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New Directors and Strategy Update

14 Apr 2011 07:00

RNS Number : 8783E
Zenergy Power PLC
14 April 2011
 

 

14th April 2011

 

 

Zenergy Power plc

("Zenergy" or "the Company")

New Directors & Strategy Update

 

Following the announcement made yesterday, the Board is providing additional background on the new directors and an interim strategy update.

 

The new directors:

 

Simon Cleaver

Simon is an entrepreneur and highly experienced director who has built, developed and sold a number of successful companies in both the private and the public arenas. He has specialist knowledge of acquiring and turning around companies or assets, often under distressed circumstances.

 

Businesses that he has built and sold include Serve Logic plc, Business Serve plc, RDP Ltd and Dalehart Ltd. Prior to setting out on his own, Simon worked in the City for Bailey Shatkin working in the field of derivatives. He was educated in the UK and studied Chemistry at Leicester Polytechnic.

 

David Whelan

David Whelan is the Chief Executive of the Cloverleaf Group, the second largest shareholder in Zenergy. The Cloverleaf Group is a privately held alternative investment group focused primarily on venture capital and private equity investments in healthcare, life sciences and breakthrough technologies. 

 

David is a director of the following Cloverleaf Group portfolio companies: AgaMatrix, Inc; Block Shield Corporation Ltd; Identitas, Inc, MD Datacor, Inc. and was recently appointed Chairman of Medcenter Holdings, Inc. David was also the founding manager of the Group's investment in Zenergy Power Plc. 

 

Prior to joining the Cloverleaf Group, David was Vice President of Corporate Development with the Virgin Group in the US and the UK. David led the development and start up of the largest ever Virgin Group company - Virgin America, a U.S. based low cost airline.

 

David was previously an investment banker in London and Sydney with Goldman Sachs & Company and before that Deutsche Bank. Starting his career at Price Waterhouse in the firm's Corporate Finance division in Sydney, David qualified as a Chartered Accountant of Australia. David has a Bachelor of Laws (Honours) and Bachelor of Commerce from Bond University in Queensland, Australia.

 

Georg Oehm

Georg is one of the founders of Mellinckrodt & Cie, Zug, Switzerland. Prior to this he was MD and Partner in a financial communications boutique in Frankfurt am Main. He was also one of the founders and the first MD of the German CFD Association e.V.

 

Before that Georg worked five years on special restructuring projects following five years at Metallgesellschaft AG in the Corporate Development and M&A department.

 

He finished his PhD in the faculty of economics and social sciences at the University of Kiel, following studies of business economics in Mainz and Kiel. Georg started his professional education with a bank apprenticeship at Dresdner Bank AG in Frankfurt am Main.

 

 

Strategy Update

 

The Company will provide shareholders with a more detailed strategic update in the near future once a detailed review of the Company's operations has been conducted. Meanwhile, the new executive Chairman, Simon Cleaver, comments:

 

 "The changed Board firmly believes that to have sold the Company in its entirety at the current time would not have maximised the potential value of Zenergy. High Temperature Superconductivity (HTS) has the ability to provide a step change in efficiency levels for electronic power distribution networks (grids), electrical metal heating and renewable power generation and Zenergy is almost certainly the global leader in the field.

 

"Whilst we need to get our sleeves rolled up and conduct an immediate review of the Company before we issue any detailed plans, our initial strategy is based on using the Company's specialist IP and knowledge to form joint ventures and strategic alliances to help commercialise Zenergy's products.

 

"We are pleased to have concluded these Board changes. The Board will now be focused on giving the business a new and very clear strategic direction with the aim of restoring shareholder value and working with industry partners to continue developing what the Board believes is a suite of market leading products."

 

 

-Ends-

 

Further information

 

Simon Cleaver, Chairman

Zenergy Power Plc

+ 44 1344 667 347

Stephen Mischler

Matrix Corporate Capital

+ 44 20 3206 7000

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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