18 Dec 2014 07:00
18 December 2014
Modern Water plc
("Modern Water" or "the Company")
Directorate change
Modern Water plc (AIM:MWG), which owns leading water and wastewater treatment technologies and supplies advanced systems and equipment for monitoring water quality, announces today that Neil McDougall, Executive Chairman, will step down from the board with effect from 31 December 2014 in order to pursue other interests. He will remain a consultant to the business during 2015.
The Board believes that, given the maturity of the business and its management team, it is now appropriate for the Company to appoint a Non-Executive Chairman. Robert Clarke, currently a Non-Executive Director of Modern Water, will become Interim Non-Executive Chairman until a search for a permanent candidate is complete.
Michael Gradon, Senior Independent Non-Executive Director, said: "On behalf of the Board I would like to thank Neil for his contribution to the company since the IPO in 2007 and wish him every success with his future plans."
Neil McDougall, said: "With the recent announcement of Modern Water in partnership with Northumbrian Services Limited as preferred bidder for the new wastewater treatment plant in Gibraltar, the business is poised to start to generate significant revenues. This is an opportune moment to move to a more conventional Non-Executive Chairman model and allows me to step down to pursue my philanthropic interests. I am very proud to have been a founder of Modern Water and will continue to assist where appropriate in its future development."
For further information:
Modern Water plc | +44 1483 696 000 |
Michael Gradon, Senior Independent Non-Executive Director | |
Simon Humphrey, Chief Executive Officer | |
Numis Securities Limited | +44 20 7260 1000 |
Mark Lander, Adrian Trimmings | |
Headland | |
Tom Gough | +44 20 7367 5228 |
About Modern Water
Modern Water owns, installs and operates world-leading membrane technology and develops and supplies advanced systems for water monitoring. Its shares trade on the Alternative Investment Market of the London Stock Exchange.
Modern Water has developed and commercialised world-leading patented Forward Osmosis desalination technology which can be used in a variety of industries. Its benefits include lower energy consumption, improved water quality and lower environmental impact. With a sales presence in almost 60 countries, the Group's Monitoring Division includes a leading real-time continuous toxicity monitor and trace metal analysers for monitoring the quality of drinking water.
www.modernwater.com