12th Sep 2008 16:29
12 September 2008
Micro Focus International plc
Board Change
Micro Focus International plc ("Micro Focus" or "the Company", LSE: MCRO.L), the Enterprise Application Modernisation software company, announces that Non-executive Director, Prescott Ashe, steps down from the Board with immediate effect following the announcement on 8 September 2008 that the Golden Gate Capital Group ("Golden Gate") has reduced its shareholding in the Company from 35 percent to 22.45 percent.
Mr Ashe was one of two non-executive Directors nominated by Golden Gate pursuant to a relationship agreement with the Company dating from its IPO in 2005. Under that agreement Golden Gate may appoint two directors where its shareholding represents 30 percent or more of the issued ordinary share capital of the Company, and one director where its shareholding represents 10 percent or more. As a result of the recent reduction in Golden Gate's shareholding, Mr Ashe has therefore resigned his directorship. Mr David Dominik remains a non-executive director of the Company and sole nominee of Golden Gate.
The Board thanks Prescott for his valuable contribution to the business and wishes him every continued success.
Enquiries:
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Micro Focus
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Tel: +44 (0)1635 32646
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Stephen Kelly, Chief Executive
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Nick Bray, Chief Financial Officer
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Tim Brill, Head of Corporate Communications & IR
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Financial Dynamics
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Tel: +44 (0)20 7831 3113
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Harriet Keen
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Haya Chelhot
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Hazel Stevenson
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Notes to editors:
About Micro Focus
Micro Focus, a member of the FTSE 250, provides innovative software that allows companies to dramatically improve the business value of their enterprise applications. Micro Focus Enterprise Application Modernization and Management software enables customers' business applications to respond rapidly to market changes and embrace modern architectures with reduced cost and risk. For additional information please visit www.microfocus.com.
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