Investor News: Board Changes – Appointment of New CFO

Social video company Brave Bison (AIM: BBSN) is pleased to announce the appointment of Philippa Norridge as a director of the Company and as Interim Chief Financial Officer, with effect from 5 February 2020. Paul Campbell-White has stepped down as Chief Financial Officer and a director of Brave Bison with immediate effect.

Philippa has a wealth of relevant experience, having spent the last 16 years working in the media and marketing services sector. After graduating from Oxford University, Philippa went on to qualify as a chartered accountant with Moore Kingston Smith (previously Willot Kingston Smith), leading audits and projects in their specialist media and marketing division. Philippa has since held senior finance roles at a number of marketing services firms, including Finance Director at leading independent agency Albion Brand Communications and global agency group MullenLowe Profero.

Philippa has worked on various acquisitions and mergers of marketing services businesses including Profero’s acquisition by Interpublic Group of Companies as well as the subsequent acquisition and integration of 101.

Philippa is currently a director of Tangent Marketing Services Limited (“Tangent”), a shareholder of Brave Bison which is seconding Philippa to the Company through a Secondment Agreement, details of which are set out further below.

The Company intends to appoint a permanent CFO as soon as the appropriate candidate is identified.  In addition, the Company is in discussions regarding the appointment of two independent Non-Executive Directors and is aiming to complete one such appointment shortly. Further announcements on this will be made in due course.

Kate Burns, Chief Executive of Brave Bison, commented: “I am thrilled to welcome Philippa to the team. She already has a deep understanding of our business and sector and I look forward to working with her on new initiatives. I would like to thank Paul Campbell-White who has supported me in recent months and the Company for over two years.”

Oli Green, Chairman of Brave Bison, commented: “Philippa has a clear track record in financial strategy, cost optimisation and making operational improvements. Having worked closely with Philippa for the past year I am confident she will hit the ground running and quickly become an asset to Kate and the rest of the business.”

Secondment Agreement and related party transaction
Brave Bison has entered into a Secondment Agreement with Tangent whereby Philippa will be seconded to Brave Bison for a six-month period to fulfil the role of Interim Chief Financial Officer at Brave Bison. Whilst Philippa’s employment contract with Tangent will remain in place during the secondment, Philippa will work full-time for Brave Bison through the Secondment Agreement. Brave Bison will pay Tangent a monthly fee of approximately £12,000 plus VAT for the secondee. The Secondment Agreement can be terminated on 30 days’ notice by either party and contains customary provisions of an employment contract such as for services provided, confidentiality and termination rights.

Tangent is a related party under the AIM Rules for Companies, due to Oli Green, Interim Chairman of Brave Bison, being a substantial shareholder of Tangent (as well as a director) and Tangent and associated companies holding 22.2 per cent of the issued share capital of Brave Bison. Therefore, the Company entering into the Secondment Agreement is deemed a related party transaction under the AIM Rules for Companies. Kate Burns, as the independent director for this transaction, considers, having consulted with the Company’s Nominated Adviser, that the terms of the transaction are fair and reasonable insofar as the Company’s shareholders are concerned.

The Company, its Nominated Adviser (Allenby Capital Limited) and Tangent have entered into a short-term relationship agreement to manage and regulate the relationship between the Company and Tangent and ensure the continued independent management of the Company, until further independent directors are appointed to the Board.

The following information is disclosed pursuant to rule 17 and Schedule Two paragraph (g) of the AIM Rules for Companies: