TIDMPRES
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 Tel: 0114 257 3616 PressureTechnologies@houston.co.uk
Chris Walters, Chief Executive
Joanna Allen, Chief Financial
Officer
N+1 Singer (Nomad and Broker) Tel: 0207 496 3000
Mark Taylor / Carlo Spingardi
Houston (Financial PR and Investor Tel: 0203 701 7660
Relations)
Kate Hoare / Anushka Mathew /
Ben Robinson
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 Kin & Carta PLC
Johnston Press Ireland Limited 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 GBP220 million upon
appointment of the administrators, are likely to suffer a shortfall
of approximately GBP48 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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END
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June 23, 2020 02:00 ET (06:00 GMT)
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