Independent Media Support Group Announcements

Appointment

10 November 2008 11:26:18



RNS Number : 8079H Independent Media Support Group PLC 10 November 2008  
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For immediate release
10 November 2008
Independent Media Support Group Plc
("IMS" or the "Company")
Appointment

As announced on 27 October 2008, the Board agreed to appoint Sylvia Sheridan with immediate effect as a full time consultant to the Company on terms and conditions to be agreed. As Sylvia Sheridan has been a director of the Company within the prior 12 months and is a substantial shareholder, she is a related party for the purposes of the AIM Rules and accordingly, the proposed terms of her appointment are being dealt with in strict accordance with AIM Rule 13. 

The Board has appointed Sylvia Sheridan as an employee on standard IMS terms and conditions on an annual salary of £89,250 per annum. In addition, the Board has provided Sylvia Sheridan with an advance of £35,000 in relation to her salary which will be repaid in 12 equal monthly installments to be deducted from her monthly salary commencing 31 January 2009. The advance will carry an interest rate of 6.25 per cent.

The Directors consider, having consulted with the Company's Nominated Adviser, that the terms of the transaction (being the terms of Sylvia Sheridan's employment and the advance) are fair and reasonable insofar as its shareholders are concerned.
Enquiries:
 
IMS
Andrew Brode

Tel: 020 7440 5400
Nominated Adviser
Beaumont Cornish Limited
Michael Cornish

Tel: 020 7628 3396

 
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