27 Dec 2019 07:00
InfraStrata plc
("InfraStrata" or the "Company")
Appointment of Chairman
InfraStrata plc (AIM: INFA), the UK quoted company focused on strategic infrastructure projects, is pleased to announce that Clive Richardson has been appointed as Chairman of the Company, with effect from 1 February 2020.
Most recently, Clive was Group CEO of V. Group, one of the world's largest providers of commercial ship management services with over 1,000 vessels under management. Clive held P&L responsibility, reporting to the main board, and achieved significant organic growth for shareholders throughout his tenure, also making several acquisitions. Clive also introduced a core operating framework and enhanced controls and governance which led to a significant reduction in overheads, as well as leading the recapitalisation of the business as required.
Between 2007 and 2009, Clive was Chief Operating Officer, EMEA, and Chairman, QinetiQ Ventures for QinetiQ plc, formerly known as the Defence Evaluation and Research Agency which was subsequently privatised in February 2006. This signalled the start of rapid growth and the business now reports annual revenues of £1.4 billion. Clive held P&L responsibility for all operations outside of North America and during his tenure, undertook three acquisitions in Australia and two acquisitions in the information security sector. Clive was also Chairman of QinetiQ Ventures' partnership with Coller Capital in the £80m Cody Gate Ventures fund.
Between 1989 and 2007 Clive was an executive at BAE Systems Plc. He held several senior roles during his time there, including Chief Executive of Insyte, Managing Director at Royal Ordnance plc and Commercial Director at BAe Airbus. During his career Clive also held senior positions at Marconi Electronic Devices Ltd and Westland Helicopters Limited.
Between 2004 and 2009 Clive was a member of the National Defence Industries Council, (the Government and Industry defence consultation authority) and he was President of Tech UK, (the UK trade association for the IT, telecoms and electronics sector), between 2009 and 2011.
John Wood, CEO of InfraStrata, said:
"Clive has a very impressive CV and a demonstrable track record of adding serious value to businesses he is part of, so we are delighted that he has agreed to join our Board as Chairman. His wealth of experience and global network will be invaluable to InfraStrata as we focus on delivering significant contracts for our newly acquired Harland & Wolff assets and advancing our Islandmagee gas storage project in Northern Ireland. We look forward to 2020, which is set to be characterised by exciting new revenue opportunities and progression of our energy infrastructure portfolio, and I am confident that Clive will play a key role in our future success."
The following information on Clive Richardson is provided in accordance with rule 17 of the AIM Rules for Companies:
Clive Robert Richardson, aged 59, is, or has during the last five years been, a director or partner of the following companies and partnerships:
Current directorships/partnerships
| Past directorships/partnerships |
Radical Havens Limited
16 Circus Bath Ltd
| AI Mistral & Cy S.C.A.
Vouvray Holdings Limited
Vouvray Acquisition Limited
Vouvray Finance Limited
Vouvray Midco Limited
AI Mistral Holdco Limited
AI Mistral Limited
AI Mistral Parentco Limited
AI Mistral Topco Limited
|
**ENDS**
For further information, please visit www.infrastrataplc.com or contact:
InfraStrata plc John Wood, Chief Executive
| c/o Newgate Communications +44 (0)20 3735 8825
|
Allenby Capital Limited (AIM Nominated Adviser & Joint Broker) Jeremy Porter / Liz Kirchner
| +44 (0)20 3328 5656 |
Arden Partners plc (Joint Broker) Paul Shackleton / Dan Gee-Summons (Corporate Finance) Simon Johnson (Corporate Broking)
| +44 (0)20 7614 5900 |
Newgate Communications (PR) Elisabeth Cowell/ Ian Silvera/Jamie Williams
| +44 (0)20 3757 6880 |
Notes to editors:
InfraStrata is a London Stock Exchange-quoted group focused on strategic infrastructure projects.
The rapid development of the 100% owned Islandmagee Gas Storage Project is a core workstream for InfraStrata. It is expected to provide 25% of the UK's natural gas storage capacity and to benefit the Northern Ireland economy as a whole when complete. Given that the Committee on Climate Change has advised that the UK will still need a significant quantity of natural gas by 2050 - about 70% of today's consumption - the market opportunity for this project is compelling.
The Company also owns and operates the assets of Harland & Wolff in Belfast, where it will undertake the fabrication work for the Islandmagee project, as well as establish secondary revenue streams through the provision of services to the energy, maritime and defence sectors should such opportunities arise in future.
Mindful of the fact that safe, secure and flexible sources of energy are needed for a sustainable future, InfraStrata is focused on providing investors with exposure to a growing portfolio of UK, European and international energy infrastructure projects. With this in mind, the Company's highly experienced team is focused on acquiring, developing and commercialising innovative infrastructure projects around the world.