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Global Shares completes second round of funding and appoints a new DirectorJuly 23, 2007 - Global Shares PLC (the ‘Company’) is pleased to announce that it has successfully completed a second round of investment and raised $3.69m by way of an issue of preference shares convertible into ordinary share capital on sale or flotation. The Company was advised by KPMG Corporate Finance in Dublin, Ireland working closely with Ciara Reardon, Global Shares VP Finance and the funding provided by an investment group led by Richard Hayes, founder and former CEO of IFG Group PLC, a second group assembled by KPMG Corporate Finance in Ireland and by Enterprise Ireland, an Irish government agency that invests in Irish high potential start-ups. The Company also announces that Richard Hayes will be joining the Global Shares Plc Board. Mr. Hayes stated, “I am excited to participate in the growth of Global Shares and by leveraging my background and experience in building up IFG, will be able to assist Global Shares greatly to grow as a leader in the stock plan administration world.” The investment proceeds will enable the Company to build on the considerable success it has achieved since it commenced operations in October, 2006. The founders, Carine Schneider, CEO, based in California and Maoiliosa O’Culachain, COO, based in Ireland, have set out with the objective of building the Company to be the leading global player in stock plan administration and the Company has already attracted 35 clients from 8 countries on 3 continents. Major multinational clients include Yahoo!, eBay, Philips, Unilever, GlaxoSmithKline, Reed Elsevier and CEVA Logistics. Carine Schneider said, “I’m very pleased to have Richard join the Board of Directors and look forward to working with him in the future. Our management has been focused since day one on developing a company that supports companies worldwide. With this investment, we can focus on our clients and developing additional services.” Maoiliosa O’Culachain adds, “This investment is another significant milestone in the development of Global Shares as a world class company. It enables the board and management to push on over the next two years and take the Company to a whole new level of operation.” New legislation and changes in financial reporting obligations combined with zero tolerance surrounding breaches of corporate governance have led to a dramatic increase in the demand for professional expertise in the stock plan services market. To service this market, the Company has put together a strong management team with several key appointments of people with established track records in global markets for the provision of stock plan administration and consultancy services. The Company has established operations in San Francisco, Chicago, Phoenix, London and Shanghai with the main administration center located in West Cork, Ireland. The Company currently employs twenty-two people worldwide, with sixteen in Ireland. This is expected to grow to fifty people over the next two years. About Global Shares Click here for a PDF version of this Press Release.
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