LONDON, UK: Marwyn Acquisition Company (MAC) announced the appointment of Waheed Alli as its new Chair with effect from 6 November 2022. The Company has also announced that it is proposing changing its name to 450 plc.

The appointment of Waheed Alli as Chair will lead to a proposed change of the company’s investing policy to focus on building a market leader in the creative industries, capitalising on the ongoing transformation of the content, media and technology sectors. This new focus will be supported by Waheed’s decades-long sectoral experience and track record of building and leading businesses in the creative sector.

The Company has also appointed Tom Basset as a non-executive Director and Mark Brangstrup Watts has resigned as a director of the Company, each with effect from 6 November 2022.

The Company also announces the establishment of a new long-term incentive scheme that focuses on creating shareholder value and the publication of its notice of Annual General Meeting.

MAC plc is an AIM-listed acquisition vehicle launched in partnership with Marwyn Investment Management LLP (“Marwyn“). Marwyn has a track record of supporting management partners in building highly successful companies, including in the content, media and technology sectors, such as Entertainment One and Advanced Computer Software Group.

Commenting on the appointment of Waheed Alli as Chair: James Corsellis, Director of the Company and Managing Partner of Marwyn, said: “We are delighted to be working with Waheed and are very excited by the potential investment opportunities given his extensive track record of launching and growing creatively-centred businesses.”

Waheed Alli, Chair of the Company, commented: “I am thrilled to be joining MAC plc as Chair and look forward to working with Marwyn to execute our proposed investment strategy. Together with Marwyn, who have invested in several highly successful content, media and technology businesses, we have a great opportunity to take advantage of the positive and growing structural trends in the space.”

Waheed Alli has over 30 years’ experience across the media, retail, entertainment and technology sectors, having launched and grown a number of highly successful private and public businesses in his career.

Waheed co-founded Planet 24, a TV production company which produced shows such as The Big Breakfast, The Word and Survivor (created by Charlie Parsons). Planet 24 was sold to Carlton Productions, now known as ITV Studios, in 1999.

Waheed co-founded TV production company, Shine, and was Chair of production company Chorion plc, including during its time as a listed business between 2003 and 2006 delivering share price growth of over 275%.

As Founder and CEO of Silvergate Media, Waheed acquired the IP and distribution rights to The Octonauts in 2011, establishing international partnerships with Netflix, Disney and Nickelodeon before selling Silvergate Media (producer of The Octonauts) to Sony in 2019.

Waheed was also Chair of ASOS plc between 2001 and 2012 where he oversaw market capitalisation growth from £12.3 million at IPO to £1.9 billion.

Waheed Alli has served as a member of the House of Lords since 1998.

Tom has extensive experience working across a range of sectors in the origination and assessment of new investment opportunities, transaction execution, coordinating capital market and M&A processes and providing strategic corporate advice to management teams. Tom joined Marwyn in 2010, where he now leads the Investment Team and is also a member of the Investment Committee. Prior to Marwyn, Tom spent six years at Deloitte across the Assurance & Advisory and Private Equity Transaction Services groups.

Tom is a qualified Chartered Accountant and graduated from Durham University with a BA (Hons) in Economics.

In line with Waheed Alli’s appointment and industry expertise it is proposed that the investing policy of the Company be amended to focus on acquisition opportunities arising within the traditional and digital creative industries encompassing the content, media and technology sectors.

The Company will consider the acquisition of private companies and public offers for, and mergers with, existing listed businesses, in the UK and internationally.

The Company’s proposed New Investing Policy is subject to shareholder approval at the Annual General Meeting.