Report
Richard Williamson

Allied Minds - Meeting of minds with shareholders

Following a dialogue with shareholders, Allied Minds has announced a number of restructuring initiatives, including board changes, to cut costs and better align employee and shareholder interests. Mike Turner will step down as co-CEO, leaving Joe Pignato as CEO and CFO. The company has made amendments to the executive director compensation plan, including a reduction of the maximum bonus, elimination of the Management Incentive Plan and forfeiture of certain long-term incentive plan (LTIP) grants. These restructuring initiatives will allow recurring central costs to be cut by 20%, to $6m pa, in line with the Strategic Review announced in April 2019. Allied Minds now expects to be able to return c $40m (12.4p per share) to shareholders from the proceeds of the disposal of Hawkeye 360 ($65.6m) by early Q120.
Underlying
Allied Minds

Allied Minds is an intellectual property commercialisation company focused on venture creation within the life science and technology sectors. Co. supports its businesses with capital, management, and shared services. Co.'s operations are organised in two types of activities: early stage companies, which consist of subsidiary businesses that are in the early stage of their lifecycle characterised by incubation, research and development activities; and commercial stage companies, which consist of subsidiary businesses that have substantially completed their research and development activities and that have developed one or more products that are actively marketed.

Provider
Edison Investment Research
Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

.

Analysts
Richard Williamson

Other Reports on these Companies
Other Reports from Edison Investment Research

ResearchPool Subscriptions

Get the most out of your insights

Get in touch