Board Changes

RNS Number : 7007A

Pressure Technologies PLC

23 January 2020

 

23 January 2020

Pressure Technologies plc

("Pressure Technologies" or the "Group")

Board changes

Pressure Technologies (AIM: PRES), the specialist engineering group, is pleased to announce that Sir Roy Gardner today joins the Board of the Company as Non-Executive Chairman.

Sir Roy is highly experienced in both executive and non-executive roles, leading and chairing large international businesses, many of them providing services to, or regulated by, governments. Currently he is the Chairman of Serco Plc, the Senior Independent Non-Executive Director of Mainstream Renewable Power Limited and Chairman of the Board of Governors of St. Alban's School.

Sir Roy has over 40 years' experience in businesses in the services, energy, industrial, chemicals, electronics, insurance and leisure sectors and was recognised by Harvard as one of the leading wealth creators in the world.  Alongside his business achievements he is a tireless fundraiser for many charities and most notably was President of Carers UK, Chairman of the Employers Forum on Disability and Chairman of The Princess Royal's Development Trust.

In addition to his current appointments, Sir Roy has held senior positions in a number of FTSE 250 companies, including as Chief Executive of Centrica plc, Chairman of Manchester United plc, Chairman of Compass Group plc and, and most recently, as Senior Independent Director of William Hill plc. Earlier experience included senior management positions at British Gas plc, STC plc, The General Electric Company plc, Marconi and British Aircraft Corporation.

Neil MacDonald today steps down as Non-Executive Chairman but remains a Non-Executive Director. Neil has indicated that he will not seek re-election at the upcoming Annual General Meeting and will retire from the Board at its conclusion.  Pressure Technologies is currently at an advanced stage of discussions regarding the appointment of an additional Non-Executive Director and will update shareholders in due course.

Neil MacDonald, outgoing Chairman of Pressure Technologies, commented:

"I am delighted that Sir Roy has agreed to join the Board as Chairman. His extensive experience in international business will be hugely beneficial to Pressure Technologies in the next phases of its strategy"

Sir Roy Gardner commented: 

"I am looking forward to joining and building the Board of Pressure Technologies bringing to them, amongst other skills, my considerable experience as Chairman of listed companies to lead strong governance and oversight of the management team as we grow the business and realise its significant potential.  The businesses in the Group have a long heritage in the markets that they serve and I look forward to working with the management team as they make further progress with developing and implementing their strategy, focused on organic growth in the oil and gas industry, further growth in global defence markets and in seizing opportunities in the emerging hydrogen energy sector."

For further information please contact:

Pressure Technologies plc
Chris Walters, Chief Executive	Tel: [phone]
Joanna Allen, Chief Financial Officer	[e-mail]
N+1 Singer (Nomad and Broker)	Tel: [phone]
Mark Taylor / Lauren Kettle
IFC Advisory Ltd (Financial PR and IR)	Tel: [phone]
Graham Herring / Tim Metcalfe / Zach Cohen

In accordance with obligations under the AIM Rules Schedule 2(g), Sir Roy, 74, holds or has held the following directorships in the previous five years:

Current directorships	Past directorships
Ayot Property and Business Enterprises Limited	Willis Group Holdings Limited
K & K Consortium Limited	William Hill plc
Mainstream Renewable Power Limited
Mastpoint Finance Limited
Mastpoint Limited
R.A.G. Associates Limited
Serco Plc

Sir Roy resigned as the Chairman of (The) Plymouth Argyle Football Company Limited ("Plymouth Argyle") on 27 December 2010 and his departure from the board was confirmed on 21 January 2011. Due to ongoing financing issues, Plymouth Argyle went into administration on 4 March 2011. The company subsequently agreed a company voluntary arrangement leaving a deficiency to creditors of £15.6m and was dissolved on 27 October 2015.

It was announced on 10 May 2010 that Sir Roy was to be appointed as Non-Executive Chairman of Connaught Plc during a restructuring process, however such an appointment was not formalised at Companies House. On 8 September 2010 Connaught Plc entered into administration. While the company has not yet been dissolved, the administrators have estimated that deficiencies to both secured and unsecured creditors are likely to be approximately £260 million.

There is no further information to be disclosed pursuant to Schedule 2(g) of the AIM Rules for Companies.

COMPANY DESCRIPTION

Company description - www.pressuretechnologies.com

With its head office in Sheffield, the Pressure Technologies Group was founded on its leading market position as a designer and manufacturer of high-integrity, safety-critical components and systems serving global supply chains in oil and gas, defence, industrial gases and hydrogen energy markets.

The Group has two divisions, Precision Machined Components and Chesterfield Special Cylinders.

Precision Machined Components (PMC) - www.pt-pmc.com

●     Precision Machined Components includes the Al-Met, Roota Engineering, Quadscot and Martract brands.

Chesterfield Special Cylinders (CSC) - www.chesterfieldcylinders.com 

●     Chesterfield Special Cylinders, Sheffield, includes CSC Deutschland Gmbh, which is based in Dorsten, Germany.

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