15th Apr 2016 08:29
LONDON (Alliance News) - SnackTime PLC on Friday named Sergie Kornienko as its new chief executive officer, as the company announced it will change its name to Uvenco, to reflect "increasing financial, operational and technology support" from its main shareholder Boris Belotserkovsky.
Belotserkovsky, who is both a Russian and US citizen, is chairman and sole owner of Uvenco Holdings Ltd, a Russian vending company.
On Friday, Snacktime said it entered into a license agreement giving it the right to use the Uvenco brand until February 2025, as part of the increasing support coming from Belotserkovsky and a concert party of shareholders who together control 54% of the company.
Snacktime said its subsidiaries VMI (Blackburn) Ltd and Simply Drinks Ltd will also be rebranded under the Uvenco trademark. The rebranding will commence immediately and is expected to complete towards the end of 2016, the company said.
Under the agreement, Snacktime will pay GBP250 per calendar quarter to Uvenco in any quarter where earnings before interest, tax, deprecation and amortisation is less than 20% of revenue, or will pay 1.0% of revenue in any calendar quarter where earnings before interest, tax, deprecation and amortisation exceeds 20% of revenue.
Snacktime said the terms have been approved by the independent directors of the company, and said the name change will be put to shareholders at the company's annual meeting in late May.
Snacktime added it has appointed Non-Executive Director Sergei Kornienko as its new chief executive officer with immediate effect.
"We are exceptionally fortunate that Sergei has been able to step up to the position of CEO at such short notice," Non-Executive Chairman Jeremy Hamer said.
By Hannah Boland; [email protected]; @Hannaheboland
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