Fast Bet Solutions Plc

November 01, 2011 08:41 ET

Board Changes and Trading Update

                                          Fast Bet Solutions Plc                                                     
                                       ("Fast Bet" or the "Company")
                                     Board Changes and Trading Update

The  Company  announces  that it has served Fast Bet Limited with notice for full settlement  of  the  loan
issued  to  SMS  Bet  Limited on 15 April 2011. On 31st October 2011, this loan was  novated  to  Fast  Bet
Limited. On 31st October Fast Bet Limited reached an agreement with the Company for the settlement  of  the
loan  in return for all of the assets and liabilities of Fast Bet Limited. The Directors see value  in  the
trading  operations  of Fast Bet Limited and therefore have agreed to make Fast Bet Limited  the  Company's
trading  subsidiary. 

Board Changes

Following the above, the Company is pleased to announce the appointment of Andrew (Andy) Gilbert  to  the
Board  with  immediate  effect. Andy's career started in the 1970s as a stockbroker;  he  worked  for  Hope
Brothers, Jackson Smith and Strauss Turnbull. He then moved on to set up a manufacturing business supplying
interiors  to major retailers including Marks and Spencer, John Lewis, Sainsbury's, Tesco and many  others.
During  this  period  he  attended London Business School and completed a  pre  MBA  accreditation.  Having
established his manufacturing business he expanded it into a group of companies focused on Retail Marketing
Services which acquired Design Group Limited, a brand management business.

In addition to that of the Company Mr. Gilbert holds or has held the following directorships or has been  a
partner in the following partnerships within the five year period prior to this announcement:

Current Directorships                                  Past Directorships
Andy Gilbert Consulting Limited                        Retail Project Management Limited
Stylish Car Hire Limited                               SMS Bet Limited
Fast Bet Limited                                       

The  Company also announces the resignation of Roger Bennet from the Board of the Company with effect  from
15  November  2011. The Board would like to thank Roger from his work during his time with the Company  and
would like to wish him success with all of his future ventures. Astons Management will replace Fortress 
Management  as  the Company's registered IOM Agent with effect from 15 November 2011. In addition,  Harris 
and Trotter have replaced Haysmacintyre  as  the  Company's auditors  with  immediate  effect. 

Directors' Remuneration

In  an  attempt to maximise the cash resources of the Company and keep the cash outflow to a  minimum,  the
Board have agreed to receive their remuneration for their services as Directors, in shares in the Company.

Andy Gilbert has agreed to take his Directors fees to the end of 2013 in the form of shares in the Company,
of  which  the  first  portion of 4,000,000 ordinary shares at a price of 0.25p per share  will  be  issued
immediately. Jennifer Allsop, Executive Director, has been issued with 4,000,000 ordinary shares at a price
of  0.25p  per  share  for the period August 2011 to 31 December 2011. Nick Woolard has  been  issued  with
1,000,000 ordinary shares at a price of 0.25p, for his services as Non- Executive Director, for the  period
1 August 2011 to 31 October 2011.

The Directors of the issuer accept responsibility for this announcement.



Jennifer Allsop
+44 77 88 45 17 44

Eran Zucker
 +44 20 7562 3373

Contact Information

  • Fast Bet Solutions Plc