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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  CareTech Holdings PLC    CTH   GB00B0KWHQ09

CARETECH HOLDINGS PLC

(CTH)
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Delayed Quote. Delayed London Stock Exchange - 12/10 11:35:08 am
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CareTech : Board Appointment

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01/23/2019 | 03:44am EST

For immediate release

23 January 2019

CareTech Holdings PLC

('CareTech' or 'the Company')

Board Appointment

CareTech Holdings PLC (AIM: CTH), a pioneering provider of specialist social care services in the UK, announces that, further to the Company's announcement on 10 December 2018, Gareth Dufton has been appointed to the Company's Board as Interim Group Finance Director with immediate effect.

Mr Dufton is a former partner of Moore Stephens LLP, the top 10 City based accountants where he played a key role in client liaison, undertaking a mix of audit, tax and corporate finance where he worked between 2000 and 2007. He has experience working with both privately owned businesses and public companies assisting in raising finance, acquisitions and disposals.

Mr Dufton has been involved in CareTech since 2000 initially advising as part of Moore Stephens and from 2007 working directly with the Company in a variety of roles, including acting as Associate Finance Director between 2009 and 2016. Over the years, Mr Dufton has provided ongoing support to CareTech at a senior level with financial matters including: acquisitions (including the recent acquisition of Cambian), equity raisings, renewal of debt facilities, share placements and disposals of properties and businesses.

Since 2016 Mr Dufton has served as Chief Financial Officer of Sheikh Holdings, a private family office founded by Farouq and Haroon Sheikh, which comprises of three major business streams: property investment, property development and private equity investment. Mr Dufton is a chartered accountant, having been admitted as a member of the ICAEW in 2001 and as a Fellow in 2013 and has a first-class degree in accounting from the University of Hertfordshire.

Mr Dufton holds options over ordinary shares in CareTech in aggregate pursuant to the Caretech share schemes:

2009 approved scheme 9,022 shares at an exercise price of 332.5p

2009 unapproved scheme 20,978 shares at an exercise price of 332.5p

2010 unapproved scheme 30,000 shares at an exercise price of 305p

2017 Executive Share Ownership Plan (ExSOP) 75,000 shares

Gareth also owns 23,601 ordinary shares in Caretech.

Farouq Sheikh, Executive Chairman of CareTech, commented:

'We are fortunate to have in Gareth an experienced accountant with a deep understanding of our business, its systems and people and is able to step in following the tragic death of Michael Hill. We are grateful to Gareth for supporting the business at this crucial stage.'

Update on additional Board changes

As stated in the Company's prospectus produced in connection with the acquisition of Cambian Group plc, the Company intends to add two independent non-executive directors to its Board. This process has taken longer than originally hoped however the Board is pleased with the calibre of candidates it has met to date and is confident that these appointments can be made in the coming months.

Further AIM disclosures relating to Gareth Dufton's appointment:

Gareth Norman Dufton, age 43, is currently or has been a director of the following companies within the past five years:

Current directorships

Previous directorships

Aequitas Estates (Hoddesdon) Limited

Aequitas Estates (Poyle) Limited

Aequitas Estates (Maidstone) Limited

Ardrich New Homes Limited

Aequitas Estates (Midlands No.2) Limited

Buraq Retail (Potbelly) Reading Limited

Aequitas Estates (Moulton Park) Limited

Buraq Retail Limited

Aequitas Estates (Raunds No2) Limited

Goresbrook Property Limited

Aequitas Estates (Raunds No3) Limited

Halsey Masonic Hall (Waltham Cross) Limited

Aequitas Estates Holdings Limited

Harrow The Hub (Investments) No.2 Limited

Aequitas Estates Limited

Ironville Property Partnership LLP

Aequitas Estates MK1 Limited

Locksbridge Developments (Wick Lane) Limited

Ampersand Apartments Management Company Limited

Locksbridge Estates (Bredbury) Limited

Buraq Retail No 2 Limited

Locksbridge Estates (Bushey) Limited

Cranfield Technology Park Investments Limited

Locksbridge Estates (Edith Grove) Limited

Grosvenor (UK) Limited

Locksbridge Estates (Ilford) Limited

Harrow The Hub (Holdings) Limited

Locksbridge Estates (Investment) Limited

Harrow The Hub Investments Limited

Locksbridge Estates (Sutton) Limited

Locksbridge Capital Limited

Locksbridge Estates Limited

Locksbridge Developments (Braintree) Limited

Meaalofa Developments Holding Limited

Locksbridge Developments (Whyteleaf) No2 Limited

Metanova Limited

Locksbridge Developments Limited

RUH Dental (Notting Hill Gate) Limited

Metropolitan House Investments (U.K.) Limited

Sheikh Couture Limited

Metropolitan House Investments Limited

Solihull Heights Management Company Limited

Peninsula Healthcare (UK) Limited

Tritax Atherstone (UK) Limited

RUH Dental (Manchester) Limited

Sheikh Holdings Group (Investments) Limited

The Chocolate And Coffee Bean Cafe Limited

Three Sixty Holdings Limited

Three Sixty Investments No1 Limited

V7 Mountbatten Limited

Metanova Limited, a company of which Gareth Dufton was a director, appointed a liquidator on 19 March 2008 and was dissolved on 1 June 2012; there was a creditor shortfall of approximately £1.6 million.

Save as set out in this announcement, there are no further matters to be disclosed under Rule 17 or paragraph (g) of Schedule 2 of the AIM Rules for Companies in respect of Mr Dufton.

For further information, please contact:

CareTech Holdings PLC 01707 601800

Farouq Sheikh, Executive Chairman

Gareth Dufton, Interim Group Finance Director

Buchanan (PR Adviser) 020 7466 5000

Mark Court

Sophie Wills

Tilly Abraham

Panmure Gordon (Nomad and Joint Broker)020 7886 2500

Emma Earl

Freddy Crossley

Charles Leigh-Pemberton

WH Ireland (Joint Broker)020 7220 1666

Adrian Hadden

Chris Viggor

About CareTech

CareTech Holdings plc is a leading provider of specialist social care services, supporting adults and children with a wide range of complex needs in more than 330 specialist services around the UK.

Committed to the highest standards of care and care governance, CareTech provides its innovative care pathways covering adult learning disabilities, specialist services, young people residential services, foster care and learning services.

On 19 October 2018, CareTech acquired Cambian Group, which has a specific focus on children with high acuity, challenging behaviours and complex care requirements. Cambian looks after 2,000 children across a portfolio of 224 residential facilities, specialist schools and fostering offices located in England and Wales.

CareTech, which was founded in 1993, began trading on the AIM market of the London Stock Exchange in October 2005 under the ticker symbol CTH. Its property portfolio comprises more than 200 properties.

For further information please visit: www.caretech-uk.com

Disclaimer

CareTech Holdings plc published this content on 23 January 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 23 January 2019 08:43:08 UTC

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Financials (GBP)
Sales 2019 391 M
EBIT 2019 59,6 M
Net income 2019 -
Debt 2019 299 M
Yield 2019 3,05%
P/E ratio 2019 21,2x
P/E ratio 2020 13,7x
EV / Sales2019 1,84x
EV / Sales2020 1,69x
Capitalization 419 M
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Technical analysis trends CARETECH HOLDINGS PLC
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Mean consensus OUTPERFORM
Number of Analysts 3
Average target price 510,33  GBp
Last Close Price 375,00  GBp
Spread / Highest target 40,0%
Spread / Average Target 36,1%
Spread / Lowest Target 28,3%
EPS Revisions
Managers
NameTitle
Haroon Rashid Sheikh Chief Executive Officer & Executive Director
Farouq Rashid Sheikh Executive Chairman & Investor Relations Contact
John Joseph Ivers Chief Operating Officer
Gareth Norman Dufton Group Finance Director
Junaid Bajwa Clinical Director
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