Profile

Aurum joined the AIM market of the London Stock Exchange in May 2004 with the strategy of seeking, evaluating and acquiring gold and other mineral extraction projects.

 

After exploring a number of opportunities, the company disposed of its largest asset in January 2010. Later that year, the Company returned circa £23.5m to Shareholders which was followed by a strategic investment from Mr. David Williams.

 

In October 2016, due to the climate in the junior mining sector, the Board decided that it was difficult to see a significant upside and focus was placed on delivering value to shareholders by seeking a transformational deal.

 

The Board decided that the Digital and Cybersecurity services sector offers that exciting future. 

 

With businesses changing from traditional to digital interactions, they are often ill prepared for the hacking, data security, cybercrime and cyberterrorism threats that they face. The Digital environment is so vast and the threats so varied, that many large and small enterprises are not able to deal with these issues.

 

With the new appointments of Michael Stevens, Robin Southwell and Stephen Ball, the Company is planning on moving into this high growth area and building a group of significant scale, providing digital resilience solutions to capitalise on this market opportunity and deliver enhanced value to our shareholders.

 

As part of this transformation, the Company received shareholder approval on 9 January 2017 to change the Company’s name from Aurum Mining plc to Shearwater Group plc with effect from the 10 January 2017.  At the same time, the tradable instrument display mnemonic (“TIDM”) of the Company has changed to SWG.

 

A new Shearwater Group plc website is under construction, and a further announcement will be made in due course.  In the interim, all Company information will continue to be available under www.aurummining.net.

Our People

David Williams

Chairman

David has significant experience in the investment market. He has served as Chairman in executive and non-executive capacities for a number of companies, both public and private.

 

David has built a reputation for creating significant shareholder value through both organic and acquisitive growth as well as leading turnaround situations.

Mo Stevens

Chief Executive Officer

Mo is a highly experienced and accomplished senior executive with an extensive Defence & Security background specialising in strategic leadership, business transformation and growth, within high technology businesses.

 

Mo has significant experience in managing large, multi-location businesses across several sectors, including defence, security and technology.

Giles Willits

NON-EXECUTIVE DIRECTOR

Giles has over 20 years’ experience in senior leadership and financial roles, and was most recently the Chief Financial Officer of FTSE 250 listed Entertainment One Ltd. (LSE: ETO), having worked with Entertainment One Ltd. initially as Non-executive Director, before assuming the Chief Financial Officer role in 2007. Over this time Entertainment One Ltd. has grown to a market capitalisation of approximately £1 billion. Mr Willits was formerly Director of Group Finance of J Sainsbury plc and Woolworths Group plc.

Robin Southwell

Non-Executive Director

Mr Southwell has over 35 years’ experience of working in the Aerospace & Defence industry, including roles as Chief Executive of Airbus UK and Airtanker Ltd, as well as senior positions at BAE Systems, which included running their operations in Australasia and establishing the company’s asset management organisation. Mr Southwell is a Fellow of the Royal Aeronautical Society and has been appointed as a UK Business Ambassador.

Stephen Ball

Non-Executive Director

Mr Ball, aged 63, has over 35 years’ experience of working in senior roles in the Technology, Defence, Information Security and Communications industries.

Mr Ball was appointed Chief Executive of Lockheed Martin UK in March 2009 until his retirement in 2016. Before that he was Managing Director of the company’s operations in Ampthill, Bedfordshire.

 

Before joining Lockheed Martin, Stephen spent 21 years with HM Government Communications Centre (HMGCC), latterly as Chief Executive, working on specialist development and the manufacture of security and communications equipment. He started out his career as an engineering apprentice.

Chris Eadie

Executive Director

Chris is a Chartered Accountant and a graduate of Durham University.

 

After qualifying as a Chartered Accountant with PricewaterhouseCoopers in 1996, Chris joined Cable and Wireless plc where he held a number of senior financial roles including five years as a Director in the Corporate Finance team.

Sean Finlay

Non-Executive Director

Sean is a professional geologist and chartered engineer. He has over 30 years experience in mining and quarrying at senior management and board levels, having worked on projects in Ireland, Canada, Ghana, Pakistan and the FSU.

Corporate Governance

The Company, being listed on AIM, is not required to comply with the Combined Code. However the Company has given consideration to the code provisions set out in Section 1 of the Combined Code 2006 (“the Code”) on Corporate Governance annexed to the Financial Services Authority Listing Rules. The Directors support the objectives of the Code and intend to comply with those aspects that they consider relevant to the Group’s size and circumstances. Details of these are set out below. A statement of the Directors’ responsibilities in respect of the financial statements is set out on page 15 of 2007 Annual Report. Below is a brief description of the role of the Board and its committees, including a statement regarding the Group’s system of internal financial control.

The Board of Directors

The Board currently comprises one Executive and three Non-Executive Directors. The Board meets approximately every one to two months and is responsible, inter alia for setting and monitoring Group strategy, reviewing trading performance, ensuring adequate funding, examining major acquisition opportunities, formulating policy on key issues and reporting to the Shareholders.

Internal Financial Control

The Board is responsible for establishing and maintaining the Group’s system of internal financial controls. Internal financial control systems are designed to meet the particular needs of the Group concerned and the risk to which it is exposed, and by its very nature can provide reasonable, but not absolute, assurance against material misstatement or loss. The Directors are conscious of the need to keep effective internal financial control. Due to the relatively small size of the Group’s operations, the Directors are very closely involved in the day-to-day running of the business and as such have less need for a detailed formal system of internal financial control. The Directors have reviewed the effectiveness of the procedures presently in place and consider that they are appropriate to the nature and scale of the operations of the Group. All the material business plans are appraised and agreed by the Board. The Board also engages independent professional advice on risk assessment matters where appropriate. It is the Board’s policy to ensure that the management structure and the quality and integrity of the personnel are compatible with the requirements of the Group.

The Audit Committee

An Audit Committee has been established which comprises the two Non-Executive Directors – Sean Finlay (who chairs the Committee) and (TBD – Currently in transition). The Committee is responsible for ensuring that the financial performance of the group is properly reported on and monitored, and for meeting the auditors and reviewing the reports from the auditors relating to accounts and internal controls. The Committee also reviews the Group’s annual and interim financial statements before submission to the Board for approval. The role of the audit committee is also to consider the appointment of the auditors, audit fees, scope of audit work and any resultant findings.

The Remuneration Committee

The Remuneration Committee comprises the two Non-Executive Directors – Sean Finlay and (TBD – Currently in transition). It is responsible for reviewing the performance of the Executive Directors and for setting the scale and structure of their remuneration, paying due regard to the interests of shareholders as a whole and the performance of the Group. The remuneration of the Chairman and the Non-Executive Directors is determined by the Board as a whole, based on a review of the current practices in other companies.

The Nomination Committee

The Nomination Committee comprises the two Non-Executive Directors – Sean Finlay (who chairs the Committee) and (TBD – Currently in transition). The Committee is responsible for reviewing the size, structure and composition of the Board of Directors, succession planning and identifying and monitoring candidates for all Board vacancies.

Details

Company Secretary & Registered Office

(Co-Sec TBD – Currently in transition)

22 Great James Street, London, WC1N 3ES

Company Number

5059457

Nominated Advisor & Broker

W.H. Ireland

24 Martin Lane, London, EC4R 0DR

Auditors

BDO LLP

55 Baker Street, London, W1U 7EU

Solicitors

Gowling WLG (UK) LLP

4 More London Riverside, London, SE1 2AU

Registrar

Neville Registrars Ltd

Neville House, 18 Laurel Lane, Halesowen, West Midlands, B63 3DA