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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

Chris Walters, Chief Executive

Joanna Allen, Chief Financial Officer

Tel: 0114 257 3616 PressureTechnologies@houston.co.uk

N+1 Singer (Nomad and Broker)

Mark Taylor / Carlo Spingardi

Tel: 0207 496 3000

Houston (Financial PR and Investor Relations)

Kate Hoare / Anushka Mathew / Ben Robinson

Tel: 0203 701 7660

 

 

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

Johnston Press Ireland Limited

Kin & Carta PLC

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 £220 million upon appointment of the administrators, are likely to suffer a shortfall of approximately £48 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.

 

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