16 Dec 2014 14:30
For immediate release 16 December 2014
Global Ports Investments PLC
First Rotation of the Role of Chairman and Vice Chairman of the Board
Global Ports Investments PLC ("Global Ports" or the "Company", together with its subsidiaries and joint ventures, the "Group"; LSE ticker: GLPR) today announces that the Board of Directors of the Company ("the Board") at its meeting held on 16 December 2014 elected Mr. Tiemen Geerts Meester as the new Chairman of the Board taking over from Mr. Nikita Mishin who becomes Vice Chairman of the Board. Mr Tiemen Meester is a senior executive of APM Terminals B.V. ("APM Terminals") and is an existing member of the Board of Global Ports.
The rotation of the role of Chairman and Vice Chairman every two years between Transportation Investments Holding Limited ("TIHL) and APM Terminals was stipulated in the Shareholders Agreement entered into in 2012 by TIHL and APM Terminals, the co-controlling shareholders of Global Ports (both holding an equal 30.75% of Global Ports' shares).
Mr. Tiemen Meester has resigned from his position as a member of the Audit and Risk Committee and will continue with his membership in the Nominations and Remuneration Committee. Mr. Kim Fejfer, who has fulfilled the role of Vice Chairman of the Board for the past two years, will continue to serve as a non-executive member of the Board.
Tiemen Meester commented:
"The close working relationship we have developed as partners over these last two years has been highly productive and we are fully on track reaching the initial objectives we set ourselves when we joined forces. As the chairmanship moves into its first rotation I am proud to be part of Global Port's success to date and look forward to continued progress in the implementation of our strategy, with a strong focus on further operational improvement."
Nikita Mishin commented:
"Tiemen has over the past two years developed an excellent level of knowledge about our business and is therefore strongly equipped to take on the role of Chairman for the coming two year period. It goes without saying that he will have my full and active support during this next phase of our development."
Annex to the Announcement. Brief biography of Mr. Tiemen Meester
Tiemen Meester
Mr. Meester was appointed Head of Business Implementation of APM Terminals and Vice President in July 2011. He has held various management positions within APM Terminals across Europe, the Middle East and CEE, including Country Manager for Russia and Area Manager for the Eastern Europe for Maersk Line, and CEO of the Port of Salalah, Oman and Regional Manager for West and Central Asia region for APM Terminals. On APM Terminals Group level, he was appointed as CCO in 2007 and Head of Human Resources and Labour Relations in 2008. He began his industry career in 1992 at Sea-land Service Inc. and held operational managerial positions in Latvia, Russia and Pakistan before the company was acquired by AP Moller in 1999.
After graduation from the Dutch Naval College as an engineer and Merchant Marine Officer, Mr. Meester served as a Mariner, spending five years at sea with the merchant fleet, rising to the rank of First Officer before joining Sea-Land Service in 1992. His post-graduate education includes advanced Management and Business course work at the University of Groningen in the Netherlands, Columbia University in New York City, and Harvard Business School in Massachusetts.
ENQUIRIES
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Email: ir@globalports.com
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NOTES TO EDITORS
Global Ports
Global Ports Investments PLC is the leading operator of container terminals in the Russian market.
Global Ports' terminals are located in the Baltic and Far East Basins, key regions for foreign trade cargo flows. Global Ports operates five container terminals in Russia (Petrolesport, First Container Terminal, Ust-Luga Container Terminal[1] and Moby Dik[2] in the Russian Baltics, and Vostochnaya Stevedoring Company in the Russian Far East) and two container terminals in Finland[3] (Multi-Link Terminals Helsinki and Multi-Link Terminals Kotka). Global Ports also owns inland container terminals Yanino Logistics Park[4] and Logistika-Terminal, both located in the vicinity of St. Petersburg, and has a 50% stake in the major oil product terminal AS Vopak E.O.S. in Estonia[5].
Global Ports' consolidated revenue for the first six months 2014 was USD 286.5 million. Adjusted EBITDA for the first six months of 2014 was USD 189.9 million*. The total container throughput was 1,355 thousand TEU* in the first six months of 2014 (excluding Yanino and Logistika Terminal).
Global Ports' major shareholders are Transportation Investments Holding Limited (operating under the brand name of N-Trans), one of the largest private transportation and infrastructure groups in Russia (30.75%), and APM Terminals B.V. (30.75%), whose core expertise is the design, construction, management and operation of ports, terminals and inland services. APM Terminals operates a global terminal network of 66 terminals with 16 expansion projects, an additional 7 new terminals being implemented and 165 inland services operations, giving the company a global presence in 67 countries. 20.5% of Global Ports shares are held in the form of global depositary receipts listed on the Main Market of the London Stock Exchange (LSE ticker: GLPR).
For more information please see: www.globalports.com
LEGAL DISCLAIMER
Some of the information in these materials may contain projections or other forward-looking statements regarding future events or the future financial performance of Global Ports. You can identify forward looking statements by terms such as "expect", "believe", "anticipate", "estimate", "intend", "will", "could," "may" or "might" or the negative of such terms or other similar expressions. Global Ports wishes to caution you that these statements are only predictions and that actual events or results may differ materially. Global Ports does not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in projections or forward-looking statements of Global Ports, including, among others, general political and economic conditions, the competitive environment, risks associated with operating in Russia and market change in the industries Global Ports operates in, as well as many other risks related to Global Ports and its operations.
[1] In which Eurogate currently has a 20% effective ownership interest.
[2] In which Container Finance currently has a 25% effective ownership interest.
[3] In each of which Container Finance currently has a 25% effective ownership interest.
[4] In which Container Finance currently has a 25% effective ownership interest.
[5] In which Royal Vopak currently has a 50% effective ownership interest.