TIDMPRES
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: 0114 257 3616
Joanna Allen, Chief Financial Officer pressuretech@investor-focus.co.uk
N+1 Singer (Nomad and Broker) Tel: 0207 496 3000
Mark Taylor / Lauren Kettle
IFC Advisory Ltd (Financial PR Tel: 0203 934 6630
and IR)
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 Willis Group Holdings Limited
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
GBP15.6m 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 GBP260
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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END
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