Pressure Technologies PLC Board Changes (9416C)

TIDMPRES

RNS Number : 9416C

Pressure Technologies PLC

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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February 28, 2022 02:01 ET (07:01 GMT)

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