the year. XLMedia has also disclosed that its shares are expected to be suspended from trading on the AIM market on May 13, 2025, which marks six months post-completion of the North America assets sale.
Current board members, including Marcus Rich, Julie Markey, and Ory Weihs, are set to depart on June 30, 2025, after completing their contractual notice periods. This date will also see the exit of David King, the CEO, whose position has been made redundant by the asset sales.
In preparation for the upcoming transition, Peter McCall, currently serving as the Group's Company Secretary and General Counsel, will join the board in January 2025 on a reduced-time basis. His role will be to oversee the Group's operations through June 2025 and beyond. The company plans to make a further announcement regarding McCall's formal board appointment, including the necessary disclosures as per the AIM Rules for Companies.
Rich, the Independent (LON:IOG) Non-executive Chair, stated that the directors intend to remain in place to ensure an orderly closure of the Group's operations. They aim to maximize the cash return to shareholders and oversee the beginning of the liquidation process efficiently.
This board update is based on a press release statement and provides shareholders and the public with the latest developments in XLMedia's corporate governance as the company navigates through its significant restructuring phase.
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