Plexure Group Board Change, Name and Primary Listing Change

22/8/2022, 8:30 am ADMIN
Plexure Group Board Change, Name and Primary Listing Change

• Plexure Group commences orderly Board renewal, Bill Crichton appointed Chair
• Plexure Group to be renamed TASK Group Holdings reflecting the completion of the business’ transformation
• Plexure’s primary listing to move to the ASX, but will also retain NZX secondary listing, subject to regulatory approvals

Auckland, New Zealand – Plexure Group Limited (NZX/ASX:PX1, “Plexure”, “the Group” or “the Company”) announces an orderly renewal of its Board, and its intention to change the Company’s name to TASK Group Holdings and transition its primary listing to the Australian Securities Exchange (ASX) while maintaining a foreign exempt listing on NZX, subject to receipt of the required approvals from ASX and NZX.

Non-Executive Directors Sharon Hunter, Brian Russell, Robert Bell and Jack Matthews will step down from the Board at the Company’s Annual Shareholders’ Meeting (ASM) on 20 September 2022.

Plexure Non-Executive Director Bill Crichton will be appointed Chairman at the end of the ASM. Current Chairman Phil Norman will remain on the Board as a Non-Executive Director.

Additionally, Manda Trautwein and Mitchell (Mitch) Bowen have been nominated as Independent Non-Executive Directors and will stand for election to the Board at the ASM. If elected, Manda Trautwein will be appointed Chair of the Audit and Risk Committee.

Manda Trautwein is a Chartered Accountant with extensive experience advising businesses on their growth strategies, including mergers and acquisitions. She also serves as Non-Executive Director and Chair of the Board Audit Committee of ASX-listed Judo Capital Holdings.

Mitch Bowen is an accomplished global executive with international experience in leading organisation transformations and marketing, including in his current role as CEO Online RMG and Chief Transformation Officer at ASX-listed Aristocrat Leisure Limited. Please refer to the appendix of this release for further biographical background of the nominated directors.

Plexure’s Chair, Mr Phil Norman, welcomed the nomination of Ms Trautwein and Mr Bowen and thanked the retiring Directors for their contribution and services to the Company.

Mr Norman said: “As a Co-founder of Plexure over 10 years ago, I am extremely proud of the Company’s achievements in growing from a New Zealand start-up to a publicly listed business with an international footprint.

The merger with TASK has provided a unique opportunity for the combined business to leverage the Plexure assets as part of a globally focused retail technology solutions company that builds on TASK’s pre-eminent industry capability and established reputation.

I am excited about the future prospects for the Company and am looking forward to remaining on the Board as a Non-Executive Director contributing my knowledge of the business as well as my public company experience. I am currently one of the Company’s Top 20 shareholders and will remain a committed shareholder.

The nomination of these two highly qualified new Directors will add valuable skills and experience to the Board as the Company continues its global and profitable growth trajectory. Manda brings extensive experience in governance, finance and strategy, while Mitch has broad commercial and operational experience, having led strategic transformations for global organisations.”

Change of company name and primary listing change

Plexure also announces its intention to rename the Company “TASK Group Holdings” and, subject to the receipt of required approvals from ASX and NZX, move its primary listing to the ASX, where it is proposed it will trade under ASX ticker: “TSK”.

These changes reflect the successful integration of TASK into the Company and the ongoing evolution of the business, including:
• the increasing importance and scale of the TASK brand to the Company’s growth strategy;
• the continued profitable growth of the TASK division, with an expanding global customer base; and
• the completion of the Plexure division’s transformation, which culminated with the new contracts agreed between Plexure and McDonald’s (see announcement on 1 August 2022) that underpins the division’s positive cash flow and profitability for five years.

The primary listing change remains subject to satisfaction of all remaining ASX listing conditions and final approval by ASX. As part of the listing process, the Company will adopt a new constitution that complies with the ASX Listing Rules. Shareholders will have an opportunity to approve the new constitution at the ASM on 20 September 2022. The Company intends converting its current NZX listing to a foreign exempt listing on the NZX, also subject to NZ RegCo approval. The Company will keep shareholders informed as the transition progresses.

The Group’s headquarters will remain in Auckland with its strong management and employee presence in New Zealand unchanged as a result of today’s announcement.

Chair Phil Norman said: “We greatly value our New Zealand investors who have been supportive Plexure shareholders during our last 10 years as a NZX-listed company. The changes announced reflect the significant transformation of the Group since the merger with TASK last year and will help the Company to focus on driving profitable growth globally. We look forward to maintaining a close connection to our New Zealand based shareholders.”

ENDS

Approved for release by the Board of Plexure Group Limited.

For more information, visit www.plexure.com and www.TASKsoftware.com or contact:
For investors
Dan Houden
CEO
Email: [email protected]
m: +61 402 459 586

OR

André Gaylard
CFO
Email: [email protected]
m: +64 21 288 3355

For media:
Domestique Consulting
Jon Snowball | Minou de Ruiter
+61 477 946 068 | +61 432 124 003

APPENDIX – BIOGRAPHIES OF NOMINATED DIRECTORS

Manda Trautwein

Manda Trautwein is a Chartered Accountant and a Partner at accounting and advisory firm William Buck. She is currently an independent, Non-Executive Director and Chair of the Audit Committee of Judo Bank, an ASX-listed challenger bank.
Manda has extensive experience in advising clients on business valuations, mergers and acquisitions (M&A) and ASX listings, as well as business planning issues. She has acted as independent expert in relation to public company M&A transactions.
Manda started her career in public practice in PwC’s Middle Market division and joined William Buck as a Director in 2008 to establish its Corporate Advisory practice in Sydney.
Previously, she served as a Chair of Chartered Accountants ANZ’s National Business Valuation Community and as an Adjunct Fellow at Macquarie University where she lectured to postgraduate students in Applied Business Valuations. She has a Bachelor of Commerce from Macquarie University and Masters of Applied Taxation and Applied Finance from UNSW and Macquarie University.

Mitch Bowen

Mitch Bowen is the current CEO Online RMG and Chief Transformation Officer at ASX-listed Aristocrat Leisure.
He is an accomplished global executive with deep domestic and international experience in strategic planning, operations, P&L management and multichannel product distribution.
Mitch has a record of accomplishment in driving top and bottom line performance, maintaining broad industry networks and a proven capacity to build investor confidence in an ASX listed environment.
He has held senior product, commercial and transformation roles across all major gaming regions at Aristocrat Leisure, including leading Marketing and Product functions in the Americas.
Previously, Mitch held senior roles in the pharmaceutical and sporting industries. He has a Master of Business Administration from the University of Technology, Sydney.