24 Oct 2012 07:00
24 October 2012
Hydrodec Group plc
("Hydrodec")
Appointment of Chairman
Hydrodec, the cleantech industrial oil re-refining group (AIM:HYR), is pleased to announce that Lord Moynihan has been appointed to the Board as Director and non-executive Chairman with immediate effect. Lord Moynihan succeeds Neil Gaskell who steps down from the Board following a three-year tenure as Chairman.
Colin Moynihan is a director of Rowan Companies plc (offshore drilling), Zeropex AS (renewable energy) and Energreen AS (renewable energy). From July 2000 until October 2003 he was Executive Chairman and Chief Executive of Consort Resources Limited and from 2003 until 2007 he was Executive Chairman of Clipper Windpower Europe Limited. Colin was a Member of Parliament in the UK for 10 years serving as Minister for Energy from 1990 to 1992. He was the first Patron of the British Wind Energy Association and a member of the Royal Institute of International Affairs: Energy and Environment Programme Steering Committee.
Colin is standing down as Chairman of the British Olympic Association after seven years during which he oversaw Team GB's successful performance in the Beijing and London Olympics. He has been a member of the Olympic Board and a non-executive director of The London Organising Committee for the Olympic Games and the Paralympic Games Limited. He is a member of the IOC International Relations Commission and was a Rowing Silver Medallist in the 1980 Olympic Games.
Neil Gaskell commented: "I am delighted, on behalf of the entire Board, to welcome Lord Moynihan as the new Chairman of Hydrodec. In the three years that I have been Chairman the Company has emerged successfully from a difficult initial period and is now positioned to deliver both continued expansion in its existing transformer oil operations, and the development of applications for its technology in industrial oils. I should like to thank the Board and our shareholders for their support to me during my tenure and I am confident that, with our renewed and very strong management team and the Board led by Colin, Hydrodec can fulfill its very exciting potential and grow to be a major player in the renewable energy sector."
Colin Moynihan said: "I am delighted to take on this role when Hydrodec is at such an exciting stage in its development, with Neil having helped take the Company to its current platform for growth. I hope I will be able to bring my experience in both the UK and US oil industry and clean energy sectors to bear as Hydrodec continues to grow and exploit its huge addressable market. I very much look forward to working with the talented and experienced executive management team in the coming months and years."
For further information please contact:
Hydrodec Group plc | 020 7907 9220 |
Ian Smale, CEO | |
Mike Preen, Head of Corporate and Legal Affairs | |
| |
Numis Securities Limited (Nominated adviser/joint broker) | 020 7260 1000 |
Nominated Adviser: Hugh Jonathan Corporate Broker: David Poutney, Alex Ham | |
Cenkos Securities plc (Joint broker) | 020 7397 8900 |
Corporate Finance: Adrian Hargrave Sales: Christian Hobart | |
Luther Pendragon (PR adviser to Hydrodec) | 020 7618 9100 |
Neil Thapar, Alexis Gore |
The following information on Colin Moynihan is provided pursuant to AIM Rule 17:
Full name and age: Colin Berkeley Moynihan (57)
Current directorships: Rowan Companies plc, UK
Zeropex AS, Norway
Energreen AS, Norway
British Olympic Association, UK
The London Organising Committee of the Olympic Games and Paralympic Games Ltd (LOCOG), UK
I.I. Foundation, UK
Inspire in Sport, UK
Previous directorships (past 5 years):
Pelamis Wave Power Ltd, UK
Interest in shares: Lord Moynihan has today been granted options over 1,000,000 ordinary shares of 0.5 pence each in the Company with an exercise price of 8.5 pence per ordinary share. The options shall become exercisable as follows:
- 500,000 should the Hydrodec share price reach 16p
- 500,000 should the Hydrodec share price reach 25p
Notes to Editors:
Hydrodec's technology is a proven highly efficient oil re-refining and chemical process which is being initially targeted at the multi-billion US$ market for transformer oil used by the world's electricity industry. The Group takes spent oil, including polychlorinated biphenyl ("PCB") contaminated oil, as the primary feedstock, which is then processed at its two plants enabling 99 per cent or greater recovery of oil for reuse while also eliminating PCBs, a toxic additive banned under international regulations, without environmentally harmful emissions.
Hydrodec's plants are located at Canton, Ohio, US and Young, New South Wales, Australia. The Group's shares are listed on the AIM Market of the London Stock Exchange. For further information, please visit www.hydrodec.com.