Remote Monitored Systems rises as it unveils upcoming board changes

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Remote Monitored Systems PLC (LON:RMS) said it has noted shareholder concerns and has unveiled a number of changes to its board that it says are expected to be completed within a few weeks.

The AIM-listed group said it intends to appoint Alex Vergopoulos as an executive director of RMS with responsibility for its subsidiary Pharm 2 Farm Limited (P2F), of which he is a director.

READ: Remote Monitored Systems says P2F production machine should arrive in early January

RMS said the appointment will provide it with “greater oversight of deliverables and performance targets in respect of P2F” and that the appointment will be reviewed after a period of three months. The company said it is also proceeding with the planned appointment of two new independent non-executive directors (NEDs), who have now been identified.

Meanwhile, the firm said at the same time as the NED appointments, one of which will become chairman, Paul Ryan will step down from the board. RMS also said that Trevor Brown will assume to role of NED.

The company added that a general meeting will be convened early in the new year in order for shareholders to consider approval of the placing related issue of warrants as announced on December 18.

RMS shares jumped 2.4% to 1.3p in early trading on Wednesday.

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