XLMedia announces board changes ahead of planned liquidation

(Sharecast News) - XLMedia announced a series of board changes on Monday, as it progressed toward a planned liquidation following the sale of substantially all of its assets. The AIM-traded company confirmed its focus on cost reduction and effective governance as it prepared to return capital to shareholders and conclude its operations.

An initial return of capital was planned for early next year, with a further distribution expected in the second quarter.

XLMedia's shares were anticipated to be suspended from trading on AIM by 13 May 2025, marking six months since the completion of its North American asset disposal.

The current board would remain in place until 30 June 2025, overseeing the return of capital and preparing for liquidation.

Independent non-executive chair Marcus Rich, senior independent director Julie Markey, and board member Ory Weihs would step down on that date, having worked their contractual notice periods.

Chief executive officer David King, whose position would become redundant due to the asset sales, would also leave the company at the end of June.

Peter McCall, currently the group's company secretary and general counsel, would join the board in January, subject to due diligence, to oversee the company during its transitional phase.

McCall would serve on a reduced time basis, while non-executive director Cédric Boireau would continue in his role.

Further announcements regarding McCall's formal appointment would be made in accordance with AIM disclosure requirements.

"The board wishes to ensure the group's operations are brought to an orderly close," said interim non-executive chair Marcus Rich.

"As such, the directors will stay on to work their notice periods with a view to maximising the cash return to shareholders, and in due course to oversee the start of the process to efficiently wind down the group."

At 1223 GMT, shares in XLMedia were down 2.17% at 9p.

Reporting by Josh White for Sharecast.com.