Planet Payment, Inc. Appoints Shane Kim to the Board
Planet Payment [UK: LSE: AIM: PPT and PPTR; USA: OTCQX: PLPM], a leading international multi-currency payment and data processor, is pleased to announce the appointment of Shane Kim as a non-executive director with immediate effect.
Shane Ho Kim is a Managing Member of Camden Partners, a leading growth private equity firm specializing in business services, healthcare and education. Mr. Kim specializes in payments and transaction processing investments within the business services and healthcare sectors.
Mr. Kim, 34, joined Camden Partners in 1999 having graduated from the University of Maryland (Robert H. Smith School) with a B.S. in Finance and Management Science and Statistics in 1998. Since 2001, Mr. Kim has sourced or led several private equity investments on behalf of Camden Partners. He was also a portfolio manager of Camden’s small-cap hedge fund from 2004 to 2009.
Mr. Kim currently represents Camden Partners as a Director of Santa Rosa Consulting, Inc. Mr. Kim also served on the MBA Advisory Council for the Eller College of Management at the University of Arizona (2004-2005). Mr. Kim has been an observer on the Board of the Company since 2007, when he was appointed on behalf of Camden Partners following its initial investment in Convertible Debt of the Company.
Mr. Kim is interested in Camden Partners investment holdings in the Company by virtue of his position as a managing member. Camden Partners and related entities are interested in a total of 6,747,056 Common Shares, representing 11.7% of the total voting interests in the Company. In accordance with the Company’s compensation policy for Non-executive directors, Mr. Kim has been granted options over 50,000 Common Shares of the Company at an exercise price of $2.02 per share, which is equivalent to the closing price of the PPTR stock on 27 April 2011. The Options vest over three years and have a life of 10 years from the date of grant, in both cases subject to continuation in office and acceleration of vesting in certain circumstances.
Mr. Kim will be proposed for re-election as a director by the shareholders, at the forthcoming Annual Meeting of the Company to be held on June 3, 2011.
Commenting on the appointment, Philip Beck, Chairman and Chief Executive of Planet Payment, said: “We are delighted to welcome Shane Kim to the Board. Shane has a wealth of experience advising a range of companies at the highest levels. His extensive knowledge of the financial markets and the payment processing industry will prove invaluable as Planet Payment grows and moves into the next stage of its development.”
Mr. Kim added: “Planet Payment is a highly dynamic business, operating at the heart of the credit card industry around the globe. Having watched the Company’s growth and maturation over the last four years I am delighted to be joining the Company at this exciting stage of its development and look forward to working with the team to help achieve the Company’s full potential.”
Mr. Kim’s current and previous directorships and partnerships over the past five years are as follows:
Camden Partners Capital Management, LLC, the general partner to Camden Partners Limited Partnership.
Camden Partners Strategic IV, LLC, the general partner of Camden Partners Strategic Fund IV, L.P.
Cahill, Warnock Strategic Partners, L.P.
Camden Partners Employee Investment, LLC,
Camden Partners Strategic II, LLC
Camden Partners Strategic III, LLC,
Santa Rosa Consulting, Inc.
Cardsystems Solutions, Inc.
New Horizons Worldwide, Inc.
Vantage Oncology, Inc.
There are no further disclosures required under para g of Schedule 2 of the AIM rules.
Planet Payment, Inc.
Philip D. Beck, Chairman & CEO
Tel: + 1 516 670 3200
Redleaf Polhill (UK PR for Planet Payment)
Emma Kane /Rebecca Sanders-Hewett / Henry Columbine
Tel: +44 20 7566 6700
HJMT Communications, LLC (US PR for Planet Payment)
Hilary Topper / Kristie Galvani / Lisa Gordon
Tel: +1 516 997 1950
Canaccord Genuity Ltd (UK) (Nomad for Planet Payment)
Mark Williams / Andrew Chubb
Tel: +44 20 7050 6500
Canaccord Genuity, Inc. (US) (DAD for Planet Payment)
Tel: +1 617 371 3900
About Planet Payment®
Planet Payment’s Common shares trade in the UK on AIM under the symbols PPT for unrestricted Common shares and PPTR for Reg S Common shares and in the United States on the OTCQX under the symbol PLPM.
Planet Payment is a leading international payment and data processor, providing banks and their merchants with innovative solutions to accept, process and reconcile payments, anytime, anywhere and in any currency. Our customer base of more than 45 acquiring banks and processors stretches from North America to Asia Pacific, including China, Hong Kong, Macau, Taiwan, Malaysia and India.
Our solutions can differentiate product offerings and improve profitability, as well as help merchants transform credit card processing from a cost of doing business into a highly effective marketing and sales tool. We deliver increased transparency to cross-border commerce and offer international cardholders, whether online or in a store, restaurant or hotel, the comfort and convenience of paying in the currency they know best – their own.
Planet Payment is headquartered in New York and has offices in Atlanta, Beijing, Bermuda, Delaware, London, Hong Kong, Shanghai and Singapore. Visit www.planetpayment.com for more information on the Company and its services. For up-to-date information follow Planet Payment on Twitter at @PlanetPayment or join Planet Payment’s page on Facebook.