Fast Bet Solutions Plc
LSE : FBSP

July 20, 2012 08:21 ET

Market Update and Directorate Changes

                                          Fast Bet Solutions Plc
                                       ("Fast Bet" or the "Company")  
 
                                   Market Update and Directorate Changes
                                                     
As  announced  in  the Company's interim and audited results, Fast Bet has been working to  secure  further
funding to implement its business strategy and develop the automated software solution. Although the  Board
have  been attempting to negotiate and secure an injection of development capital, it has been unsuccessful
to  date. The unfavourable general economic environment combined with recent events associated with PLUS-SX
has made it very difficult for the Company to raise funds.

It  is the view of the Board that the current economic environment will continue to be very challenging for
small  technology companies to raise funds. As such, the Company has decided to undertake a review  of  its
activities  and of its future strategy, under the guidance of two new independent Directors. To  this  end,
the  Company  announces  that  Grahame Rose has been appointed to the Board of  the  Company  as  Executive
Chairman  and  Miles Nicholson has been appointed to the Board as Non-Executive Director. In addition,  the
Company announces that Jennifer Allsop, Andrew Gilbert and Nick Woolard have stepped down from the Board of
the Company with immediate effect.

Grahame Rose is currently CEO of Ronaldsway Private Equity Plc and Chairman of Agneash Soft Commodities Plc
which are both PLUS listed investment vehicles. Grahame offers extensive experience in corporate turnaround
and  recovery, company growth and exit strategies. Grahame has an MBA and has studied Leadership at  London
Business  School  and  Turnaround, Restructuring and M&A at Harvard Business School. He  has  an  extensive
network of contacts within business support services and across the business spectrum.

In  addition to the directorship of the Company, Mr. Rose holds or has held the following directorships  or
has  been  a  partner  in  the  following partnerships within the five years prior  to  the  date  of  this
announcement.

Current Directorships/Partnerships     Past Directorships
                                                         
 Medicine Hat Limited                   Excalis Limited
 Ronaldsway Private Equity Plc          The East African Oil and Energy Exploration Company                       
 Agneash Soft Commodities Plc                            
 Secured By Design Limited
 

Miles  is  a Chartered Accountant with experience of working with small to mid sized companies. Miles  has
been Company Secretary for various AIM and PLUS quoted companies.

As  well as that of the Company, Mr. Nicholson 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 / Partnerships    Past Directorships
 Nicholson Partnership LLP               Torus Development Consultants Limited
                                         (Liquidation)
                                                       
Miles  Nicholson was a director of Torus Development Consultants Limited which was placed into  liquidation
in September 2002. The outstanding creditor claims that were submitted total £452,150.41.

The Directors of the issuer accept responsibility for this announcement.

                                                  --END-

Enquiries:

FAST BET SOLUTIONS PLC
Grahame Rose
+44 12 3478 2896



PETERHOUSE CORPORATE FINANCE
Fungai Ndoro/ Eran Zucker
+44 20 7469 0930

Contact Information

  • Fast Bet Solutions Plc