Nature Group PLC Board Changes (3674L)

TIDMNGR

RNS Number : 3674L

Nature Group PLC

18 July 2017

This announcement contains inside information

Nature Group PLC

("Nature Group" or the "Company" or the "Group")

Board Changes

Nature Group PLC (AIM:NGR), the provider of port reception facilities and waste treatment solutions for the oil, marine and process industries, announces the following changes to the board of directors of the Company (the "Board"), all of which are with immediate effect.

Jan Vesseur and Maarten Smits have left the Board and their positions as Chief Executive Officer and Chief Financial Officer, respectively. Andreas Drenthen, currently a Non-Executive Director, has been appointed as Chief Executive Officer of the Company.

The Board intends to appoint at least one additional independent non-executive director and the Company has identified a potential candidate with whom discussions are being progressed. Further updates will be provided in due course.

In addition, the Company announces that, as part of its ongoing strategy to rationalise the cost-structure of the business, it has closed its office in Amsterdam and will relocate all operations in The Netherlands to its operational headquarters in Rotterdam.

Berend van Straten, Chairman of Nature Group, commented:

"As I indicated in my statement to the recent Annual General Meeting, the Company has sought to immediately implement further reductions in operational cost, as well as the Group overhead, in response to the challenging environment in which the Company is operating and the constrained cash position in which it now finds itself.

The Company will now move forward under new management and with an agreed strategy which is focused on improving the financial performance of the existing, core operations and on delivering a return to profitability from a cost-base which is appropriate to the current operating environment.

These management changes and cost-cutting measures are a difficult but, I believe, necessary part of that process. I am pleased to be able to draw on Andreas' extensive operational experience in the sector and his knowledge of the business and its customers, thereby ensuring that these changes do not disrupt the operational activities of the Company.

The Board is currently assessing a number of proposals and strategies to help strengthen its balance sheet and to address the current, challenging financial position. Further announcements will be made in due course."

For further information:

 
 Nature Group PLC 
 Andreas Drenthen,     Tel: [phone] 
  CEO 
 Berend van Straten,   Tel: [phone] 
  Chairman 
 
 Cenkos Securities 
  plc 
 Neil McDonald         Tel: [phone] / 
                        [phone] 
 Beth McKiernan        Tel: [phone] / 
                        [phone] 
 Nick Tulloch          Tel: [phone] 
 

Notes to Editors

About Nature Group

Nature Group combines port reception services and facilities, offshore treatment services and the latest sustainable waste treatment technologies in a steadily growing global network. Nature Group is traded on the AIM market, (ticker: NGR). www.ngrp.com

This information is provided by RNS

The company news service from the London Stock Exchange

END

BOAEANXPFEEXEEF

(END) Dow Jones Newswires

July 18, 2017 05:02 ET (09:02 GMT)