Fast Bet Solutions Plc
("Fast Bet" or the "Company")
Market Update and Directorate Changes
As announced in the Company's interim and audited results, Fast Bet has been working to secure further
funding to implement its business strategy and develop the automated software solution. Although the Board
have been attempting to negotiate and secure an injection of development capital, it has been unsuccessful
to date. The unfavourable general economic environment combined with recent events associated with PLUS-SX
has made it very difficult for the Company to raise funds.
It is the view of the Board that the current economic environment will continue to be very challenging for
small technology companies to raise funds. As such, the Company has decided to undertake a review of its
activities and of its future strategy, under the guidance of two new independent Directors. To this end,
the Company announces that Grahame Rose has been appointed to the Board of the Company as Executive
Chairman and Miles Nicholson has been appointed to the Board as Non-Executive Director. In addition, the
Company announces that Jennifer Allsop, Andrew Gilbert and Nick Woolard have stepped down from the Board of
the Company with immediate effect.
Grahame Rose is currently CEO of Ronaldsway Private Equity Plc and Chairman of Agneash Soft Commodities Plc
which are both PLUS listed investment vehicles. Grahame offers extensive experience in corporate turnaround
and recovery, company growth and exit strategies. Grahame has an MBA and has studied Leadership at London
Business School and Turnaround, Restructuring and M&A at Harvard Business School. He has an extensive
network of contacts within business support services and across the business spectrum.
In addition to the directorship of the Company, Mr. Rose holds or has held the following directorships or
has been a partner in the following partnerships within the five years prior to the date of this
Current Directorships/Partnerships Past Directorships
Medicine Hat Limited Excalis Limited
Ronaldsway Private Equity Plc The East African Oil and Energy Exploration Company
Agneash Soft Commodities Plc
Secured By Design Limited
Miles is a Chartered Accountant with experience of working with small to mid sized companies. Miles has
been Company Secretary for various AIM and PLUS quoted companies.
As well as that of the Company, Mr. Nicholson holds or has held the following directorships or has been a
partner in the following partnerships within the five year period prior to this announcement:
Current Directorships / Partnerships Past Directorships
Nicholson Partnership LLP Torus Development Consultants Limited
Miles Nicholson was a director of Torus Development Consultants Limited which was placed into liquidation
in September 2002. The outstanding creditor claims that were submitted total £452,150.41.
The Directors of the issuer accept responsibility for this announcement.
FAST BET SOLUTIONS PLC
+44 12 3478 2896
PETERHOUSE CORPORATE FINANCE
Fungai Ndoro/ Eran Zucker
+44 20 7469 0930