NEW YORK, April 28, 2011 (GLOBE NEWSWIRE) -- 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:
Current
Managing Member
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.
Limited partner
Cahill, Warnock Strategic Partners, L.P.
Camden Partners Employee Investment, LLC,
Camden Partners Strategic II, LLC
Camden Partners Strategic III, LLC,
Director
Santa Rosa Consulting, Inc.
Previous
There are no further disclosures required under para g of Schedule 2 of the AIM rules.
Planet Payment, Inc.
This information was brought to you by Cision