Harvard International PLC (LSE: AIM) announced plans to sell its Medical Equipment division and surplus property portfolio and move its listing to the Alternative Investment Market.
The group is selling the division and the property portfolio to a consortium controlled by chief executive Daniel Harris and members of his family for £10 million in cash. Finance director Andrew Rose is also an investor in the consortium. The move will complete the sale of non-core assets.
Following the completion of the disposals, Harris will step down from his position as CEO and will cease to be an employee of the group. He will remain on the board as a non-executive Director. Mike Ashley, currently managing director of the Consumer Products Division, will be appointed as the new CEO.
Rose has given notice of his intention to resign as a director and an employee of the group. He will remain with the group in his current role until the end of September and the board are now actively seeking a suitable replacement.
Following completion of the disposal the group will be focused on the distribution of specialist consumer electronic products in the UK and Australia with a new senior management team, Harvard said.
In view of the group's considerably reduced scale of operations it has decided that now would be an appropriate time to move trading in its shares to AIM. The move will significantly reduce the regulatory workload and expense to a level more consistent with the new group structure, it added.