TIDMINHC
RNS Number : 4596E
Induction Healthcare Group PLC
30 June 2023
Induction Healthcare Group PLC
("Induction", the "Company", or the "Group")
Board appointments and Trading Update
Induction (AIM: INHC), a leading digital health platform driving
transformation of healthcare systems, provides an update on trading
and other changes following the year ending 31 March 2023
(FY23).
Consistent with our statements earlier in 2023, the Board is
pleased to report progress in our commitment to self-sustaining
growth and cash breakeven in 2024. We remain on track to hit both
objectives and we have completed our rightsizing plan for the
business, the costs of which have been fully provided for in
FY23.
In January we committed to re-focusing the company and to
divesting the business of non-core and non-cash generating assets.
We are pleased to announce the completion of the sale of Switch, a
directory app, for an undisclosed sum. The consideration has been
applied to working capital. This is in line with the previously
announced strategy to focus on sustainable growth and allows
additional cost savings to be applied.
With the business now stable, and consistent with our commitment
to hire a permanent leadership team to drive the business, the
Board announces the appointment, effective immediately, of Paul
Tambeau as CEO (currently interim COO) and John McIntosh as CFO
(currently interim CFO). Christopher Samler, currently executive
Chair, will resume his previous position as non-executive Chair.
Both are appointed as board members.
Paul Tambeau (CEO) started his career in management consulting,
spending 11 years on strategy and transformation engagements within
Canada's public and private health sectors. This included 3 years
in KPMG's national health care strategy practice. Over the last 7
years, he has held senior executive roles in digital health
companies in Canada and the UK, most recently as Chief Commercial
Officer of Doctor Care Anywhere. Paul holds an MBA with Distinction
from the University of Edinburgh, and a Bachelor of Arts (Honours)
from Wilfrid Laurier University in Waterloo, Canada.
John McIntosh (CFO) has worked as a consultant CFO, interim FD
and CFO for public and private entities in the UK, USA, and Europe.
After qualifying with Deloitte in 1994, John worked with Sony,
advertising agency DMB&B and the BBC, before focusing towards
online, and multi-media businesses. Between 2006 and 2021, John
held a number of CFO and Board positions in companies such as DCD
Media plc, Progility Plc and Bidstack Group plc and Anzen
Technology Systems Ltd. John holds a B.Com (Hons) from Edinburgh
University and is a member of the Institute of Chartered
Accountants of Scotland.
Induction Chair, Christopher Samler, said: "We are pleased with
the progress we have made towards our objective of self-sustaining
growth and cash flow breakeven in 2024. The business is in far
better shape than in the last quarter of last year and the Board is
confident that we remain on track to meet our commitments for the
year. The leadership provided by both Paul and by John has been
instrumental in helping to turn the business around and whilst we
still have challenges to face, we are confident that the business
is in safe hands. I look forward to working even more closely with
both Paul and John as we drive the business to the next phase of
growth."
Disclosures in accordance with the AIM Rules
Paul Tambeau, 42, is, or has been, a director or partner of the
following companies or partnerships during the past five years:
Current directorships and partnerships
None
Previous directorships and partnerships held in the past five
years
Doctor at Hand Diagnostics Limited
Paul holds 350,000 options in the Company at a nominal value
through the Non-Tax Advanced Share Option Plan. With his
appointment as CEO, a further 700,000 options are being granted
today through the same scheme at a nominal value.
John McIntosh, 54, is, or has been, a director or partner of the
following companies or partnerships during the past five years:
Current directorships and partnerships
Colourful Parachute Ltd
Anzen Technology Systems Ltd
Previous directorships and partnerships held in the past five
years
Bidstack Group plc
Bidstack Ltd
Pubguard Ltd
Bidstack SIA
With John's appointment as CFO, 500,000 options in the Company
are being today granted at a nominal value through the Non-Tax
Advanced Share Option Plan.
There are no further disclosures required in accordance with AIM
Rule 17 and Schedule Two paragraph (g) of the AIM Rules for
Companies.
Enquiries
Induction
Christopher Samler, Chair +44 (0)7712 194092
Paul Tambeau, Chief Executive Officer +44 (0)7983 104443
Singer Capital Markets (Nominated
Adviser and Broker) +44 (0)20 7496 3000
Philip Davies
About Induction - www.inductionhealthcare.com
Induction (AIM: INHC) Induction delivers a suite of software
solutions through a single integrated platform that transforms care
delivery. Our system-wide applications help healthcare providers
and administrators to deliver care at any stage remotely as well as
face-to-face - giving the communities they serve greater
flexibility, control and ease of access. Purpose-built for
integration with leading Electronic Medical Record (EMR) platforms,
our products offer immediate stand-alone value that becomes even
greater when integrated with pre-existing systems.
Used at scale by national and regional healthcare systems, as
well non-health government services, our applications are relied
upon by hundreds of thousands of clinicians and millions of
patients across almost every hospital in the British Isles.
1. Details of the person discharging managerial responsibilities /
person closely associated
a. Name Paul Tambeau
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2. Reason for the notification
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a. Position/status CEO
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a. Initial notification Initial notification
/Amendment
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3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
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a. Name Induction Healthcare Group plc
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b. LEI 213800RY96GCZQW5TP19
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4. Details of the transaction(s): section to be repeated for (i) each
type of instrument; (ii) each type of transaction; (iii) each date;
and (iv) each place where transactions have been conducted
-------------------------------------------------------------------------
a. Description of Ordinary shares of 0.5 pence each
the Financial
instrument, type GB00BJ0M3545
of instrument
Identification
code
------------------------------- ----------------------------------------
b. Nature of the Grant of share options
transaction
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c. Price(s) and volume(s) Volume(s) Price(s)
700,000 Nominal Value
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d. Aggregated information N/A - single transaction
Aggregated volume
Price
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e. Date of the transaction 30-06-23
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f. Place of the transaction Off-Exchange
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1. Details of the person discharging managerial responsibilities /
person closely associated
a. Name John McIntosh
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2. Reason for the notification
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a. Position/status CFO
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a. Initial notification Initial notification
/Amendment
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3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
-------------------------------------------------------------------------
a. Name Induction Healthcare Group plc
------------------------------- ----------------------------------------
b. LEI 213800RY96GCZQW5TP19
------------------------------- ----------------------------------------
4. Details of the transaction(s): section to be repeated for (i) each
type of instrument; (ii) each type of transaction; (iii) each date;
and (iv) each place where transactions have been conducted
-------------------------------------------------------------------------
a. Description of Ordinary shares of 0.5 pence each
the Financial
instrument, type GB00BJ0M3545
of instrument
Identification
code
------------------------------- ----------------------------------------
b. Nature of the Grant of share options
transaction
------------------------------- ----------------------------------------
c. Price(s) and volume(s) Volume(s) Price(s)
500,000 Nominal Value
------------------------------- ----------------------------------------
d. Aggregated information N/A - single transaction
Aggregated volume
Price
------------------------------- ----------------------------------------
e. Date of the transaction 30-06-23
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f. Place of the transaction Off-Exchange
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June 30, 2023 02:00 ET (06:00 GMT)
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