2010 09 Comunicato: Najad Statement from the chairman

http://www.nordwest-najad.se/company/news/news-input/statement-from-the-chairman/

text:

Statement from the chairman

SEPTEMBER 8 2010

Stuart Lawson, Chairman of NAJAD comments on the new appointments and the future of Najad.

Dear Stakeholder I have been Chairman of Najad for nearly 12 months and felt that it was time that I updated you on what we have been doing. As you will all be aware the last 18 months has been very difficult and unstable period in the world and the boat industry has been quite severely impacted by this with most companies being forced to reduce their capacity and indeed many companies being forced to close their doors. Najad itself has not been immune from the global recession coupled with many difficult issues caused by the previous management and has faced many challenges over this period. It is at this time that I would like to thank all of our employees, customers, suppliers, agents and advisors on behalf of the Board for all of your support over this difficult period. We found the level of support in many cases overwhelming and it is thanks to you that Najad is still in a position to challenge our competitors for the future market. Najads most difficult period financially came in October 2009 with financial commitments greater than its ability to generate cash, at this time Animatrix Capital LLP injected €3,000,000 in cash and took control of the Company. Since that date Animatrix has injected a further €5,000,000. Animatrix Capital LLP is the private investment vehicle for one individual, Mr Rupert Lywood, a London based financier. Rupert is a Najad owner and has been a keen supporter for many years. Also in October 2009 the previous CEO stepped down and we asked Mr Per Lindquist to take control of the business during this period of uncertainty. Per, also a Najad owner, had over 30 years of senior management experience from Volvo and was tasked with stabilising the company and identifying a CEO to succeed him and to lead Najad into its next phase of development and growth, whilst at the same time returning to Najads core values as an Orust Region luxury board builder specialising in the production of top quality semi-customed yachts. I am pleased to report that Per has succeeded with both of these tasks and I am pleased to announce the arrival of Mikael Gustavsson who will join us on the 10th September 2010 and take on the role of CEO from 1 November 2010. Mikael joins us from Nimbus Boats with over 25 years of boat building knowledge and sailing experience behind him. Americas Cup team 1988-1992 Qualified as a navel architect 1995 Worked for various engineering companies i.e. Secom 1996 - 2006 Volvo Quality Manager 2006 Nimbus COO, responsible for the design, production and quality Mikael has all of the skills and enthusiasm to lead Najad through the next phase of its exciting journey. I will let Mikael introduce himself fully in the coming weeks in the next Najad updates, but I am sure that you will agree that Mikael will be a great asset to Najad. I am also pleased to announce that Mikael’s arrival does not mean Per’s departure. We were very keen to keep Per’s business experience on the team and are pleased to announce that Per has agreed to remain on the Board as a Non-Executive Director. We would like to thank Per for all the work that he has done so far with Najad and look forward to his continued involvement in the future and his support in the early days for Mikael. Also during this period we have approached a number of key industry specialists to support our management team and offer advice on key strategic decisions. We are delighted that each one that we have approached has accepted the ‘challenge’ and we will be introducing these to you one by one in the coming weeks. But I feel that I should mention one now as he needs the least introduction, it is a great pleasure to inform you that Bernt Avidsson has agreed to work with us as an advisor. For the few of you who don’t know Bernt, he founded Najad with his partner Thorwald Karlsson in 1971 and ran it very successfully until he sold it in 2004. We look forward to Bernts support and his unparalleled knowledge of Najad. As the new team fits into place it is also clear that we need a strong leader with industry knowledge to lead them and drive the strategy. I have enjoyed my 12 months as Chairman, we have had to make many difficult decisions during this time to ensure a future for Najad. My position was always temporary and I was representing Animatrix Capital LLP, a company where I am CEO, but now it is time to hand over to a specialist. So I am happy to confirm that with effect from 1 October 2010, Hans Johansson will be taking on the role of Chairman and I will take on a Non-Executive Directors role. Hans is a very keen sailor and has over 40 years experience in the industry, again like Mikael above I will let Hans introduce himself more fully in the coming weeks,but as a taster: Founder and previous CEO for Semcon Member of the Board at Chalmers Institute of Technology, Nimbus Boats and Sportmanship Invest Keen yacht racer So as we go through these difficult times and we regrettably have to say goodbye to some friends and colleagues, we are also saying welcome and ‘welcome back’ to a few key individuals who have many many years of sailing and the boat building industry between them. Times are still difficult, but with the team that we have assembled we know that we can drive Najad forward to exciting times in the future, investing in new projects and continuing to offer our customers the level of service that they have come to expect from the Company. Najad is now entering its 40th Year and has just sold its 2,000th boat. These are impressive numbers, but they are only the start. Again I would like to thank everyone for their support over the last 12 months and we at Najad look forward to working with you long into the future. Lastly I am sure that you would all like to join Rupert & myself, and our two other Directors/ Shareholers,Truls & Haakon, in wishing Hans & Mikael the best of luck as they lead Najad into the next phase of its already exciting journey. I hope that this update has been useful and as indicated above we intend to add a few more over the coming weeks, if you have any questions please do not hesitate to contact me on stuartl@animatrixcapital.co.uk

Kind Regards Stuart Stuart Lawson Chairman