Directorate Change

RNS Number : 9084G

Velocys PLC

01 June 2017

 

News release

Velocys plc

("Velocys" or "the Company")

1 June 2017

Appointment of Non-Executive Director

Velocys plc (VLS.L), the company at the forefront of smaller scale gas-to-liquids (GTL), is pleased to announce the appointment of Andrew Morris as a Non-Executive Director with immediate effect.

Andrew Morris has extensive experience as Chairman, CEO, CFO and Group Finance Director and significant involvement in financing and business development for AIM companies, SMEs and private equity backed organisations. He has considerable experience in the power and renewable energy, energy from waste and biofuels sectors. For five years he acted as Commercial & Finance Director for Advanced Plasma Power Limited, a privately funded company that owns gasification and plasma waste treatment technology. He is currently CEO of Envirofusion, a company with nascent technology in the waste-to-energy and biomass-to-power sector.

During the fund raise announced on 15 May 2017 the Company agreed that its three largest Shareholders have the right to jointly nominate an individual to the Board as a Non-Executive Director. These shareholders nominated Andrew Morris to the role. The appointment right was conditional on the issue of the Convertible Loan Notes and completion of the Placing, which was completed today after the resolutions concerning the fund raise were passed at a General Meeting.

For Corporate Governance purposes, Andrew Morris is deemed by the Board to be independent. He will act as the Chair of the Audit and Risk Committee and as a member of the Nominations and Remuneration Committees. He will stand for election (and all other Directors of Velocys will stand for re-election) at the 2017 Annual General Meeting to be held on 22 June 2017.

Pierre Jungels, CBE, Chairman of Velocys, said:

"On behalf of the Board I would like to welcome Andrew Morris to the Velocys team as Non-Executive Director. The skills and experiences Andrew brings to Velocys from his varied commercial and financial roles for small and medium sized technology-based companies, his financial acumen and his knowledge of and contacts within the waste and biofuels sectors are a very good match for the Company and its current focus on the renewable fuels market segment. We look forward to working with him."

There is no information that is required to be disclosed with regards to the appointment of Andrew Morris, aged 55, pursuant to Schedule 2 paragraph (g) of the AIM Rules, save as set out below:

Current directorships and partnerships

Envirofusion Ltd

Setley Consultants Limited

Directorships and partnerships held within the past five years

Advanced Plasma Power Limited

Advanced Plasma Power Global Investments Limited

Advanced Plasma Power International Ltd

Cascade Hydro Limited

Cascade Hydro Power S.A.C.

Central Illapa S.A.

Cochrane Power Limited

Electricidad Andina S.A.

Empresa Generacion Electrica Chilcay S.A.C

Empresa Generacion Electrica Colca S.A.C

Empresa Generacion Electrica Huasicanchas S.A.C

Go Green Gas Ltd

Independent Power Operations Limited

IPC Climate Capital Limited

Rurelec Power Services Limited

Rurelec Project Finance Limited

Rurelec plc

The Independent Power Corporation plc

- Ends -

For further information, please contact:

Velocys David Pummell, CEO Susan Robertson, CFO	[phone]
Numis Securities (Nomad and joint broker) Alex Ham Stuart Skinner Jamie Lillywhite Tom Ballard	[phone]
Canaccord Genuity (Joint broker) Henry Fitzgerald-O'Connor Ben Griffiths	[phone]
Camarco (Financial communications & PR) Billy Clegg Georgia Edmonds	[phone]

Certain information contained in this announcement would have constituted inside information (as defined by Article 7 of Regulation (EU) No 596/2014) prior to its release as part of this announcement.

Notes to editors

About Velocys

Velocys is the company at the forefront of smaller scale gas-to-liquids (GTL), providing the bridge connecting stranded and low value feedstocks such as natural gas, landfill gas or biomass with markets for premium products such as renewable diesel, jet fuel and waxes.

With its partners, Velocys aims to deliver the most economically compelling conversion solution; a fully integrated offer that can be deployed at scale into the growing, attractive markets on which it focuses. Velocys technology, protected by several hundred patents in over 30 countries, is specifically designed for smaller scales, combining super-active catalysts with intensified reactor systems. Standardised modular plants can be deployed readily in a wide range of locations, and Velocys' capabilities and extensive experience deliver a proven route to operation.

Velocys plc is admitted to trading on the AIM market of the London Stock Exchange (LSE: VLS). The Company has a strong, multi-disciplinary staff operating from its commercial centre in Houston, Texas, USA and technical facilities near Oxford, UK and Columbus, Ohio, USA. First product has been produced at its commercial reference plant, which is located adjacent to Waste Management's East Oak landfill site in Oklahoma City.

www.velocys.com 

 

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