Board Changes

RNS Number : 8027H

TEG Group (The) PLC

22 May 2014

 

TEG Group PLC

("TEG" or the "Company")

Board Changes

The TEG Group PLC (AIM: TEG), the AIM-listed green technology company, which develops and operates organic composting and energy plants, is pleased to announce the appointment of Steve Morrison as Non-Executive Director, representing Bridges Ventures LLP ("Bridges") and Fergus Healy as Group Managing Director.

Steve is a Partner & Chief Operating Officer at Bridges Ventures having joined in 2013.  Prior to his current role, Steve had a successful 25 year career in banking, where he spent 14 years in leveraged finance with Bank of Scotland ("BOS"), culminating in his leading the business as Head of Structured Finance.  Other key executive roles at BOS included Strategy & Planning for Private Equity/Investing, Credit Risk and more recently, as Head of Credit Risk for Lloyds Banking Group's Business Support Unit, he supported corporate restructures in the UK, Europe and the Middle East.  He has extensive experience across a wide range of industries and actively supports the various funds within Bridges.

Steve was a Non-Executive Director of Big Society Capital until January 2014 and is currently a Non-Executive Director of Charity Bank and a Fellow of the Chartered Institute of Bankers in Scotland.  In 2009 he attended the INSEAD Social Entrepreneurs Programme (ISEP).

Fergus joined TEG in 2005 as the Company's Operations Director.  In 2011, when TEG adopted a divisional structure, he was appointed Divisional Managing Director before becoming Group Managing Director in 2013.  He has led TEG's Operating Business for 9 years, delivering year on year growth in profitability since 2009. 

Fergus has a career spanning 23 years in the Environmental Services sector.  He has managed multi-site waste to energy businesses for a Yorkshire Water Joint Venture, worked in analytical services and environmental consultancy, and managed a large regional waste collection business for Cleanaway's Commercial & Industrial division.

A graduate analytical chemist and Chartered Chemist, Fergus also studied for an MBA at the Bradford Business School.

Commenting on their appointment, Leo McKenna, Chairman of TEG, said: "I am delighted to welcome Steve and Fergus to the board at this very exciting time in TEG's development.  With their extensive corporate backgrounds, both will bring very relevant experience to the board as we continue to pursue various strategic opportunities for the group." 

Save as disclosed below, there are no further disclosures to be made under Schedule Two, paragraph (g) of the AIM Rules.

Stephen James Morrison, aged 43.

Current directorships

Bridges Ventures LLP

Cheriton Park Hotel Limited

Charity Bank Ltd

Past directorships held within the last 5 years

Big Society Capital Limited

Fergus Gerald Healy, aged 45.

Current directorships

TEG Energy Limited

Kingston Composting Limited

Simpro Limited

TEG Environmental Limited

Past directorships held within the last 5 years

Glendale Recycling Number 2 Limited

Further to the announcement on 31 March 2014, RNS number 5209D, the Company would like to amend Leo McKenna's current directorships to include Glass Advisory Services Limited. Leo's full Schedule Two, paragraph (g) disclosure is outlined below.

Leo William McKenna, aged 47.

Current directorships

Odyssey Trust Company

Catalyst Investment Holdings Ltd

International Project Finance Association

Glass Advisory Services Limited

Past directorships held within the last 5 years

Inspire Business Centre Ltd

Contact:
The TEG Group Plc	Tel: [phone]
Michael Fishwick, Chief Executive	www.theteggroup.plc.uk
Peckwater PR	Tel: [phone]
Tarquin Edwards	[e-mail]
N+1 Singer Advisory LLP (Nomad & Broker)	Tel: [phone]
Andrew Craig/Ben Wright

Notes to Editors

TEG

TEG provides state of the art technology for handling organic wastes. Its in-vessel composting ("IVC") system is one of the few approved technologies capable of treating animal by-product ("ABP") waste and it is now providing an anaerobic digestion ("AD") technology to produce power from food waste. Plant economics are predominantly driven by the gate fees charged, rather than the value of the end product (compost).

The AD plants also benefit from power sales and Renewable Obligations Certificates ("ROCS") or Feed-in Tariffs ("FITs"). The TEG processes are an economic and sustainable alternative to landfill.

The TEG Silo Cage System

The Silo Cage system, one of the few technologies capable of treating organic waste, is a natural process producing compost as an end product. The compost is an excellent soil conditioner that fertilises, retains moisture, provides structure and reduces the incidence of plant disease. TEG's Silo-Cages are housed in self-contained buildings, suitable for urban environments, are not unsightly and are environmentally friendly.

TEG Biogas (Perth) Limited

TEG Biogas (Perth) Limited ("TEG Biogas Perth") is a joint venture company established by TEG with Albion LLP. TEG Biogas Perth has constructed a 15,000 tonnes per annum AD plant at TEG's Glenfarg site to produce nominally 0.7MW of electrical power and 0.2MW of heat that is to be used by Binn Eco Park. The facility has been in operation, generating revenues from waste sales and power generation since Quarter 1 of 2012. It has become one of the leading AD operations in Scotland.

TEG Biogas (London) Limited (TEGBL)

TEG Biogas (London) Limited ("TEG Biogas London") is a joint venture company established by TEG with funding partners led by Foresight Environmental Fund LP. TEG Biogas London has constructed a combined In Vessel Composting (IVC) and AD plant in Dagenham that will process approximately 50,000 tonnes per annum of organic wastes and will generate approximately 1.4MW of power, sufficient to power approximately 2000 homes. The plant went into full operation in Q1 2014.

TEG received a contract to construct the facility, valued at approximately £16m, in September 2012. The Company is currently operating the facility, post handover, as part of a 15-year operating and maintenance contract. The Group has a minority shareholding in TEGBL.

General

Customers include local authorities, waste management companies, food processing companies, farmers and landowners. The Company's expanding market is driven by increasingly stringent EU and UK legislation regulating the treatment and disposal of organic waste. Statutory targets for the diversion of waste from landfill increase annually through to 2020, increasing TEG's market opportunity year on year.

 

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