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K3 Business not planning to replace departing CEO, mulling delisting

ALN

K3 Business Technology Group PLC on Thursday said it does not intend to replace its departing chief executive officer as it mulls delisting from the AIM market.

The Manchester, England-based provider of business-critical software solutions for fashion and apparel brands said Chief Executive Officer Eric Dodd will be retiring at the end of September.

Following the recent sale of its largest business unit NexSys Solutions Ltd for £36 million, the company said it does not intend to appoint a successor.

In a separate announcement on Thursday, K3 Business Technology said it believes that up to £29 million of the £34.3 million net proceeds from the NexSys sale can be returned to shareholders.

The firm said it would return the net proceeds via a tender offer subject to the completion of a upcoming share capital reduction and the approval of shareholders at a general meeting.

The company will hold a general meeting on April 24 to vote on the share capital reduction.

K3 Business said ‘the board and certain shareholders’ have questioned whether the firm’s best interests are served by its continued admission to AIM, following the planned return to shareholders.

‘Accordingly, the board will consult further with shareholders on this subject before recommending any course of action. Where the board concludes that a de-listing from AIM is the appropriate course of action, a separate general meeting will be convened for a later date,’ the company said.

The company said the remaining business unit heads will report directly to the board, following the departure of the chief executive officer.

If a delisting does not take place, it said it would give ‘further consideration’ to replacing Eric Dodd.

It expects its continuing operations to trade on a ‘cash breakeven basis’ from March 2025 onwards.

Shares in K3 Business Technology Group were down 11% to 85.00 pence in London on Thursday afternoon.

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