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PRES Pressure Technologies Plc

40.50
-1.50 (-3.57%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Pressure Technologies Plc LSE:PRES London Ordinary Share GB00B1XFKR57 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -1.50 -3.57% 40.50 40.00 41.00 42.00 40.50 42.00 36,093 11:21:02
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Fluid Powr Cylindrs,actuatrs 31.94M -679k -0.0219 -18.49 12.58M

Pressure Technologies PLC Board changes (7165Q)

23/06/2020 7:00am

UK Regulatory


Pressure Technologies (LSE:PRES)
Historical Stock Chart


From Mar 2019 to Mar 2024

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TIDMPRES

RNS Number : 7165Q

Pressure Technologies PLC

23 June 2020

23 June 2020

Pressure Technologies plc

("Pressure Technologies" or the "Group")

Board changes

Pressure Technologies (AIM: PRES), the specialist engineering group, is pleased to announce the appointment of Mike Butterworth to the Board as Non-Executive Director and Chair of the Group's Audit & Risk Committee ('ARC').

Brian Newman, previous Chair of the ARC, remains as Senior Independent Director.

Mike, a Chartered Accountant, has extensive experience as a non-executive director, as well as eighteen years of experience as Chair of the Audit Committee in companies across various sectors including Cambian Group, Johnston Press, Kin+Carta and Stock Spirits Group. In addition, he possesses Senior Independent Director experience and has held Chief Financial Officer roles at Incepta Group plc and Cookson Group plc, a FTSE 250 business.

Mike joins the Board with immediate effect. His appointment brings the number of independent non-executive directors on the Board to four, in addition to two executive directors.

Commenting on the appointment, Sir Roy Gardner, the Chairman, says: "I am delighted to welcome Mike to the board during this transformative period for the Group. His wealth of experience and extensive skillset further strengthens the board and is testament to our commitment to upholding the highest standards of governance."

Mike Butterworth added: "I am very pleased to be joining the Pressure Technologies board. I look forward to working closely with the Group as it continues to make progress against its strategic objectives and begins to capitalise on the growth opportunities for its critical and specialised products and services."

For further information, please contact:

 
  Pressure Technologies plc             Tel: 0114 257 3616 PressureTechnologies@houston.co.uk 
   Chris Walters, Chief Executive 
   Joanna Allen, Chief Financial 
   Officer 
  N+1 Singer (Nomad and Broker)         Tel: 0207 496 3000 
   Mark Taylor / Carlo Spingardi 
  Houston (Financial PR and Investor    Tel: 0203 701 7660 
   Relations) 
   Kate Hoare / Anushka Mathew / 
   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 gases 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 and Chesterfield Special Cylinders Inc.

Precision Machined Components (PMC) - www.pt-pmc.com

-- Precision Machined Components includes the Al-Met, Roota Engineering, Quadscot Precision Engineers and Martract brands.

In accordance with obligations under the AIM Rules Schedule 2(g), Mike Butterworth (Age 59) holds or has held the following directorships in the previous five years:

 
 Current directorships             Past directorships 
 Stock Spirits Group Plc           Kin & Carta PLC 
  Johnston Press Ireland Limited    NWV Limited 
                                    Cambian Group plc 
                                    Johnston Press Plc 
                                    Anglia Newspapers Limited 
                                    Century Newspapers Limited 
                                    Derry Journal Limited 
                                    Johnston Press Bond plc 
                                    Johnston Publications Limited 
                                    Johnston Publishing Limited 
                                    Morton Newspapers Limited 
                                    Northamptonshire Newspapers 
                                    Limited 
                                    Premier Newspapers Limited 
                                    Regional Independent Media Group 
                                    Limited 
                                    TR Beckett Limited 
                                    The Tweeddale Press 
                                    Wilfred Edmunds Limited 
                                    Yorkshire Regional Newspaper 
                                    Limited 
                                    Central Counties Newspaper Limited 
                                    North Notts Newspapers Limited 
                                    Peterboro' Web Limited 
                                    Montrose Review Press Limited 
                                    Isle of Man Courier Holdings 
                                    Limited 
                                  ------------------------------------ 
 

Mike was appointed as a Non-Executive Director of Johnston Press plc in June 2016. In March 2018 the company announced a strategic review which resulted in its filing for administration in November 2018, after an unsuccessful sale process. The latest Administrators' Progress Report, published in December 2019, anticipates that the bondholders, who were due GBP220 million upon appointment of the administrators, are likely to suffer a shortfall of approximately GBP48 million. Based upon the outcomes of the administrators; investigations into the conduct of the directors and transactions entered into prior to the insolvencies, there were no matters identified that required further action.

There is no further information to be disclosed pursuant to Schedule 2(g) of the AIM Rules for Companies.

COMPANY DESCRIPTION

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 gases and hydrogen energy markets.

The Group has two divisions, Precision Machined Components and Chesterfield Special Cylinders.

Precision Machined Components (PMC) - www.pt-pmc.com

-- Precision Machined Components includes the Al-Met, Roota Engineering, Quadscot and Martract brands.

Chesterfield Special Cylinders (CSC) - www.chesterfieldcylinders.com

-- Chesterfield Special Cylinders, Sheffield, includes CSC Deutschland Gmbh, which is based in Dorsten, Germany.

......................................................................................................................

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

BOASEIFAEESSELM

(END) Dow Jones Newswires

June 23, 2020 02:00 ET (06:00 GMT)

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