Simavita Limited
TSX VENTURE : SV
ASX : SVA

Simavita Limited

November 14, 2014 08:30 ET

Simavita Expands Board of Directors by Appointing Craig Holland and Adds Appointment to Upcoming Shareholder Meeting Agenda

SYDNEY, AUSTRALIA--(Marketwired - Nov. 14, 2014) - Simavita Limited (ASX:SVA)(TSX VENTURE:SV) ("Simavita" or the "Company") is pleased to advise the appointment, effective immediately, of Mr. Craig Holland as an independent, non-executive Director of the Company. Mr. Holland will also be appointed as Chairman of the Company's Audit and Risk Committee.

As a result of this appointment, the Company plans to ask shareholders at the upcoming annual general and special meeting to consider fixing the number of directors at four (4) and also to consider electing Mr. Holland to the board for the upcoming year.

About Mr. Holland

Mr. Holland is a former senior partner of international accounting firm Deloitte, having practiced with Deloitte from 2004 to 2012 where he ran the Melbourne Tax Group within Deloitte Private. In addition to providing accounting and taxation advice to a range of Deloitte clients, Mr. Holland also served on both the Melbourne and National Executive teams within Deloitte Private, and was also Deloitte Private's Chief Operating Officer prior to his retirement from Deloitte in October 2012. In 2012, Mr. Holland retired as a partner in order to pursue private business interests in the aged care sector.

Mr. Holland currently holds three non-executive and one executive board positions. He is an Executive Director and owner of the Menarock Aged Care Services Group, a private company based in Australia, which owns and operates 480 beds through nine residential aged care facilities in Victoria and Southern New South Wales.

Mr. Holland also serves as a non-executive director of the Good Guys Retail Group, a large privately-owned company, and is the Chairman of its Audit Committee and is a member of its Risk Committee.

Mr. Holland is a non-executive director of Kaldor Public Art Projects, a not for profit charity designed to bring contemporary artists to Australia, and a non-executive director of the Tarrawarra Museum of Art in Healesville Victoria, being the first privately funded public Museum in Australia, and is also the chairperson of the Museum's Finance and Governance Committee.

Mr. Holland holds a Bachelor of Economics (Monash), a Masters in Taxation (UNSW), is a Certified Practicing Accountant with CPA Australia, a member of the Taxation Institute of Australia and is a Graduate of the Australian Institute of Company Directors. Currently, Mr. Holland does not own any securities of Simavita.

"This is the first new appointment to the Board since listing earlier this year and is consistent with our vision to bring further strength and expertise onto the Board so that the Company's vision can be fulfilled and we are extremely pleased to welcome Craig to the Board of Simavita," said Acting Chairman Ari Bergman. "We look forward to benefitting from his extensive financial and commercial experience as well as his practical knowledge of the Australian aged care sector," Mr. Bergman added.

Simavita is continuing its search for additional Directors to further strengthen its Board.

Amendments to Shareholder Meeting Agenda

The management information circular and meeting materials for Simavita's upcoming annual general and special meeting of shareholders to be held in Sydney, Australia on December 3, 2014 were released and sent out to shareholders on October 31, 2014. Since that time, the Company has appointed Mr. Holland and therefore plans to ask shareholders to consider, in addition to those matters set forth in the management information circular: (i) fixing the number of directors from three (3) to four (4); and (ii) adding Mr. Holland as a director to be re-elected to the Board for the upcoming year.

Recognizing the pressing need for the Company to expand the current Board by the appointment of Directors with independence and experience, the current Board of Simavita has determined it is in the Company's best interest to appoint Mr. Holland immediately. As a result, the form of management proxy previously distributed to shareholders has been updated and revised. The revised form of proxy and a copy of this press release will be mailed to shareholders as soon as possible.

Shareholders who have already completed and delivered their proxies for the upcoming meeting, are requested to complete and send in the revised form. If both the old form of proxy and the revised form of proxy are received, regardless of the date, the revised form of proxy will be counted.

For further information, please visit the Company's profile on SEDAR (www.sedar.com) or the Company's website (www.simavita.com) or contact the persons outlined below.

Further Information:

About Simavita

Simavita is a medical device company operating in the digital healthcare sector that has developed an innovative, world first solution for the management of urinary incontinence, with a focus on the elderly. The first product is the SIM™ platform technology which is an instrumented incontinence assessment application that provides evidence based incontinence management care plans to the residential aged care market.

About SIM

SIM™ is a wireless sensor technology that delivers evidence-based instrument incontinence data on individuals. SIM™ provides user friendly tools and software to assess the incontinence condition and to help plan better outcomes. SIM™ is used to detect, record and report incontinence events during a compulsory or recommended assessment period in residential aged care facilities to develop an evidence-based incontinence care plan.

Conducting assessments is mandatory in many countries and the incontinence assessment creates an influential element of care of each individual. For more information on Simavita or SIM™, please visit www.simavita.com.

The TSX Venture Exchange has in no way passed upon the merits of the transactions set out herein and has neither approved nor disapproved the contents of this press release. Neither TSX Venture Exchange not its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this Release.

Contact Information

  • Simavita Limited
    Philippa Lewis
    Chief Executive Officer
    +61 2 8405 6381

    Simavita Limited
    Thomas Howitt
    Chief Financial Officer
    + 61 418 351 127

    Media and Investor Relations
    Buchan Consulting
    Annabel Murphy
    +61 2 9237 2800
    amurphy@buchanwe.com.au

    Buchan Consulting
    Rebecca Wilson
    (03) 9866 4722
    rwilson@buchanwe.com.au