Cleantech Building Materials: Board and senior personnel changes, grant of options and opening of new Shanghai office
October 20 2017 - 11:20AM
20 October 2017
CLEANTECH BUILDING MATERIALS PLC,
NASDAQ FIRST NORTH, COPENHAGEN
TICKER: CBM
Cleantech
Building Materials plc
Board and senior
personnel changes, grant of options and opening of new Shanghai
office
Following on from the recent
announcements regarding our plan to construct the first Accoya®
Wood factory in China with Jiangsu Sopo Group, a Chinese
state-owned chemical group ("SOPO"), Cleantech Building Materials
plc ("CBM" or the "Company"), is pleased to announce the following
changes to the composition of its Board of Directors (the "Board")
and senior personnel to strengthen our team in the execution of the
Company's strategy. Mr Dwight Zou has today been appointed to
the Board of CBM, following his appointment as Chief Financial
Officer of the Company last month. Dwight has enjoyed a career
spanning over 20 years which has included auditing, finance,
planning, controlling and M&A project management in a number of
global chemical companies, including BASF and Solvay.
CBM also announces that it has
today granted an option to Dwight Zou, a director of the Company
and Chief Financial Officer, to subscribe for 729,974 ordinary
shares of £0.10 each ("Ordinary Shares") in the Company
("Options"). The terms of the Options include an exercise
price of €1.25 per Ordinary Share, and a vesting period under which
25% of the Options granted vest on or after the first anniversary
of his joining the Company, and the remaining 75% are granted in
three tranches of 25% each upon the completion of defined
conditions. The Options have an expiry date of five years from his
joining the Company and any options not exercised will lapse at
that date. The Directors believe that the Options are
important to retain and incentivise the senior management team to
deliver on the Company's strategy to finance and build the first
Accoya® Wood factory
in China, which is planned to be constructed by the Company with
SOPO. The start of construction of the factory China is expected to
begin by the end of 2017 upon completion of all final agreements
between the parties and the securing of the required financing.
In addition, we are also pleased
to announce that Mr Ting Yian Ann has joined the board of the
Company's operating subsidiary, Diamond Wood China Limited, as a
Non-Executive Director, on 1 October 2017. Mr Ting was most
recently Chief Executive Officer of Dragon Crown, a chemical
logistics company which is listed on the Hong Kong main market.
Under Mr Ting's leadership Dragon Crown has built and operated
chemical facilities in Jiangsu province, China where Diamond Wood
plans to build the first Accoya® Wood
factory.
We are also pleased to announce
the opening of our new Shanghai office at Room 540, The Hub Tower
3, No.888 Shen Chang Road, Shanghai, PRC 201100. Several new
Chinese personnel have been employed to support the ongoing
commercialisation of Accoya® Wood
throughout China and South East Asia, as well in anticipation of
the build out of the first Accoya® Wood factory
in China from 2018.
Paul Richards,
Chairman of CBM, said: "We are delighted to announce the
appointments of both Dwight Zou and Ting Yian Ann. They each bring
invaluable industry expertise and a wealth of experience to the
team."
THE DIRECTORS OF CLEANTECH
BUILDING MATERIALS PLC ACCEPT RESPONSIBILITY FOR THE CONTENTS OF
THIS ANNOUNCEMENT
Further information may be found
at the Company's website at www.cbm-plc.com
For further
information, please contact:
Cleantech Building Materials plc
Adrian Wyn-Griffiths
|
info@cbm-plc.com
+44 20 3053 8671
|
|
|
Keswick Global AG (Certified Adviser) |
info@keswickglobal.com
+43 1 740 408045
|
IFC Advisory Limited (Financial PR)
Tim Metcalfe
Miles Nolan
Heather Armstrong |
+44 20 3053 8671 |
The information communicated in
this announcement is "inside information" for the purposes of
article 7 of the Market Abuse Regulation 596/2014.
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Cleantech Building Materials via
Globenewswire
Cambrex (NYSE:CBM)
Historical Stock Chart
From Mar 2024 to Apr 2024
Cambrex (NYSE:CBM)
Historical Stock Chart
From Apr 2023 to Apr 2024