Directorate Change

RNS Number : 2344Q

Pressure Technologies PLC

16 June 2015

 

16 June 2015

Board Changes

The Board of Pressure Technologies plc ("Pressure Technologies" or the "Group") today announces the following board changes:

James Lister, Group Finance Director, is to step down from the Board on 30 June 2015 and will retire on 1 September 2015, following his 60^th birthday. James became Finance Director in 2008 when the Group's sole focus was on high pressure cylinders.  Group Chief Executive, John Hayward, said: "I would like to thank James on behalf of the Board for his efforts and contribution to the growth and diversification of the Group over the past seven years."

James' position on the Board will be taken by Joanna Allen who will join the Group on 13 July 2015. Joanna qualified as a Chartered Accountant with PricewaterhouseCoopers LLP in 2001, having joined as a graduate in 1998 with a BA honours degree in Business Studies.  Joanna has been a Director in PwC's Assurance practice since 2008 and alongside Assurance has many years' experience working in their Deals practice.

Group Chairman, Alan Wilson, commented "I am delighted to welcome Joanna to Pressure Technologies and I am sure that her extensive experience of finance in general and acquisitions in particular will be a strong asset to the Board."

Further details in respect of Joanna Allen, as required pursuant to Rule 17 and Schedule 2(g) of the AIM Rules for Companies, are set out below.

For further information, please contact:

Pressure Technologies plc John Hayward, Chief Executive	Today Tel: [phone] www.pressuretechnologies.com
Tavistock Keeley Clarke / Emma Blinkhorn	Tel:  [phone]
Cantor Fitzgerald Europe (Nominated Adviser and Broker) Rick Thompson / Michael Reynolds / Will Goode	Tel:  [phone]
David Banks / Tessa Sillars

Further information required pursuant to Schedule 2 (g) of the AIM Rules for Companies

Director	Current Appointments	Previous Appointments
Joanna Claire Allen (age 38)	N/A	Mallen Golf Limited*

*Mallen Golf Limited was a retail shop trading under a Nevada Bob's franchise agreement that commenced trading in March 2011 and was placed into voluntary liquidation on 27 December 2013, with approximately £100,000 owing to creditors of which approximately half was repaid.  Joanna Allen ceased to be a director of Mallen Golf Limited on 31 October 2013.

Joanna Allen does not hold any interest in the ordinary shares of the Company.  There is no further information to be disclosed under Rule 17 or paragraph (g) of Schedule Two of the AIM Rules for Companies.

COMPANY DESCRIPTION

Company description - www.pressuretechnologies.com

With its head office in Sheffield and its origins going back to 1897, Pressure Technologies is a growing, profitable, dividend paying, AIM listed, leading designer and manufacturer of speciality engineering solutions for high-pressure systems serving large global markets. The company is building a highly profitable group of companies, specialising in technology for the containment and control of liquids and gases in pressure systems through a combination of organic initiatives and acquisitions.

Pressure Technologies has four divisions, Precision Machined Components, Cylinders, Engineered Products and Alternative Energy, serving four markets: oil and gas, defence, industrial gases and alternative energy.

Precision Machined Components

·      Al-Met, Mid Glamorgan, acquired in 2010 www.almet.co.uk

·      Roota Engineering, Rotherham, acquired in March 2014 www.roota.co.uk

·      Quadscot, acquired in October 2014 www.quadscot.co.uk

Cylinders

·      Chesterfield Special Cylinders, Sheffield, IPO cornerstone in 2007 www.chesterfieldcylinders.com

·      Kelley GTM Manufacturing, Amarillo - 40% stake acquired by the Group in December 2013 www.kelleygtm.com

Engineered Products

·      Hydratron, Manchester and Houston, acquired in 2010 www.hydratron.co.uk

Alternative Energy

·      Chesterfield BioGas, Sheffield, renamed Greenlane Biogas UK on 5 June 2015, founded in 2008 www.greenlanebiogas.com

·      Greenlane, acquired in October 2014 www.greenlanebiogas.com

 

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