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By | Paul Kunert 19th October 2011 14:02

Reseller loses veteran chairman and CEO in shake-up

Maxima to unload biz units, issue shares

Managed services and software reselling outfit Maxima has raised £2m through a rights issue to fund future development and as a precursor to offloading business units that are deemed "non-core" over the coming months.

The LSE-listed firm hired M&A veteran Ian Smith last month after talks with interested buyers that began in April came to nothing, and an operational shake-up was expected by El Reg.

The overhaul has started already, with chairman Kelvin Harrison resigning from the board – though he will remain on the payroll as a consultant – and chief exec Graham Kingsmill leaving the business.

In a statement issued to the City, Maxima confirmed that Smith, who has become executive chairman, has bought £1m worth of stock: half of the 10,000,000 shares placed on the market at 20 pence each.

Smith said the strategic review instigated in September was complete, removing the "heavy burden" on the management team and the "uncertainty for all stakeholders".

"The new funding will provide time to ensure that the process of disposals will create the best outcome for shareholders, customers and employees," he said.

"In order for me to execute our plans, it was necessary for me to take full executive responsibility," said Smith, who also a director at Accumuli, Redstone and privately owned investment vehicle MXC Capital – through which he procured the Maxima shares.

Maxima has three business units: managed services/hosting; proprietary software; and a Microsoft, Oracle and SAP reseller business. ®

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