ERP.com Holdings has altered its board to comply with the recommendations of the King ll report on corporate governance. It has also formally announced that Treacle Venture Partners has increased its stake to 34.7%.
The changes to the board include Mark Spilhaus stepping down as a group director, although he will remain as a director of subsidiary ERP.com Services.
Peter Sneddon has been appointed to the board in a non-executive capacity.
The board bow consists of an even number of executive and non-executive directors, two of whom are fully independent.
Sneddon has occupied seats on the boards of several companies. He has been chairman of Darmag, MD of Proudfoot SA and has held executive directorships at Group 5 and Zimco, and a non-executive directorship at Sondor.
The group has also formally announced the acquisition by Treacle Venture Partners of a further 26 million shares at 45c, increasing its shareholding from 14.5% to 34.7%.
The shares were bought from former MGX chairman Ronnie Price, who sold his 42 million shares last week. The balance of the shares were bought by an undisclosed financial company rumoured to be Investec.
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