Last checked at 15 Oct 2010 16:32
Pressure Technologies PLC
("Pressure Technologies" or the "Company")
Director's Interest
Pressure Technologies was informed on 8 October 2010 by Brewin Dolphin Limited ("BDL") that as of 7 October 2010 it held an indirect interest in 119,005 ordinary shares of the Company representing 1.05% of the issued ordinary share capital and voting rights of the Company. The indirect interests are in 49,984 ordinary shares held by Brewin Nominees Limited and 69,021 ordinary shares held by Giltspur Nominees Limited. Prior to the notification above, BDL had an interest in 1,130,471 ordinary shares of Pressure Technologies, representing 9.97% of the issued ordinary share capital and voting rights of the Company.
Of the previous interest of BDL referred to above, 1,000,040 ordinary shares, representing 8.82% of the issued ordinary share capital and voting rights of the Company, were held and continue to be held on behalf of John Hayward, the Chief Executive Officer of Pressure Technologies. The change of BDL's interest has arisen because certain shareholdings (including John Hayward's shareholding) are now held on an advisory basis rather than a discretionary basis by BDL. For the sake of clarity, John Hayward's beneficial interest in the share capital of the Company, being 1,000,040 ordinary shares representing 8.82% of the issued share capital of the Company, remains unchanged by this event.
For further information, please contact:
| Pressure Technologies plc John Hayward, Chief Executive James Lister, Group Finance Director
| Tel: 0114 242 7500 www.pressuretechnologies.co.uk
|
| Fairfax IS PLC Ewan Leggat/Simon Bennett
| Tel: 0207 598 5368 |
| Rawlings Financial PR Limited Catriona Valentine
| Tel: 01653 618 016 www.rawlingsfinancial.co.uk
|
Company description:
Pressure Technologies is the holding company for Chesterfield Special Cylinders Limited ("CSC"). CSC designs, manufactures and offers retesting and refurbishment services for a range of speciality high-pressure, seamless steel gas cylinders for global energy and defence markets. The business has been conducted under the "Chesterfield" brand which is a long established name in the cylinders and specialised pressure vessel market.
Chesterfield BioGas ("CBG"), an operating division of Pressure Technologies, formed in November 2008 following the signing of a co-operation agreement with Greenlane Biogas Limited, the world leader in biogas upgrading from raw biogas to vehicle quality fuel, gives Pressure Technologies exclusive rights to market Greenlane equipment in the UK and Eire. Chesterfield BioGas will provide turnkey solutions for the cleaning, storage and dispensing of biomethane, produced from waste water treatment and anaerobic digestion of organic waste.
Al-Met Limited ("Al-Met"), which was acquired by the Group in February 2010, is a niche manufacturer of specialised, precision engineered valve wear parts used in the oil and gas industries, based in Pontyclun, near Cardiff. Al-Met's products are used in high-pressure choke and flow control valves, designed to regulate flow volumes in extremely demanding applications in the subsea and surface oil and gas industries. The business, established in 1985, has developed a leading edge capability in precision machining carbides and superalloy matrix materials. The ability to combine high alloy steels with tungsten carbide inserts and specialised coatings gives Al-Met its niche position with its customers, global wellhead and subsea equipment OEMs.