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Polestar Strengthens Board

Tuesday, March 10, 2009

Press release from the issuing company

Incisive Media founder and Group Chief Executive Tim Weller and former CPI UK Chief Executive Peter Palframan have joined the Polestar Board of Directors as non-executive Chairman and non-executive director respectively.

The appointments strengthen the management team as the group builds on its successful refinancing at the end of 2008, as Polestar Chief Executive Barry Hibbert explains: “Whilst the industry faces unprecedented challenges, I am delighted to have Tim and Peter joining Polestar and look forward to benefitting from their experience of this sector and the markets we serve. I am of course grateful to the excellent relationship we had with Thomas Middelhoff and thank him for the time and energy he contributed to Polestar during his tenure as Chairman. ”

Tim Weller started his career at VNU Business Publications in 1982 and left to join Centaur Communications in 1987 becoming a director of Centaur Publishing in 1989. In 1994 he became Managing Director of Reuters Publishing, before leaving later that year to found Incisive Media with the launch of Investment Week.

Tim was voted PPA Publisher of the Year in 1997 and 1998, and Ernst & Young Entrepreneur of the Year - London in 2001. In 2005 he received the publishing industry's top honour - the Marcus Morris Award. He has been the Chairman of PPA Business and Professional, the organisation representing professional and business media in the UK and is non executive director of RDF Media PLC.

Of his appointment, Tim Weller says: “During my 25 years-plus in publishing, I have followed Polestar’s development with interest, both as a long term customer and spectator. I am excited to have this opportunity to work with Barry, the management team and shareholders and hope to contribute positively to the stewardship and growth of the business. Polestar is in prime position to take advantage of the difficult market conditions and accelerate its growth given its leading market position and renewed balance sheet strength. ”

Peter Palframan has joined the Main Board as the J P Morgan nominated Investor Director. Previously CPI UK Chief Executive, he joined the book sector in 1994 as a director of Bath Press Group. The Group delisted and merged with CPI in 1999. Palframan left the sector and his post of CPI UK Chief Executive in 2002 having sold his shareholding. Since then he has been backed by venture capital organisations, private equity houses and major banks in a number of deals. He is currently Chairman of four organisations, including the Paladin Group, which is the seventh fastest growing Company in the UK according to the Sunday Times Fast Track on the 7th December 2008. Palframan has previously held senior positions with Courtaulds, Sears and had been a Director of Ericsson and Nokia.




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