LPA Group PLC Appointment of Non-Executive Director (8260M)

TIDMLPA

RNS Number : 8260M

LPA Group PLC

26 January 2021

LPA GROUP PLC

("LPA", the "Company" or the "Group")

Appointment of Non-Executive Director and Chairman Elect

LPA Group Plc, the high reliability LED lighting, electronic and electro-mechanical system designer and manufacturer, is pleased to announce the appointment of Mr. Robert Bodnar-Horvath BSc, FCA as Non-Executive Director and Chairman elect, who will join the Board with effect from 1 February 2021.

Robert Bodnar-Horvath holds a BSc in Economics from the University of Wales. He served Articles with Price Waterhouse and spent twelve years with the firm including two years in the US. He is a Fellow of the Institute of Chartered Accountants in England and Wales, and also a Fellow of Gray's Inn.

He has held a number of senior financial posts with Higgins Group Plc, A&P Appledore Ship Builders Ltd and Tenfore Holdings BV.

He was formerly Group Managing Director of Interior Services Group Plc, a substantial former AIM quoted company.

More recently, he has been Chair of a number of engineering led companies including Sigmat Group Ltd, a structural steel business.

Further information about Mr. Bodnar-Horvath pursuant to AIM Rule 17 and Schedule 2(g) of the AIM Rules for Companies is included in the appendix on below.

Peter Pollock - Chairman commented:

"I am delighted that Robert Bodnar-Horvath will be joining our board shortly as NED and Chairman elect.

Robert will succeed me when I retire later this year.

He has had a long and distinguished career in engineering, infrastructure, and manufacturing. He has also assisted investors and regulatory authorities in resolving challenging business circumstances and achieving positive outcomes. More recently he has focused on positive business opportunities to develop and enhance value. He has demonstrated deep business acumen, and he brings valuable experience to our Board. I am sure he will lead LPA to great success in the future."

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. The Directors of the Company take responsibility for this announcement.

 
 Enquires:                             www.lpa-group.com       Tel: 
------------------------------------  ---------------------   -------------- 
 
 LPA Group Plc 
 Peter Pollock                         Chairman                01799 512844 
 Paul Curtis                           CEO                     01799 512858 
 Chris Buckenham                       CFO                     01799 512859 
 
 Cairn Financial Advisers              (Nominated Adviser)     020 7213 0880 
 James Caithie / Liam Murray 
  Ludovico Lazzaretti 
 finnCap                               (Broker)                020 7220 0500 
 Ed Frisby / Tim Harper (Corporate 
  Finance) 
  Tim Redfern / Charlotte Sutcliffe 
  (ECM) 
 

Appendix

Pursuant to AIM Rule 17 and Schedule 2(g) of the AIM Rules for Companies, the following information is disclosed in respect of Robert Edmund Paul Bodnar-Horvath (aged 65):

 
 Current appointments                 Former appointments within the 
                                       last 5 years 
 Bardsley Construction Holdings 
  Limited*                            Ashbourne Capital Solutions Limited 
                                     ------------------------------------- 
 Bardsley Group Limited*              Bardsley Homes Limited* 
                                     ------------------------------------- 
 Brand New Co (225) Limited*          Beck MBI Limited 
                                     ------------------------------------- 
 Pulse Flexible Packaging Limited**   Beck MBI 2 Limited 
                                     ------------------------------------- 
 Sigmat Group Limited                 DGC Development Company Limited* 
                                     ------------------------------------- 
 The Feldbourne Company               Dukinfield GC Management Company 
                                       * 
                                     ------------------------------------- 
                                      Fleetness 645 Limited* 
                                     ------------------------------------- 
                                      Fleetness 657 Limited* 
                                     ------------------------------------- 
                                      Greenfield Place Development Co 
                                       Limited* 
                                     ------------------------------------- 
                                      Greenfield Place Management Co 
                                       Limited 
                                     ------------------------------------- 
                                      KEC 2 Management Company Limited 
                                     ------------------------------------- 
                                      KEC Development Company Limited* 
                                     ------------------------------------- 
                                      Paddle Gate Management Co. 2008 
                                       Ltd 
                                     ------------------------------------- 
                                      PPCE Holdings Limited 
                                     ------------------------------------- 
                                      PPCE Shareco Limited 
                                     ------------------------------------- 
                                      Robertson Group (Holdings) Limited 
                                     ------------------------------------- 
                                      Robertson Group Limited 
                                     ------------------------------------- 
                                      Roland Bardsley Developments Limited 
                                     ------------------------------------- 
                                      WM 1234 Limited 
                                     ------------------------------------- 
                                      Worth Abbey Construction Limited 
                                     ------------------------------------- 
 

*Bardsley Group Limited and Bardsley Homes Limited and their subsidiaries ("Bardsley")

Bardsley Construction Holdings Limited (a non-trading holding company), Dunkinfield GC Management Company Limited (a dormant company), KEC Development Company Limited (a development company) and Bardsley Construction Limited ("BCL" the only trading entity within the group structure), were subsidiaries of Bardsley Group Limited (the group holding company). BCL was incorporated on 13 April 1964 with offices in Manchester and Leeds with activities in sectors including construction of education, hotels & leisure facilities, office and retail premises together with all aspects of residential development. Robert Bodnar-Horvath joined Bardsley at the request of The Royal Bank of Scotland (a lender to Bardsley Group Limited and its subsidiaries) in 2012 to chair the business and to oversee the build out of the residential group - see Bardsley Homes Limited below. He received shares in BCL as part of his fee and stepped down to continue as a non-executive director in 2015 when Bardsley Group Limited was successfully refinanced with Santander.

At the end of 2018, BCL experienced challenging market conditions including problems with the timely delivery of several projects, resources issues within the sector, contractual disputes with private clients, together with new work opportunities being delayed as a result of the uncertainty within the economic and political environment.

Bardsley Group Limited and Bardsley Construction Holdings Limited, both companies of which Robert Bodnar-Horvath is a director since his appointment on 28 December 2012, appointed administrators on 19 December 2019. The administrative process remains ongoing as at the date of this announcement.

Robert Bodnar-Horvath was Corporate Reconstruction Officer of Bardsley Homes Limited and of the following subsidiaries of Bardsley Homes Limited to oversee the build-out or liquidation of a substantial landbank over which The Royal Bank of Scotland held security. On resignation of the sole director in September 2013, Robert Bodnar-Horvath became director of the following subsidiaries: Bardsley Limited, Greenfield Place Development Co Limited; KEC Development Company Limited; DGC Development Company Limited; Fleetness 645 Limited (formerly named Thorpe Street Development Co Limited); Fleetness 657 Limited (formerly named Hall Moss Farm Development Company Limited) and is a current director of Brand New Co (225) Limited (formerly named Bardsley Limited). On 26 April 2017 liquidators were appointed by the creditors of the aforementioned companies. The main creditor of such companies is the Royal Bank of Scotland which has an outstanding debt of approximately GBP4,767,000.

Robert Bodnar-Horvath was appointed as a director of Dunkinfield GC Management Company Limited on 1 August 2016 and resigned on 17 December 2019. Dunkinfield GC Management Company Limited owned land and entered administration proceedings on 22 April 2020 and the administrative process remains ongoing as at the date of this announcement.

Robert Bodnar-Horvath was also appointed as a director of KEC Development Company Limited on 27 January 2013 and resigned on 17 December 2019; KEC Development Company Limited also owned certain freehold assets and entered administration proceedings on 22 April 2020 and the administrative process remains ongoing as at the date of this announcement.

** Pulse Flexible Packaging Limited

Robert Bodnar-Horvath is a director of Pulse Flexible Packaging Limited ("PFPL"). On 3 April 2017 administrators were appointed by Pulse Flexible Packaging Pension Scheme Trustees Limited, which is PFPL's largest secured creditor and which had a pre-appointment liability of approximately GBP132 million. It is expected to suffer a significant shortfall against this. Robert Bodnar-Horvath was initially appointed at the request of the Pulse Flexible Packaging Pension Scheme Trustees Limited to assist in recovering value in PFPL.

Robert Bodnar-Horvath does not hold any shares or options in the Company.

There is no further information regarding Robert Bodnar-Horvath which is required to be disclosed under the AIM Rules.

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January 26, 2021 02:00 ET (07:00 GMT)