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Date: Tuesday 26 Aug 2008

LONDON (ShareCast) - Early stage investor Addworth has lost four board members less than two weeks after warning it is likely to tumble into the red at the half way stage.

Executive directors Frans Timmermans and Melissa Gilmour, and non-executives Robert Painting and Anthony Scutt have all resigned from the board. A new finance director is being sought to replace Timmermans.

“I am sorry to have to lose four such helpful individuals as Melissa, Frans, Rob and Anthony from the board,” said chairman Mark Watson-Mitchell who retains his position on the board along with Albert Collins.

“Addworth has, like so many other companies in this recent economic climate, found it difficult to raise investment monies for its client companies,” he added. “It now has to cut back its own costs and improve its business model - this process is just beginning.”

On 15 August, Addworth said a failure to list any of its companies on either Aim or Plus this year has sent it into the red and prompted a review of its whole business model.

The firm expects to report a consolidated interim loss of around £560,000 for the six months to June against a profit of £19,000. The disposal of one of its investments has also realised an additional book loss of approximately £350,000.

It is also re-evaluating the business model to focus strategically on becoming more cash generative with a reduced overhead and where income is derived primarily from services rather than investment activities.

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