Newmark Security to appoint non-execs after shareholder talks

(Sharecast News) - Newmark Security said on Wednesday that it will appoint two new independent non-executive directors following discussions with its largest shareholder, Thalassa Holdings, as part of a broader effort to strengthen its board and enhance shareholder value. The AIM-traded firm's update followed an open letter from Thalassa, which owns 21.3% of the company.

Newmark said it had since held "positive dialogue" with the shareholder and that both parties are aligned on the need for board changes and other measures to support future growth.

The company said a search process for new directors is already underway.

Once appointed, they would join the remuneration committee, which would thereafter be comprised solely of independent members.

Current chairman Maurice Dwek would step down from that committee once the appointments are completed.

Along with the board refresh, non-executive director Michel Rapoport would retire following the new appointments.

Rapoport had been on board since 2001.

"We have always sought to have open and constructive dialogue with our shareholders," said Dwek.

"We have taken onboard the feedback we have recently received from Thalassa and are now moving forward in a positive manner.

"We look forward to providing updates on the new board appointments in the near future."

He added: "Separately, I want to sincerely thank Michel Rapoport for his commitment to the company over the past 24 years.

"Michel has provided invaluable advice and support to the board during his time as a non-executive director, and we are hugely grateful for this.

"Importantly, we will continue to benefit from having Michel as a supportive shareholder."

At 1146 BST, shares in Newmark Security were up 5.24% at 110.5p.

Reporting by Josh White for Sharecast.com.