Pan European Terminals PLC Directorate Change (1910P)

TIDMPAN

RNS Number : 1910P

Pan European Terminals PLC

30 September 2013

Embargoed until 7.01am 30 September 2013

Pan European Terminals PLC

("PAN" or the "Company")

Directorate Change

Pan European Terminals plc (AIM: PAN), announces the following changes to the composition of the board of Directors of the Company:

Richard Healey, Chairman, Louis Castro, non-Executive Director, and Adrian Simpson, Finance Director, have resigned as Directors with immediate effect.

Simon Escott, currently Chief Executive of the Company, has been appointed Executive Chairman on an interim basis, until such time as a suitable candidate is appointed.

The Company further announces that Reg Eccles has been appointed Senior Independent non-Executive Director with immediate effect. Reg has sat on the boards of a number of public and private companies over the past 13 years, including Toledo Mining Corporation plc and Belitung Zinc Corporation plc, where he acted as Chairman. He began his career at Anglo American Corporation of South Africa as a business analyst, deputy Chief Economist and finally Corporate and Financial Planning Director in Johannesburg. In 1979, he co-founded and acted as Chairman of Claspbourne Ltd, a consultancy and publishing company, sold in 1988. He has also held senior positions at a number of investment banks, including, James Capel, where he was a Director of Research and SBC Warburg, Ord Minnett and ABN Amro, where he was Global Head of Mining Equities

The Company expects to appoint another high calibre non-Executive Director imminently.

The search for a full time Finance Director is well advanced and, once a suitable candidate for such position has been identified, the Company also expects to appoint a further non- Executive Director.

Simon Escott, Interim Executive Chairman of PAN, commented, "We are delighted to welcome Reg to the board. His extensive board experience, together with his international and investment banking credentials, leaves the Company in a strong position and provides me with great confidence in achieving our strategic goals going forward. We have the opportunity at this time to build a really strong and pro-active Board and we will make sure we use this opportunity wisely and in the best interest of all the shareholders."

-ends-

Enquiries:

Pan European Terminals plc Tel: [phone]

Simon Escott, Chief Executive Mob: [phone]

   Westhouse Securities Ltd (Nomad and Broker)                             Tel: [phone] 

Richard Johnson / Antonio Bossi

Leander (Financial PR) Tel: [phone]

Christian Taylor-Wilkinson

Additional information

Reginald George Eccles, age 67, holds or has held the following directorships and/or partnerships in the previous five years:

   Current                                                            Previous 
   Metals Analysis Limited                                  Toledo Mining Corporation plc 

A.G. Resident Co. Limited

Mr Eccles does not currently have an interest in any PAN ordinary shares.

Save as disclosed above, there is no further information in relation to the appointment of Mr Eccles which is required to be disclosed pursuant to Schedule Two paragraph (g) of the AIM Rules.

Notes to Editors:

Pan European Terminals Plc operates hydrocarbon refined product Storage and Transhipment Terminals in Aabenraa (Denmark), Kaliningrad City (Russia) and Baltysk (Russia). It also leases and operates tanks in Rotterdam (Holland). The Group presently has approx. 400,000 Cubic Meters of tank capacity under ownership or management, with approximately 40% of its annual profit now being derived from its non-Russian assets. The Group has been building critical mass in this field for three years and offers its customers flexibility, competitive rates and excellent facilities for storage, transhipment and bunkering services.

This information is provided by RNS

The company news service from the London Stock Exchange

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