Board changes

RNS Number : 7165Q

Pressure Technologies PLC

23 June 2020

 

23 June 2020

Pressure Technologies plc

("Pressure Technologies" or the "Group")

Board changes

Pressure Technologies (AIM: PRES), the specialist engineering group, is pleased to announce the appointment of Mike Butterworth to the Board as Non-Executive Director and Chair of the Group's Audit & Risk Committee ('ARC').

Brian Newman, previous Chair of the ARC, remains as Senior Independent Director.

Mike, a Chartered Accountant, has extensive experience as a non-executive director, as well as eighteen years of experience as Chair of the Audit Committee in companies across various sectors including Cambian Group, Johnston Press, Kin+Carta and Stock Spirits Group. In addition, he possesses Senior Independent Director experience and has held Chief Financial Officer roles at Incepta Group plc and Cookson Group plc, a FTSE 250 business.

Mike joins the Board with immediate effect. His appointment brings the number of independent non-executive directors on the Board to four, in addition to two executive directors.

Commenting on the appointment, Sir Roy Gardner, the Chairman, says: "I am delighted to welcome Mike to the board during this transformative period for the Group. His wealth of experience and extensive skillset further strengthens the board and is testament to our commitment to upholding the highest standards of governance."

Mike Butterworth added: "I am very pleased to be joining the Pressure Technologies board. I look forward to working closely with the Group as it continues to make progress against its strategic objectives and begins to capitalise on the growth opportunities for its critical and specialised products and services."

For further information, please contact:

Pressure Technologies plc Chris Walters, Chief Executive Joanna Allen, Chief Financial Officer	Tel: [phone] [e-mail]
N+1 Singer (Nomad and Broker) Mark Taylor / Carlo Spingardi	Tel: [phone]
Houston (Financial PR and Investor Relations) Kate Hoare / Anushka Mathew / Ben Robinson	Tel: [phone]

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, Chesterfield Special Cylinders and Precision Machined Components.

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

●Chesterfield Special Cylinders, Sheffield, includes CSC Deutschland GmbH and Chesterfield Special Cylinders Inc.

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

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

In accordance with obligations under the AIM Rules Schedule 2(g), Mike Butterworth (Age 59) holds or has held the following directorships in the previous five years:

Current directorships

Past directorships

Stock Spirits Group Plc Johnston Press Ireland Limited

Kin & Carta PLC NWV Limited Cambian Group plc Johnston Press Plc Anglia Newspapers Limited Century Newspapers Limited Derry Journal Limited Johnston Press Bond plc Johnston Publications Limited Johnston Publishing Limited Morton Newspapers Limited Northamptonshire Newspapers Limited Premier Newspapers Limited Regional Independent Media Group Limited TR Beckett Limited The Tweeddale Press Wilfred Edmunds Limited Yorkshire Regional Newspaper Limited Central Counties Newspaper Limited North Notts Newspapers Limited Peterboro' Web Limited Montrose Review Press Limited Isle of Man Courier Holdings Limited

Mike was appointed as a Non-Executive Director of Johnston Press plc in June 2016. In March 2018 the company announced a strategic review which resulted in its filing for administration in November 2018, after an unsuccessful sale process. The latest Administrators' Progress Report, published in December 2019, anticipates that the bondholders, who were due £220 million upon appointment of the administrators, are likely to suffer a shortfall of approximately £48 million. Based upon the outcomes of the administrators; investigations into the conduct of the directors and transactions entered into prior to the insolvencies, there were no matters identified that required further action.

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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