Pressure Technologies PLC Board Changes (9416C)
28 Febbraio 2022 - 8:01AM
UK Regulatory
TIDMPRES
RNS Number : 9416C
Pressure Technologies PLC
28 February 2022
28 February 2022
Pressure Technologies plc
("Pressure Technologies", the "Company" or the "Group")
Board Changes
Pressure Technologies (AIM: PRES), the specialist engineering
group, announces the following changes to the Board of Directors
(the "Board").
The Board is pleased to announce the appointment of Nick Salmon
as Non-Executive Chair of the Company, effective from 1 April
2022.
Nick Salmon has been Chair at Scotia Gas Networks Limited
("SGN") since March 2021 having joined the Board in 2019. SGN
manages the gas distribution network across Scotland and the south
of England. He has been Chair of South East Water Limited since
2015 but will be stepping down on 31 March 2022. Formerly Nick was
the Senior Independent Director of Elementis plc (2014-2020), a
Non-Executive Director of Interserve plc (2014-2019), Senior
Independent Director of United Utilities plc (2005-2014), Chief
Executive of Cookson Group plc (2004-2012), Executive Vice
President of Alstom SA (1997-2004), and Chief Executive of Babcock
International Group plc (1993-1997). He spent his earlier career in
the power station construction sector with GEC, China Light and
Power and the CEGB. Nick is a Fellow of the Royal Academy of
Engineering.
Further to the Company's announcement on 12 November 2021, Roy
Gardner will be stepping down from the Board on 31 March 2022 and
will not be standing for re-election at the Company's Annual
General Meeting. In addition, Brian Newman will also been stepping
down as a Non-Executive Director of the Company on 31 March 2022
and will not be standing for re-election at the Company's Annual
General Meeting. The Board would like to take this opportunity to
thank both Roy and Brian for their contribution and support of the
Group.
Following Brian Newman's departure, Tim Cooper will act as
Senior Independent Director of the Company and Chair of the
Remuneration Committee from 1 April 2022.
Chris Walters, Chief Executive commented:
"We are extremely grateful to Sir Roy for his leadership of the
Board over the past two years and delighted to welcome Nick as
Chair, bringing his extensive industrial business and leadership
experience to this important stage in the Group's development. We
also thank Brian for his commitment, support and diligent hard work
for the Group over the past six and a half years."
Regulatory disclosures
In accordance with Schedule 2(g) of the AIM Rules for Companies,
Nicholas Robin Salmon (aged 69) is, or has been within the previous
five years, a director or partner of the following companies or
partnerships:
Current directorships/partnerships Past directorships/partnerships
* South East Water Ltd * Elementis plc
* NED-Scotia Ltd * Interserve plc
* Scotia Gas Networks Limited
* Scotland Gas Networks plc
* SGN Commercial Services Limited
* SGN Connections Limited
* SGN Contracting Limited
* SGN Lessona Limited
* SGN Midco Limited
* SGN Natural Gas Limited
* SGN Place Limited
* SGN PledgeCo limited
* SGN Smart Limited
* Southern Gast Networks plc
* SGN Futues limited
* SGN Heat Networks Limited
--------------------------------
Nick Salmon was a Non-Executive Director of Interserve plc from
1 August 2014 to 9 October 2019. Following a vote by shareholders
rejecting a deleveraging plan, Interserve plc was placed into
administration on 15 March 2019 resulting in its subsidiary
companies being sold to the group's lenders in a pre-pack
administration. Debt of GBP815m and other liabilities of more than
GBP200m were exchanged for equity in the new parent company,
Interserve Group Limited. As at the date of this announcement,
Interserve plc remains in administration.
For further information please contact:
Pressure Technologies plc Tel: 0330 015 0710
Chris Walters, Chief Executive PressureTechnologies@houston.co.uk
James Locking, Chief Financial
Officer
Singer Capital Markets (Nomad Tel: 0207 496 3000
and Broker)
Mark Taylor / Asha Chotai
Houston (Financial PR and Investor Tel: 0204 529 0549
Relations)
Kay Larsen / 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 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
Precision Machined Components (PMC) - www.pt-pmc.com
-- Precision Machined Components includes the Al-Met, Roota
Engineering, Quadscot Precision Engineers and Martract brands
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END
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Grafico Azioni Pressure Technologies (AQSE:PRES.GB)
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Grafico Azioni Pressure Technologies (AQSE:PRES.GB)
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