Rurelec PLC Appointment of New Director (3808P)

TIDMRUR

RNS Number : 3808P

Rurelec PLC

16 November 2016

Rurelec PLC

("Rurelec" or the "Company")

Appointment of New Director

Rurelec PLC (AIM: RUR), the owner, operator and developer of power generation capacity internationally, today announces the appointment of Andrew Coveney as part-time executive Finance Director. Mr Coveney's appointment has been made at the request of the administrator of Rurelec's largest shareholder, Sterling Trust Limited.

Mr Coveney trained with Deloitte and qualified as a Chartered Accountant in December 1990. Subsequently he worked as a Corporate Finance Manager for Coopers & Lybrand, before being appointed as Finance Director of CP Pharmaceuticals Ltd in 1993 and then also as Managing Director in 2001. Between 2004 and 2006 Mr Coveney was Group Finance Director of F Bender Limited (formerly Benders Holdings Limited). In 2006 Mr Coveney was appointed as Group Finance Director of Bernstein Group Holdings Limited (now 04956646 Limited), a kitchen manufacturer which was in financial difficulty, as part of a turnaround team. Ultimately the turnaround team was unable to rescue the business. Further information is included below.

In 2009 Mr Coveney was appointed as a Partner at Accountants Campbell Woolley, where he designed, branded and marketed a new corporate advisory service involving turnaround and business support services, fundraising, structuring and cash flow management services.

In June 2011 Mr Coveney established Coveney Associates Consulting Limited where he is Managing Director. The company offers turnaround advisory and part-time CFO services to a number of companies.

Further information concerning Mr Andrew Hilbre Coveney, aged 50

Current Partnerships and Directorships:

Coveney Associates Consulting Limited

Excavator Zoo Limited

Past Directorships and Partnerships:

04956646 Limited (Formerly Bernstein Group Holdings Limited)

Gleave Investments Limited

Coveney Associates LLP

As set out above, Mr Coveney was appointed as Group Finance Director of Bernstein Group Holdings Limited ("Bernstein") on 28 June 2006, which was lossmaking at the time. On 20 November 2006 the Company was put into Administration and exited by Company Voluntary Arrangement on 2 February 2007. Inhoco 3005 Limited and BGH Limited were subsidiaries of Bernstein, which were dissolved thereafter. Bernstein was again put into administration on 19 December 2008 following the consumer collapse as a result of the 2008 financial crisis. The administrator filed a statement of affairs on 6 February 2009 which stated that the total shortfall for creditors was projected to be approximately GBP8.9 million.

Mr Coveney was appointed a director of Sustainable Leisure Limited on 6 February 2008 and resigned on 16 July 2009. The Company invested in a leisure-based property development. The company was 100% owned by the majority shareholder of Bernstein. The business was put into administration on 28 July 2009 and was dissolved on 23 October 2010. The administrator filed a Statement of Affairs on 26 April 2010 which stated that the total expected shortfall for creditors approximately GBP2.2 million.

There is no further information to be disclosed under Rule 17 or Schedule 2 paragraph (G) of the AIM Rules.

For further information please contact:

 
 Rurelec PLC              W H Ireland 
 Simon Morris, Director   Paul Shackleton and James 
                           Bavister 
 Tel: 020 7025 8026/8     Tel: 020 7220 1666

This information is provided by RNS

The company news service from the London Stock Exchange

END

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