Sportingbet is pleased to announce the appointment of Rory Macnamara as a non-executive director of the Company and Chairman of the Audit Committee, with immediate effect.
Mr Macnamara qualified as an ACA with Price Waterhouse before joining Morgan Grenfell, later Deutsche Morgan Grenfell, in 1981 as an investment banker. Over the following seventeen years he advised clients on a wide range of corporate finance issues and became Head of the Advisory/M&A division in 1995 and Deputy Chairman the following year.
In 1999 Mr Macnamara joined Lehman Brothers as Head of UK Coverage and led teams advising a number of major UK and international clients.
In 2001 he became an independent consultant working with Lehman Brothers on M&A projects and with other companies on their business development and financial and acquisition strategies.
Besides this extensive corporate finance experience he also brings to Sportingbet a significant understanding of public company management from the many boards he has joined over the last 10 years.
In addition, in 2003 Mr Macnamara became non-executive Chairman of Izodia PLC, a previously listed company, which was involved in a complex series of claims and negotiations to recover missing funds. By last year, under his leadership, Izodia had recovered substantial amounts through legal actions and was able to return to shareholders amounts exceeding the asset value preceding the fraudulent transactions. Further, the CVA that Izodia had entered into was discharged by the court following the achievement of all creditors being paid in full.
There is no other information required to be disclosed under Listing Rule 9.6.13 in relation to Mr Macnamara.
He has extensive experience of chairing audit committees and fulfilled that role at Augean, PEI, Dunedin and Raven Mount.
Sportingbet also announces today two further changes to the Board. Mr. Nigel Payne, as former Chief Executive of the Company and a non-executive director of the Company since 2007, and Mr. Sean O’Connor, who has been a non-executive director of the Company since 2000, are no longer deemed to be independent directors for the purposes of the UK Corporate Governance Code. Mr. Payne, who currently chairs the Audit Committee, will remain on the committee following Mr. Macnamara’s appointment and will retire from the Board at the Company’s Annual General Meeting on 16 December 2011.
Mr. O’ Connor, who stepped down as Sportingbet’s Senior Independent Director on 24 March 2011, will also retire from the Board at the Annual General Meeting on 16 December 2011.
An additional, independent non-executive director will be appointed in due course. As a result of these Board changes it is the Company’s intention to have three independent non-executive directors (excluding the Chairman).
Mr. O'Connor and Mr. Payne have each entered into Consultancy Agreements with the Company which run from the date of this year’s Annual General Meeting until 26 June 2012 pursuant to which they will provide the Company with marketing and regulatory advice and facilitate a smooth transition whilst the Board continues to refresh its composition in line with the UK Corporate Governance Code.
Peter Dicks, Chairman of Sportingbet, said:
“I would like to thank Nigel and Sean for their major contributions to the success and development of Sportingbet over the last decade. They have worked tirelessly to ensure the Company was able to seize the opportunities that have arisen in the rapidly evolving online betting and gaming arena. I am delighted to welcome Rory to the Board as he brings both advisory and management expertise that will be of great advantage to the Company as it enters the latest stage of its development.”
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