Last checked at 19 Sep 2012 07:00
Press release | 19 September 2012 |
Kedco plc
("Kedco" or the "Company")
Appointment of Chief Executive Officer
The Board of Directors of Kedco is pleased to announce the appointment of Gerry Madden as Chief Executive Officer ("CEO") with immediate effect.
Gerry has been Finance Director of Kedco since 2007 and has been Interim CEO since March 2011. As Interim CEO he led a restructuring and refocusing of group operations during 2011 and was responsible for securing a landmark project finance deal with RBS for the funding of the Company's Newry Biomass Power Plant in November 2011. Gerry led the recent proposed restructuring of the Company's capital structure and also oversaw the Company reachingits recent milestone of the exportation and sale of electricity from its Newry Biomass Power Plant, as announced on 12 September 2012. This event transformed the Company from being solely a developer of renewable energy projects to being a producer of clean energy.
Gerry has nearly thirty years of experience in business in the UK, Ireland and internationally. He spent sixteen years working with international accountants KPMG and is a Fellow of the Institute of Chartered Accountants. He played a pivotal role in the process which led to Kedco being admitted to AIM in October 2008. He has acted as a Non-Executive Director of various companies in the Technology, Healthcare and Retail Sectors. He is a graduate of University College Cork.
Gerry will act as Interim Finance Director until a new appointment is made, which the Company expects to announce in the coming months.
Dermot O'Connell, Chairman of Kedco, commented:
"We are delighted that Gerry's appointment as CEO has now been made permanent. He has exactly the right combination of senior management experience, financial expertise, project development knowledge and commercial know-how to ensure that we maximise the value of Kedco's assets as we move from renewable project development to production and commercial development of our project assets."
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For further information:
Kedco plc | +353 (0)21 483 9104 |
Gerry Madden, CEO | |
Deloitte Corporate Finance - Nomad | +44 (0)20 7936 3000 |
Jonathan Hinton / David Smith | |
SVS Securities plc - Broker | +44 (0)20 7638 5600 |
Ian Callaway / Alex Mattey | |
Abchurch Communications | +44 (0)20 7398 7714 |
Ashleigh Lezard / Shabnam Bashir |
Further information on Kedco plc
Kedco plc's business strategy is to identify, develop, build, own and operate renewable energy electricity and heat generation plants in the UK and Ireland. These plants will contribute to the need for sustainable energy from renewable sources.
The Company possesses significant knowledge of renewable energy markets, clean technologies, biomass and waste fuel sources, project development, project finance and project delivery.
Kedco has a strong pipeline of additional plants at varying stages of development, including a site in North London with full Planning and Environmental Permission for the conversion of 60,000 tonnes of waste timber per annum into up to 12MW of electricity and heat. The Company is also currently engaged in the planning process for proposed biomass projects in Rutland, East Anglia and Clay Cross, Derbyshire.
Kedco was admitted to trading on AIM, a market operated by the London Stock Exchange, in October 2008 (AIM:KED).
www.kedco.com