Covata Limited advised that, due to the reduction in the scale of the business following the sale of SafeShare and the focus now being on the Cipherpoint product range, the Board has resolved it is appropriate to change the governance structure and reduce executive costs. Existing CEO, Mr. Ted Pretty, will move to part-time Executive Chair and will be retained under a consulting agreement. The role of CEO will be retired at this time.

Mr. Steven Bliim will remain as COO. The KMP will consist of Mr. Pretty, Steven Bliim (COO) and Hugh Stodart (Head of Product). The Board consists of Mr. Pretty as Executive Chair, Mr. Steven Bliim as an Executive Director and Mr. Graham Mirabito as Independent Director.

Mr. Graham Mirabito will oversee any reviews of KMP positions and remuneration.