HydroDec Group plc Board Changes (9729H)
December 04 2015 - 2:02AM
UK Regulatory
TIDMHYR
RNS Number : 9729H
HydroDec Group plc
04 December 2015
4 December 2015
Hydrodec Group plc
("Hydrodec" or the "Company")
Board changes
Hydrodec Group plc (AIM: HYR), the cleantech industrial oil
re-refining group, announces that Ian Smale, Chief Executive, will
step down as Chief Executive of the Company by mutual agreement
today. Since joining in 2012, Ian has led the Company's expanded
footprint and been fundamental to the development of the Company's
strategy. The Board is grateful to him for his leadership and
commitment and wishes him well for the future.
The Board is pleased to announce the appointment of the
Company's current Chief Financial Officer, Chris Ellis, as Acting
Chief Executive with immediate effect. Chris' appointment is for an
initial term of up to 6 months and Chris will, in the near term,
undertake the roles of both Acting Chief Executive and Chief
Financial Officer. Chris is a qualified chartered accountant and
has more than 20 years' board level finance and management
experience of running a range of large, complex international
businesses as well as small and medium sized ventures, including a
significant period within GE Capital. The Board believes no
immediate replacement for the role of Chief Financial Officer will
be required as Chris will continue to work with the Board and his
finance team to ensure processes are in place to ensure his ongoing
financial role is appropriately supported. The Company intends to
commence an appropriate process to make an executive appointment to
the Board in due course as necessary.
The Company also announces today that Caroline Brown will assume
the role of Senior Independent Director with effect from today,
having joined the Company as an Independent Non-Executive Director
and Chair of the Audit Committee on 23 September 2015. Caroline
will support Chris in ensuring the financial function is
appropriately managed and monitored.
Chairman, Lord Moynihan stated: "The ongoing ramp-up to full
operations in Canton coupled with the recently announced long-term
funding are a platform for a strong focus on operational delivery
and the next phase in the Company's development. The Board is
grateful for Ian's leadership through the recent difficulties which
we believe are now behind us.
2016 will be an important year for Hydrodec. With our Canton
plant in production, the focus is on production and sale of
transformer oil into the U.S. market as this represents the key
generator of cash in the Company portfolio. We remain confident
that the rebuilt and expanded plant has a unique market proposition
and is well placed in 2016 to leverage the production of the
highest quality transformer oil produced in the US. Our objective
remains to grow a profitable Company and deliver value for
shareholders through integrated used oil re-refining solutions
based on market-leading proprietary technology.
The whole Board is focused on execution, delivering improved
operational performance and efficiencies and driving the Company to
profitability and this is reinforced by the appointment of Chris
Ellis as Acting Chief Executive."
For further information please contact:
020 3300
Hydrodec Group plc 1643
Lord Moynihan, Chairman
Chris Ellis, Acting Chief
Executive
James Hodges, General
Counsel and Company Secretary
Canaccord Genuity (Nominated 020 7523
Adviser and Broker) 8000
Guy Marks
Henry Fitzgerald-O'Connor
Vigo Communications (PR 020 7016
adviser to Hydrodec) 9570
Patrick d'Ancona
Chris McMahon
Notes to Editors:
Hydrodec's technology is a proven, highly efficient, oil
re-refining and chemical process initially targeted at the
multi-billion US$ market for transformer oil used by the world's
electricity industry. Spent oil is currently processed at two
commercial plants with distinct competitive advantage delivered
through very high recoveries (near 100%), producing 'as new' high
quality oils at competitive cost and without environmentally
harmful emissions. The process also completely eliminates PCBs, a
toxic additive banned under international regulations. Hydrodec's
plants are located at Canton, Ohio, US and Young, New South Wales,
Australia. In 2013, Hydrodec acquired the business and assets of
OSS Group, the UK's largest collector, consolidator and processor
of used lubricant oil and seller of processed fuel oil, with a
national network of oil storage and transfer stations. Used oil is
converted into processed fuel oil at OSS's plant at Stourport and
principally sold on to the UK quarry and power industry. In April
2015, Hydrodec further acquired the business and assets of Eco Oil,
a leading UK waste oil collector and supplier of recycled
industrial fuel oil into the power and road stone industries. It is
also one of four significant providers of waste management services
to the marine industry in the UK, specifically oily-water slops or
marine pollutant (MARPOL). In line with our stated intention to
develop a base oil re-refinery in the UK, we have an exclusive
licence agreement with California-based Chemical Engineering
Partners (CEP) to develop the CEP wiped-film evaporation and
hydrogenation technology in the UK as well as the basic engineering
for a 75 million litre per annum capacity base oil re-refinery.
Hydrodec's shares are listed on the AIM Market of the London
Stock Exchange. For further information, please visit
www.hydrodec.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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