ADVFN CEO Clem Chambers to Step down

As announced on 23 February 2022, the Board of ADVFN has been considering how best to proceed in the light of the proposed Board changes proposed by Mr Yair Tauman. Against this background, the Board has decided that the continuing uncertainty regarding the Board composition is not in the best interests of the Company or its shareholders, employees or other stakeholders. Accordingly, the Board and Clem Chambers have agreed that Clem Chambers will step down as Chief Executive of ADVFN and resign all his group directorships with effect from 28 February 2022. The Board believes that this will make any management transition less disruptive for the Company and Jon Mullins, an existing director of the Company, has been appointed as Chief Executive with effect from 28 February 2022.

Clem Chambers has agreed to support the Company in its management transition to enable an orderly handover to Jon Mullins and the wider ADVFN management team. It is expected that in due course any ongoing support by Clem Chambers will be formalised in a consulting agreement on terms yet to be agreed. As also previously announced, the Board is seeking the information required for AIM-compliance purposes from the directors proposed by Mr Yair Tauman to be put up for election and a further announcement will be made in due course.