RNS Number : 6400D
DJI Holdings PLC
28 October 2015
 

28 October 2015      

 

 

DJI Holdings plc 

("DJI" or the "Company")

 

 

Termination of Director's Contract

 

 

On 23 October 2015, DJI Holdings plc (AIM: DJI, "the Group", "DJI"), announced that its outgoing Chief Financial Officer, Rodney Davis, had made a series of disposals of shares between 30 September and 20 October 2015.  Mr Davis did not seek prior authorisation for these disposals as required by the Company's share dealing code for directors, nor did Mr Davis notify the Company immediately following each trade as required by the AIM Rules. 

 

Accordingly, the Company has today issued notice of summary termination of the contract through which Mr Davis was engaged as Chief Financial Officer.    Under the terms of the contract, termination also requires Mr Davis to resign as a director of all DJI group companies with immediate effect. The Company will take whatever further steps may be appropriate.

 

Further to the announcement made on 11 September 2015 regarding Mr Davis' intended resignation from the Company, the handover to Steven Prowse is complete and Mr Prowse is already the effective leader of the Group's finance team.  Mr Davis would have left the group at the end of the month in any event.

 

DJI adopted detailed policies for Directors' share dealings and compliance with the AIM Rules before the IPO in July 2014 and all directors, including Mr Davis, have been and remain aware of their responsibilities in this regard.

 

 

ENDS

 

For further information please contact:

 

DJI Holdings plc 

+44 (0) 1565 872990

Darren Mercer, Group Chief Executive




IHA Consulting

+44 (0) 20 3393 1185

Stephen Benzikie




Strand Hanson Limited (Nominated & Financial Adviser)

+44 (0) 20 7409 3494

 

Andrew Emmott / Ritchie Balmer

 

Mirabaud Securities LLP (Broker to DJI)

 

 

+44 (0) 20 7878 3362

Peter Krens


 

 

Notes to Editors

 

DJI's strategy is to capitalise on the rapidly expanding Chinese lottery market and the opportunity to deliver lottery ticket fulfilment sales to its substantial client base of large Chinese corporations (B2B) and individual consumers via the Group's owned and operated websites (B2C), within the online and mobile environment.

 

Through the Group's long-standing relationships with the Chinese regulators, portfolio of lottery contracts and reliable technology platform, the Group is well positioned to capture the market opportunity.

 

The principal activities of the Group are the development, promotion and distribution of authorised lottery products in China. DJI's subsidiaries are licensed and/or contractually authorised to distribute and promote Sports and Welfare lottery products online, via mobile and through physical retail outlets across China.

 

The Group has a differentiated approach to the Chinese lottery market in that DJI operates throughout the promotion and distribution value chain. The Group offers:

·      front-end lottery ticket sales via websites owned and operated by the Group, third party websites, mobile applications and physical retail outlets

·      back-office lottery ticket fulfilment services to large online and offline lottery partners

 

Beyond the Group's lottery activities, DJI has a joint venture with the Heilongjiang Provincial Sports Bureau (HSB) to provide support services to all of HSB's commercial activities. These include football and winter sports in the province, including China's largest ski resort, Yabuli.

 

The HSB joint venture includes, for the first time in a Chinese province, a Business-to-Business (B2B) online booking system for sports, based on DJI's technology. The JV has agreed terms with three of China's largest online portals to sell and promote this B2B system from 1 November 2015. 

 


This information is provided by RNS
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