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Cape Share News (CIU)
Share News for Cape (CIU)
| Share Price: 270.00 | Bid: 270.25 | Ask: 271.00 | Change: 0.00 (0.00%) |  | ||||||
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UPDATE 1-Cape names new CEO to tackle Algeria troubles
Wed, 30th May 2012 08:21
* Oatley to take over as CEO effective June 29
* Appointment comes less than a week af
* Interim CEO Brendan Connolly to be reappointed to board committees
May 30 (Reuters) - Cape Plc named a new chief executive on Wednesday, filling a post that has been vacant since March in a move that comes less than a week after a shock profit warning from the resources industry services provider.
The company said Joe Oatley, former CEO of British engineering company Hamworthy will take over as CEO at the end of June, replacing Martin May, who stepped down unexpectedly earlier this year after six years at the helm.
Brendan Connolly, a non-executive director who was appointed CEO on an interim basis, would be reappointed to the audit, remuneration and nomination committees, Cape said.
News of Oatley's appointment comes two months after the company stunned investors and analysts by announcing May's departure soon after Cape said the timing of the work releases on a key project had been slower than anticipated.
Just last week the company said it would take a charge for losses on that project in Algeria -- one of its two largest contracts -- that will hit profit for the year.
Shares in the company, which provides insulation, painting, coatings, and industrial cleaning services to plant operators in the energy and mining sectors, were up 7 percent at 246.5 pence at 0705 GMT on Wednesday on the London Stock Exchange.
They have shed nearly 29 percent of their value since the profit warning issued on Friday.
(Reporting by Abhishek Takle in Bangalore; Editing by Roshni Menon) Keywords: CAPE CEO/
(abhishek.takle@thomsonreuters.com; within UK +44 20 7542 1810; outside UK +91 80 4135 6102; Reuters Messaging: abhishek.takle.thomsonreuters.com@reuters.net)
COPYRIGHT
Copyright Thomson Reuters 2012. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
* Oatley to take over as CEO effective June 29
* Appointment comes less than a week af
ter profit warning
* Interim CEO Brendan Connolly to be reappointed to board committees
May 30 (Reuters) - Cape Plc named a new chief executive on Wednesday, filling a post that has been vacant since March in a move that comes less than a week after a shock profit warning from the resources industry services provider.
The company said Joe Oatley, former CEO of British engineering company Hamworthy will take over as CEO at the end of June, replacing Martin May, who stepped down unexpectedly earlier this year after six years at the helm.
Brendan Connolly, a non-executive director who was appointed CEO on an interim basis, would be reappointed to the audit, remuneration and nomination committees, Cape said.
News of Oatley's appointment comes two months after the company stunned investors and analysts by announcing May's departure soon after Cape said the timing of the work releases on a key project had been slower than anticipated.
Just last week the company said it would take a charge for losses on that project in Algeria -- one of its two largest contracts -- that will hit profit for the year.
Shares in the company, which provides insulation, painting, coatings, and industrial cleaning services to plant operators in the energy and mining sectors, were up 7 percent at 246.5 pence at 0705 GMT on Wednesday on the London Stock Exchange.
They have shed nearly 29 percent of their value since the profit warning issued on Friday.
(Reporting by Abhishek Takle in Bangalore; Editing by Roshni Menon) Keywords: CAPE CEO/
(abhishek.takle@thomsonreuters.com; within UK +44 20 7542 1810; outside UK +91 80 4135 6102; Reuters Messaging: abhishek.takle.thomsonreuters.com@reuters.net)
COPYRIGHT
Copyright Thomson Reuters 2012. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
STOCKS NEWS EUROPE-UK small caps close 0.5 percent higher
UK small caps end 0.5 percent higher, while the midcaps climb 0.7 percent, and the blue chips add 0.1 percent.Shares in Cape edge up 0.3 percent as t[15 May '13]
UPDATE 1-Cape cuts back in Australia as mining work dries up
LONDON, May 15 (Reuters) - Oil, gas and mining support services group Cape Plc is to make further cutbacks in its Australian business given the deteri[15 May '13]
Cape Plc plans cost-saving closures in Australia; trading in line
LONDON, May 15 (Reuters) - Energy and mining suport services group Cape Plc said on Wednesday that trading in the first quarter of 2013 was in line wi[15 May '13]
STOCKS NEWS EUROPE-UK small caps add 0.2 percent by midday
UK small caps rise 0.2 percent in mid-session trade, underperforming a 0.5 percent rise on the mid-caps and 0.3 percent gains on the blue chips.Cape,[6 Mar '13]
UPDATE 1-Cape expects margins to improve this year; shares jump
(Adds forecast, analyst quotes; updates share move)By Ankur BanerjeeMarch 6 (Reuters) - Cape Plc, a provider of painting and insulation services to th[6 Mar '13]
Cape profit falls on poor performance in Australia
March 6 (Reuters) - Cape Plc, a provider of painting and insulation services to miners and LNG producers, reported a 66 percent fall in full-year pret[6 Mar '13]
BRIEF-Cape secures extension to SABIC contract
LONDON, Jan 18 (Reuters) - Cape PLC: * Cape secures extension to sabic contract * Award of an extension to the existing multi-discipli[18 Jan '13]
RESEARCH ALERT-Cape: JP Morgan cuts target price
Jan 3 (Reuters) - Cape PLC: * JP Morgan cuts target price to 311p from 391p; rating overweight For a summary of rating actions and pr[3 Jan '13]
