TIDMHYR
RNS Number : 7140J
HydroDec Group plc
04 April 2018
4 April 2018
Hydrodec Group plc
("Hydrodec", the "Company" or the "Group")
Directorate change
Additional working capital facilities
Hydrodec Group plc (AIM: HYR), the cleantech industrial oil
re-refining group, announces that Chris Ellis has resigned as Chief
Executive Officer with immediate effect following the illness of a
close family member. He will continue to provide such support and
assistance to the Board as may be requested on a non-retained basis
to ensure a smooth transition during the interim period.
Lord Moynihan, the Chairman of the Company, will take up the
position of Executive Chairman and Interim Chief Executive Officer
while the Board considers the composition of the senior executive
team going forward. Prior to joining Hydrodec as Chairman in 2012,
Lord Moynihan has previously held the roles of Executive Chairman
and Chief Executive Officer of Consort Resources Limited and
Executive Chairman of Clipper Windpower Europe Limited, and he was
a main board director of Rowan Companies Inc for 19 years. He is
also a former Minister for Energy.
Lord Moynihan will work closely with his non-executive Board
colleagues and a transitional management team that will include
David Dinwoodie (Interim Chief Financial Officer), who is also
appointed to the Board of the Company with immediate effect, and
Michael Preen, Hydrodec's Company Secretary, who will assist
further as the Company's Corporate and Governance Officer during
this transitional period.
David Alan Dinwoodie (aged 38) is a Chartered Accountant and
runs the family office of Andrew Black, a non-executive director of
the Company and its largest shareholder. As such, Mr. Dinwoodie
knows the Hydrodec business well. Prior to joining Andrew Black's
office in 2015, he spent over 15 years at KPMG, Deloitte and more
recently Compass Group plc, specialising in corporate finance and
strategy. He also sits on the boards of a number of Andrew Black's
investee companies and will split his time between Hydrodec and
these other portfolio companies.
Michael Preen is a qualified solicitor with over 20 years'
experience working with public companies from his time with two
leading international law firms and various in-house positions.
From 2009 to 2014, Mr. Preen was the Company's Head of Corporate
and Legal Affairs and has since then provided corporate and
governance advisory services to a number of public and private
companies, including Hydrodec, on a non-exclusive basis.
The Company is also pleased to announce that it has secured an
additional working capital facility of GBP0.5 million from Andrew
Black, in addition to the existing facilities of GBP7.2 million
previously committed by him to the Company. This additional working
capital facility will not bear any interest or be subject to
arrangement or other fees payable by Hydrodec. The principle of
this additional working capital facility is due for repayment on 31
December 2018 and will be secured over the assets of the Group.
As Mr. Black is a non-executive director and a substantial
shareholder of the Company (as defined in the AIM Rules for
Companies ("AIM Rules")), the agreement by Mr. Black to increase
the amount available under the working capital loan facilities,
when aggregated with previous agreements between Mr. Black and the
Company in respect of the facilities in the previous 12 months,
constitutes a related party transaction for the purposes of the AIM
Rules.
The Directors, with the exception of Mr. Black and Mr. Dinwoodie
who were excluded from the Board's discussions to approve the
proposed loan, consider that, having consulted with the Company's
Nominated Adviser, Canaccord Genuity Limited, the increase in the
facilities are fair and reasonable insofar as shareholders are
concerned.
The Company expects to provide an update for its Q1 trading by
the end of April 2018.
Lord Moynihan, Chairman of the Company, commented:
"On behalf of the Board and the Company, I would like to thank
Chris for all his hard work over the past six years, initially as
CFO and latterly as CEO, in which he drove the turnaround of the
business to achieve the Company's first positive annual EBITDA
contribution in 2017, and to wish him and his family the very best
for the future. I would also like to express our on-going thanks to
Andrew Black for his continued support, financially and otherwise,
and to welcome David Dinwoodie to the Board. I look forward to
updating our shareholders further in the coming weeks as we seek to
pursue the opportunities to strengthen the Group's footprint,
particularly in the US, and maximising the commercial potential of
our world-class IP."
Additional Information:
A full list of current directorships held by David Dinwoodie are
listed below:
Position Company
--------- -----------------------------
Director Greenbottle Limited
--------- -----------------------------
Director Blackbottle Limited
--------- -----------------------------
Director John Rome Limited
--------- -----------------------------
Director Hydrodec Re-refining (UK)
Limited
--------- -----------------------------
Director Slicker Recycling Limited
--------- -----------------------------
Director Nanotether Discovery Science
Limited
--------- -----------------------------
Mr. Dinwoodie has not held any other directorships within the
last five years. Mr. Dinwoodie also holds a beneficial interest of
750,000 shares in the capital of the Company.
Save as disclosed above, there are no further disclosures
required to be made in respect of the appointment under Schedule
2(g) or Rule 17 of the AIM Rules for Companies.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014.
For further information, please contact:
Hydrodec Group plc hydrodec@vigocomms.com
Lord Moynihan, Executive Chairman/Interim
Chief Executive Officer
Canaccord Genuity (Nominated
Adviser and Broker) 020 7523 8000
Henry Fitzgerald-O'Connor
Richard Andrews
Vigo Communications (PR adviser
to Hydrodec) 020 7830 9700
Patrick d'Ancona
Chris McMahon
Notes to Editors:
Hydrodec's technology is a proven, highly efficient, oil
re-refining and chemical process initially targeted at the
multi-billion US$ market for transformer oil used by the world's
electricity industry. MarketsandMarkets forecasts that the global
transformer oil market is expected to grow from US$1.98 billion in
2015 to US$2.79 billion by 2020 at a CAGR of 7.14% from 2015 to
2020. Spent oil is currently processed at two commercial plants
with distinct competitive advantage delivered through very high
recoveries (near 100%), producing 'as new' high quality oils at
competitive cost and without environmentally harmful emissions. The
process also completely eliminates PCBs, a toxic additive banned
under international regulations. Hydrodec's plants are located at
Canton, Ohio, US and Bomen, New South Wales, Australia.
Hydrodec's shares are listed on the AIM Market of the London
Stock Exchange. For further information, please visit
www.hydrodec.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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April 04, 2018 02:00 ET (06:00 GMT)
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