Pressure Technologies PLC Board Appointments (5981T)

TIDMPRES

RNS Number : 5981T

Pressure Technologies PLC

21 March 2023

21 March 2023

Pressure Technologies plc

("Pressure Technologies" or "the Company")

Board Appointments

Pressure Technologies plc, (AIM: PRES), the specialist engineering group, announces that Richard Staveley will be appointed as a Non-Executive Director of the Company following the publication of its Annual Report & Accounts for the financial year ended 1 October 2022, which the Company currently expects to be no later than the end of April 2023.

Richard is a qualified accountant who has over twenty years' experience of equity investing, fund management and working with both private and publicly quoted companies. Having qualified as a Chartered Accountant at PricewaterhouseCoopers, Richard has worked in a senior capacity and fund manager at a number of successful fund management businesses, including Majedie Asset Management and was a co-founder of River and Mercantile Asset Management. He is a Chartered Financial Analyst (CFA) Charterholder and holds a Bachelor of Arts degree in politics from the University of Newcastle. Richard is a Non-Executive Director of AIM quoted Bonhill Plc, and Centaur Media plc, a company listed on the main market of the London Stock Exchange.

Richard Staveley is a consultant to Harwood Capital LLP ("Harwood"), the investment manager of Rockwood Strategic plc, which holds 20.04 percent of the Company's issued share capital, and is being appointed as a representative of Harwood pursuant to a Relationship Agreement between the Company, Harwood and the Company's nominated adviser. The primary purpose of the Relationship Agreement is to ensure that the Company is capable of carrying on its business independently at all times. In accordance with the terms of the Relationship Agreement, Mr Staveley shall be entitled to remain on the Board of Directors of the Company provided that Harwood retains an aggregate interest of at least 10% of the Company's issued ordinary share capital.

On 17 January 2023, the Company announced the appointment of Steve Hammell as Chief Financial Officer, which was expected to be in the second quarter of this calendar year. The Company now confirms that Steve will join the Company as a Director in May 2023.

Further announcements will be made regarding the appointment dates for both Directors in due course, as appropriate.

Nick Salmon, Chair of Pressure Technologies, commented on the appointments:

"We are appreciative of the support the Company has from key shareholders and Richard's appointment further demonstrates this. We are delighted that Richard will be joining the Board and believe his knowledge of the business and considerable investment experience will be invaluable.

We are pleased that Steve will also be joining the Board, where his considerable financial knowledge and industry experience will contribute significantly to the development of the business."

Regulatory disclosures

In accordance with Schedule 2(g) of the AIM Rules for Companies, Richard Adam Staveley (aged 48) 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 
 Wildblood Ltd                        None 
  Centaur Media plc 
  Bonhill Plc 
                                     -------------------------------- 
 

Richard Staveley does not have any beneficial interest in the Company's issued share capital. There is no further information to be disclosed pursuant to Schedule 2(g) of the AIM Rules for Companies.

Regulatory disclosures for Steve Hammell were made in the Company's announcement on 17 January 2023.

For further information, please contact:

 
 Pressure Technologies plc            Tel: [phone] 
  Chris Walters, Chief Executive       [e-mail] 
 Singer Capital Markets (Nomad        Tel: [phone] 
  and Broker) 
  Rick Thompson / Asha Chotai 
 Houston (Financial PR and Investor   Tel: [phone] 
  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 and Martract sites.

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March 21, 2023 03:05 ET (07:05 GMT)