APC Technology Regulatory News (APC)

APC Technology Group PLC ("APC" or the "Group")

Board Appointment and New Subsidiary

APC Technology Group PLC (AIM: APC), the provider of technologies and services intended to help improve organisational sustainability and specialist distributor of electronic components, is pleased to announce that it has appointed Mr Andrew Shortis to its board of directors, as Managing Director of Minimise Holdings Limited, the company which holds the entirety of APC's sustainability-related businesses, with immediate effect and has created a new subsidiary, Minimise Generation Limited.

Mr Shortis brings with him a wealth of energy, environmental and corporate finance experience; particularly in the fields of energy-efficiency, renewable energy, and demand side management.

In his previous roles, Mr Shortis worked closely with private and public sector bodies to encourage the take-up of projects to reduce energy consumption and simplify procurement. He has experience developing, financing and delivering multi-million pound energy efficiency contracts for European and US multinational organisations, managing projects involving a range of energy-saving technologies and putting together funding solutions both on and off balance sheet.

In line with its strategy to build a complete, end-to-end sustainability offering for organisations, the Group is also pleased to announce the creation of Minimise Generation Limited, which will be wholly owned by Minimise Holdings Limited. This new subsidiary will serve as the Group's on-site renewable generation offering, alongside Minimise Energy, Minimise Water, Minimise Solutions and Minimise Finance. Minimise Generation will offer photovoltaic thermal (PV-T) panel technology in combination with other renewable technologies, including heat pumps, which enable customers achieve potentially significant cost savings through the conversion of both light and heat to energy for use on-site.

The Board is pleased to report that good progress continues to be made in all areas of the business, including the relationship with the UK's largest logistics company, Royal Mail Group, which commissioned the Group in late 2014 to help identify energy reduction opportunities across the highest energy-consuming sites within the Royal Mail Estate.

The Group's results for the year ended 31 August 2014 will be announced on 22 January 2015.

Mark Robinson, Chief Executive Officer of APC Technology Group, commented:

"The appointment of Andrew Shortis brings further significant experience in the sustainability sector to the Board. His knowledge of the financing of energy-related projects will be of particular value to us, as we consider this to be a critical element of the Group's long-term strategy. We see Andrew's appointment, along with creation of Minimise Generation Limited, as being very positive steps forward in delivering on our strategy of building a portfolio of expertise and intellectual property within the Group, and look forward to continuing to grow and improve our offering to help our expanding customer base better manage the overall sustainability of their built estates."

The information included below is required under Schedule Two Part (g) of the AIM Rules for Companies:

Andrew Peter Shortis (aged 55)

Directorships:

Mr Shortis, who had previous experience and expertise in corporate recovery and turnaround, was appointed as Group Managing Director of Berkeley Berry Birch plc and several of its subsidiaries in November 2005, when the company and certain of its subsidiaries were facing serious financial and regulatory problems.

Mr Shortis turned around the business, but when an institutional refinancing led by two other Directors failed, he sold the trade of Berkeley Berry Birch plc and certain of its regulated subsidiaries to maximise the funds available for creditors and placed these businesses into administration in March 2006 with a deficiency to creditors of £25.9m. Mr Shortis continued, working with KPMG and PwC the administrators of the various Group companies. The company was subsequently placed into liquidation and while this process is on-going, secured creditors have been paid in full while unsecured creditors are expecting a dividend of 65p in the pound. 

Of the subsidiaries of Berkeley Berry Birch plc that were also placed into administration:

1. Berry Birch & Noble Financial Planning Limited was placed into administration in 2006 with a deficiency to creditors of £1.2m. The administration is on-going.

2. Berry Birch & Noble Insurance Brokers Ltd was placed into administration in 2006 with a deficiency to creditors of £3.1m. Mr Shortis led the sale of the subsidiary and it came out of administration in 2007 and was wound up voluntarily in 2011.

3. BBB City plc was placed into administration in 2007 with no deficiency to creditors. Mr Shortis led the sale of the subsidiary and it underwent a creditors voluntary liquidation in 2011.

4. BBB Network Limited was placed into administration in 2006 with a £3.6m deficiency to creditors. The administration is on-going.

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