News

SPDG Technologies Plc Appoints Experienced Venture Capitalist and Small Cap Specialist as Chairman

22 August 2007

SPDG Technologies Plc is delighted to announce the appointment of Dr Richard Hargreaves as Non-Executive Director and Chairman of The Board. The appointment, effective 1st July 2007, is the first step in a management restructuring and refinancing exercise designed to strengthen the SPDG management team, prior to a planned listing on AIM scheduled in the second quarter of 2008. Michael Cunningham OBE, formerly Chairman and CEO, will take post as Executive Vice Chairman and will continue to cover the CEO role pending the appointment of a new CEO. Mr Cunningham welcomed the appointment of Richard Hargreaves as a major step forward.

“We have reached the stage where our projects are ready for full commercialisation prior to eventual roll-out or sale. Richard is perfectly qualified to lead the Company into this new stage in our development, and to bring value to our investors and shareholders.”

Richard Hargreaves has invested in and advised smaller companies since 1973. He was at 3i Plc for nearly ten years before founding Baronsmead Plc. This company was sold to Friends Ivory & Sime Plc in 1995 after which he ran all their unquoted activities. He left at the end of 1997, by which time managed funds totalled £180m, and before co-founding Classic Fund Management Limited. This company managed investments, which are now held by Chrysalis VCT Plc and was sold in 2004 prior to the launch of Endeavour Ventures Limited.

Richard is a former chairman of the British Venture Capital Association and has considerable experience as a non-executive director on the boards of both public and private companies.