Paul Williams appointed CFO of Synety Group
New CFO joins after AiM-listed company 9 months on from change of its name
By CFOWorld.co.uk staff | CFO UK | Published 11:22, 04 June 13
London’s AiM-listed Synety has named Paul Williams at its new CFO.
The Leicester-headquartered cloud software business confirmed the move on Tuesday. The company’s primary product offering allows businesses to integrate telecommunications into their existing software.
Synety has undergone significant changes since last year. The group was formerly known as Zenergy Power. However, over the course of last year it divested its cleantech business and assets and acquired Synety Ltd. Then on 26 September, it changed its name and corporate branding to Synety Group.
That same month, shareholders approved a 20:1 consolidation of the ordinary share capital. As a result, the number of shares in issue immediately after the consolidation was 3,452,969 ordinary shares. A further 1,477,106 ordinary shares were issued as initial consideration for the acquisition of Synety Ltd bringing the current issued share capital to 4,930,075 ordinary shares.
Synety’s results for year ended 31 December, 2012 show a significantly reduced loss of £1,706,000 compared to £20,570,000 the year before. The loss included the residual costs of £390,000 incurred in exiting the cleantech business.
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