Fenner PLC Regulatory News (FENR)

28 December 2016

This announcement contains inside information

Fenner PLC

("Fenner" or "the Company" and, together with its subsidiary undertakings, "the Group")

Shareholder Requisition by Teleios Capital Partners LLC ("Teleios") for the Appointment to the Board of Michael E. Ducey

Fenner announces that following constructive discussions with Teleios and other shareholders, the board of Fenner (the "Board") has determined that it is in the best interests of the Company and its shareholders to support the appointment of Mr Ducey as a non-executive director of the Company. 

This negotiated position will bring stability and added expertise to the Board and allow it to continue to build on the progress and momentum achieved by the Group over the last year and will enable the search for a new CEO to continue. Mark Abrahams has confirmed that he will continue to act as CEO and effect a smooth transition to a new CEO once a strong candidate has been found.

The Board also confirms it will continue to search for another independent non-executive director in addition to Mr Ducey.

Mr Ducey would be eligible to sit on all of the committees of the Board. Mr Ducey will be submitted for election by shareholders at the Annual General Meeting on 11 January 2017 (the "AGM"), as set out in the additional resolution posted to shareholders on 19 December 2016.

Commenting on the proposed appointment Mr Ducey said, "I am honored and excited by the opportunity to join the Fenner PLC Board as a non-executive director. My global experience in the industrial and mining markets will augment the strong talent that currently exists on the Board as they move forward executing their growth strategy."

Fenner Chairman, Vanda Murray OBE added, "We have a clear strategy for growth and remain committed to creating value for shareholders. I welcome Michael Ducey to our Board and confirm that we will aim to strengthen the Board further with an additional independent non-executive director."

A statement in support of Mr Ducey's appointment will be posted to shareholders on or around 4 January 2017 (the "Circular") and will give further details of Mr Ducey's CV, experience and background. The Circular will contain a recommendation from the Board that shareholders approve Mr Ducey's appointment at the forthcoming AGM. If the resolution to appoint Mr Ducey is approved by shareholders, his appointment will take effect immediately. Teleios has confirmed to the Company that it intends to vote in favour of all of the resolutions proposed at the AGM.

The person responsible for making this announcement is:

Debra Bradbury - Group Company Secretary

ENDS

For further information please contact:

Notes to editors:

Fenner PLC is a world leader in reinforced polymer technology, providing local engineered solutions for performance‐critical applications.