Accsys Technologies PLC Appointment of Chief Executive Officer (3097Q)

TIDMAXS

RNS Number : 3097Q

Accsys Technologies PLC

18 October 2019

AIM: AXS

Euronext Amsterdam: AXS

18 October 2019

This announcement includes inside information as defined in Article 7 of the EU Market Abuse Regulation (No. 596/2014)

Accsys Technologies PLC

("Accsys" or the "Company")

Appointment of Chief Executive Officer

Further to our announcement on 25 June 2019, the Board of Accsys Technologies PLC is pleased to announce that Robert (Rob) Harris has been appointed Chief Executive Officer of Accsys with effect from 20 November 2019.

Rob brings significant experience from across several industrial sectors, including chemicals, oil, metals, renewables and speciality products. Rob initially spent nearly 20 years with BP PLC and Exxon-Mobil. Whilst at BP, Rob was responsible for the successful research, development and commercialisation of an international market-leading wood treatment chemicals business. Rob has subsequently held a number of senior roles, including with manufacturers British Vita, Nippon Glass and Reliance Industries, a Fortune 500 Industrial company and the largest private sector corporation in India.

Most recently, Rob was CEO, Europe at Eco-Bat Technologies Limited, a global energy storage product recycling business with sustainable values and annual revenues exceeding GBP1bn. During his tenure at Eco-Bat, Rob helped transform the business, both in strategic repositioning and significantly improving profitability and cash flow.

Patrick Shanley, Accsys Chairman commented: "I am delighted to welcome Rob to Accsys. Rob brings deep operational and leadership experience in the chemicals industry and a strong track record of success, most recently at Eco-Bat Technologies. The Board remains grateful to Paul Clegg for the very important contribution he has made during his tenure as CEO. Paul will remain as a Board member until 31 December 2019 and during this period will gradually relinquish his executive responsibilities allowing for a smooth transition."

Rob Harris commented: "Accsys is an incredibly exciting company with innovative, sustainable and compelling products which are aligned with global market trends. I look forward to contributing to the Company's continued growth and success at this exciting time in its development."

The following disclosures are required regarding Robert Harris's appointment pursuant to Schedule 2 paragraph (g) and Rule 17 of the AIM Rules for Companies:

 
  Director's Full     Current Directorships   Directorships within the last 
   Name, Age and                               5 years 
   Previous Names 
 Robert John Harris   Cat's Pyjamas II        International Lead Association 
                       Limited                 UK 
                     ----------------------  ------------------------------- 
 55 years old                                 Eco-Bat B.V. 
                     ----------------------  ------------------------------- 
                                              H.J Enthoven& Sons Limited 
                     ----------------------  ------------------------------- 
                                              Eco-Bat Technologies GB 
                     ----------------------  ------------------------------- 
                                              H.J Enthoven Limited 
                     ----------------------  ------------------------------- 
                                              HJE Limited 
                     ----------------------  ------------------------------- 
                                              G & P Batteries Limited 
                     ----------------------  ------------------------------- 
                                              Blotter Limited 
                     ----------------------  ------------------------------- 
                                              BLM Limited 
                     ----------------------  ------------------------------- 
                                              British Lead Mills Limited 
                     ----------------------  ------------------------------- 
                                              Eco-Bat SRL 
                     ----------------------  ------------------------------- 
                                              Eco-Bat Norway 
                     ----------------------  ------------------------------- 
                                              BMG Metall und Recycling GmbH 
                     ----------------------  ------------------------------- 
                                              Ecobat Logistics Austria GmbH 
                     ----------------------  ------------------------------- 
                                              Berzelius Metall GmbH 
                     ----------------------  ------------------------------- 
                                              Politec SRL 
                     ----------------------  ------------------------------- 
 

There are no further disclosures required to be made in respect of the appointments under Schedule 2(g) and Rule 17 of the AIM Rules for Companies.

The person responsible for arranging the release of this announcement on behalf of Accsys Technologies PLC is Angus Dodwell, Legal Counsel and Company Secretary.

Ends

For further information, please contact:

 
 Accsys Technologies PLC                        via FTI Consulting 
  Patrick Shanley, Chairman 
  Will Rudge, FD 
 
   Numis Securities - NOMAD and Joint Broker 
   Oliver Hardy (NOMAD)                           [phone] 
   Christopher Wilkinson / Ben Stoop              1000 
 
   Investec Bank plc - Joint Broker 
   Carlton Nelson 
   James Rudd                                     [phone] 
   Alex Wright                                    5970 
 FTI Consulting 
  Matthew O'Keeffe                              [phone] 
  Alex Le May                                    1340 
 
   Off the Grid (The Netherlands) 
   Frank Neervoort                                [phone] 
   Yvonne Derske                                  [phone] 
 

Notes to editors:

Accsys Technologies PLC (www.accsysplc.com) is a chemical technology group whose primary focus is on the production of Accoya(R) wood and Tricoya(R) wood elements, technology licensing via its subsidiary, Titan Wood Limited, which has manufacturing operations in Arnhem, the Netherlands (through its subsidiary Titan Wood B.V.), a European office in London, United Kingdom, an American office in Dallas, Texas (via its subsidiary Titan Wood, Inc.) and technology licensing associated with the acetylation of wood elements via its subsidiary Tricoya Technologies Limited. Any references in this announcement to agreements with Accsys shall mean agreements with either Accsys or its subsidiary entities unless otherwise specified. Accsys Technologies PLC is listed on the London Stock Exchange AIM market and on Euronext Amsterdam, under the symbols 'AXS'. Accsys' operations comprise four principal business units: (i) Accoya(R) wood production; (ii) building and operating of Tricoya(R) wood chip acetylation plant in Hull; (iii) technology development, focused on a programme of continuous development of and improvements to the process engineering and operating protocols for the acetylation of solid wood and the development of technology for the acetylation of wood elements; and (iv) the licensing of technology for the production of Accoya(R) wood and Tricoya(R) wood elements across the globe.

Tricoya(R) Consortium In March 2017, Accsys announced the formation of the Tricoya(R) Consortium to fund, build and operate the Tricoya(R) plant in Hull, UK. Members of the consortium include BP and the leading manufacturer of sustainable wood-based panels, MEDITE Europe DAC. Tricoya Ventures UK Ltd (TVUK), a subsidiary of Accsys, owns and will operate the Tricoya(R) plant. TTL exploits all Tricoya(R) related intellectual property and benefits from any Tricoya(R) related revenues other than those generated by the Tricoya(R) plant. The Tricoya(R) plant is expected to have an initial capacity of 30,000 metric tonnes of Tricoya(R) chips per annum, enough to produce approximately 40,000m(3) of Tricoya(R) panel products per annum. The Tricoya(R) plant is expected to reach EBITDA breakeven at approximately 40% design capacity and to take approximately four years to reach full capacity following completion. The location of the Tricoya(R) plant at Saltend Chemicals Park in Hull allows for expansion when market conditions dictate.

Accoya(R) Wood (www.accoya.com) is produced using Accsys' proprietary patented acetylation technology that effectively converts sustainably grown softwoods and non-durable hardwoods into what is best described as a "high technology wood". Distinguished by its durability, dimensional stability and, perhaps most importantly of all, its reliability (in terms of consistency of both supply and quality), Accoya(R) wood is particularly suited to exterior applications where performance and appearance are valued. Moreover, the Accoya(R) wood production process does not compromise the wood's strength or machinability. The combination of dimensional stability, durability and retained strength means that Accoya(R) wood offers a wealth of new opportunities to architects, designers and specifiers. These benefits result in lower maintenance and total cost of ownership while using a higher sustainable and environmental responsible building material. For a full archive of Accoya(R) news, visit www.accoya.com/news.

Tricoya(R) Wood Elements (www.tricoya.com) are produced using Accsys' proprietary technology for the acetylation of wood chips and particles for use in the fabrication of panel products such as medium density fibreboard and particle-board. These products demonstrate enhanced durability and dimensional stability which allow them to be used in a variety of applications that were once limited to solid wood or man-made products. Exploitation of Accsys' proprietary technology relating to Tricoya(R) Wood Elements is carried out through Tricoya Technologies Limited. Tricoya(R) Wood Elements are lauded as the first major innovation in the wood composites industry in more than 30 years.

Wood Acetylation is a process which increases the amount of 'acetyl' molecules in wood, thereby changing its physical properties. When carried out to a sufficient level throughout the wood, this process protects wood from rot by making it "inedible" to most micro-organisms and fungi, without - unlike conventional treatments - making it toxic. It also greatly reduces the wood's tendency to swell and shrink, making it less prone to cracking and ensuring that, when painted, it requires dramatically reduced maintenance.

'Accsys' and 'AccsysTechnologies'aretrading names of Titan Wood Limited. ACCOYA(R) , TRICOYA(R) and the Trimarque Device are registered trademarks owned by Titan Wood Limited ("TWL"), a wholly owned subsidiary of Accsys Technologies PLC, and may not be used or reproduced without written permission from TWL, or in the case of the Tricoya(R) registered trademark, from Tricoya Technologies Limited, a subsidiary of TWL with exclusive rights to exploit the Tricoya(R) brand.

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October 18, 2019 02:00 ET (06:00 GMT)