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Nichols Plc - Directorate Change and Relationship Agreement

James currently holds the position of Commercial Controller at Vimto Out of Home and has worked within the business for 16 years. James is appointed as a representative of the Nichols Family pursuant to a Relationship Agreement which has today been entered into between the Company and the Nichols Family. The Nichols Family consist of certain members of the immediate and extended family of the Company's founder John Noel Nichols. Members of the Nichols Family hold in aggregate an interest of approximately 34.7% in the Company's issued share capital.

The purpose of the Relationship Agreement is to formalise Board representation for the Nichols Family whilst also ensuring that the Company is capable of carrying on, at all times, its business independently. In accordance with the terms of the Relationship Agreement, for so long as the Nichols Family retain (i) an aggregate interest of equal to or greater than 20 per cent in the issued ordinary share capital of the Company, they shall be entitled (but not required) to appoint one Non-Executive Director; and (ii) an aggregate interest of equal to or greater than 30 per cent in the issued ordinary share capital of the Company, they shall be entitled (but not required) to appoint one further Non-Executive Director to the Board. In accordance with the Relationship Agreement John Nichols, the Chairman of the Company and father of James Nichols, is also nominated as a Family Representative Director.

The Relationship Agreement will terminate if the Ordinary Shares cease to be admitted to trading on AIM or the Nichols Family cease to retain an aggregate interest of 20 per cent or more of the issued ordinary share capital of the Company. 

The following disclosures are required regarding James Nichols' appointment pursuant to Schedule Two paragraph (g) of the AIM Rules for Companies ("AIM Rules"):

Full name: James Edward Nichols 

Age: 39

Current directorships: 

· The Noisy Drink Company North West Limited

· JMKN LLP

· Nichols Ventures Limited

· Nichols 3N Limited

· Nichols Estates Limited

· Pennies Limited

· The Pennies Group Limited

· Nichols Overseas Limited

· Llanbedrog Headland Company Limited

· PDT North West Limited

 

Previous directorships in the last 5 years:

· None

Save as set out above, there is no further information to be disclosed in respect of Mr James Nichols under Schedule 2(g) of the AIM Rules.