LONDON (ShareCast) - Matchtech, the engineering, technology and staffing group, has appointed industry veteran Brian Wilkinson as its new Executive Chairman, succeeding George Materna who will become his deputy at the end of the year.

The news came on the same day Matchtech announced a placing to raise £4.3m to fund its recent acquisition of Provanis, a niche technology recruitment business.

Materna, the current Non-Executive Chairman who founded the group back in 1984, will hand over his role at the start of December. Wilkinson is said to have over three decades of recruitment experience, most recently as an executive at Dutch firm Randstad, the world's second-largest recruitment company.

Matchtech said he brings track record of "successful international strategic development, including through merger and acquisition, and extensive experience of professional services recruitment".

"I am delighted that Brian Wilkinson has agreed to succeed me as Chairman," said Materna.

"There is clearly good existing momentum within Matchtech Group, but the board and the executive team share an ambitious plan to build a significantly larger and more profitable group."

The AIM-listed firm announced on September 6th that it had purchased Application Services, which trades as Provanis, for a cash consideration of £4m funded from an existing lending facility.

The proceeds of the placing are now being used to repay the drawdown of this lending facility.

The company has placed 1.05m shares at a price of 405p each, an 8.7% discount to the middle market price of 443.5p at the close of business on Thursday.

The stock was down 2.82% at 431p in early trading on Friday.

BC

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