The Innovation Group article (20 February 2003, page 3).
We said the TiG board had indicated that its £9.18m rights issue was largely backed by a US investor. The rights issue was in fact successfully underwritten by the TiG directors and KBC Peel Hunt.
Rob Terry, former chief executive of the company, provided approximately £2m of the funds required.
We suggested that company backers may have lost confidence in former chief executive Rob Terry and incorrectly stated that Rob Terry has now been placed on a two-year rolling contract with a 200-day notice period. In fact, Rob Terry has been appointed vice chairman and chairman elect and has a management consultancy agreement with the company contracted for 200 days a year, with a two-year notice period.
Originally, this deal was for 100 days a year but, at the insistence of company backers, Rob Terry's commitment was increased to 200 days.
Since August 2002, TiG has performed in line with market expectations.
TiG did not promote the software deal with Zurich as a new deal but as the completion of the initial phase of a successful implementation for Zurich in the UK, which allowed it to negotiate a £1.8m licence payment.