Volution Group PLS Regulatory News (FAN)

Tuesday 7 April 2020

Volution Group plc

Appointment of Nigel Lingwood as an Independent Non-Executive Director

and Chairman of the Audit Committee

Volution Group plc (the "Group", "Company" or "Volution", LSE: FAN) a leading supplier of ventilation products to the residential and commercial construction markets, announces that Nigel Lingwood has been appointed as an independent Non-Executive Director of the Company with effect from 30 April 2020.

As previously announced, following Paul Hollingworth's appointment as Chairman of the Board and therefore his step down as Chairman of the Audit Committee, a search has been underway to find a permanent successor whilst Tony Reading has acted as Interim Chairman of the Audit Committee.

Nigel has been appointed as Chairman of the Audit Committee and will join the Remuneration and Nomination Committees on appointment. Tony Reading, Senior Independent Director, will step down as Interim Chairman of the Audit Committee with effect from 30 April 2020, but will remain as a member of the Committee.

Nigel has been Group Finance Director of Diploma PLC (LSE: DPLM; FTSE 250; an international group supplying specialised products and services to the Life Sciences, Seals and Controls markets) since 2001 and will be retiring from their Board and the company on 30 September 2020. During his time at Diploma, Nigel has overseen more than 50 international acquisitions during which time the company has grown market capitalisation from ca.£60m to ca.£1.6bn1. The business has operations across Europe, North America and in Australia. 

Nigel was previously Senior Independent Director and Audit Committee Chairman of Creston plc (a UK listed marketing and communications group) from July 2015 until December 2016 when the company was taken private.

Commenting on the appointment, Paul Hollingworth, Chairman of Volution, said:

"We are delighted to welcome Nigel as an Independent Non-Executive Director. He brings to the Board, financial and accounting expertise and extensive public company, acquisition and wide ranging international experience. In addition he has gained experience as a non-executive director in the roles of senior independent director and chairman of an audit committee. Whilst the COVID-19 pandemic continues to affect all businesses, Nigel's depth of experience will assist the Board's decision making processes during this difficult time.

We look forward to working with Nigel and benefiting from his experience. We are confident that he will make a valuable contribution to the Board."

The Company also announces today that with effect from 30 April 2020, Tony Reading, Senior Independent Director, will step down as Chairman of the Remuneration Committee (but will remain as a member of the Committee) and be succeeded by Claire Tiney who has been a member of the Remuneration Committee since August 2016.

1 Diploma PLC market capitalisation as at the date of this announcement.

-Ends-

Note to Editors:

● As announced on 25 March, all Board members have taken a 20% salary reduction for two months until the end of May and this will remain subject to ongoing review depending on the length and severity of the crisis. This salary reduction will also apply to Nigel Lingwood.

● There is no additional information to be disclosed in respect of Nigel Lingwood pursuant to Listing Rule 9.6.13 (2) to (6).

● At the date of this announcement, Nigel Lingwood has no beneficial interests in ordinary shares of Volution.

● Nigel Lingwood has held the following directorships of publicly quoted companies in the last 5 years: Diploma PLC and Creston plc.

● Volution Group plc (LSE: FAN) is a leading supplier of ventilation systems and products to both the residential and commercial construction markets in the UK, Continental Europe and Australasia. Volution Group comprises 16 key brands across the three regions:

UK: Vent-Axia, Manrose, Diffusion, National Ventilation, Airtech, Breathing Buildings and Torin-Sifan.

Continental Europe: Fresh, PAX, VoltAir, Kair, Air Connection, inVENTer, Ventilair.

Australasia: Simx, Ventair.

For more information, please go to: www.volutiongroupplc.com

● Legal Entity Identifier: 213800EPT84EQCDHO768.