REH.L Regulatory News (REH)

1 Sep 2009 07:00



1 September 2009

Renewable Energy Holdings plc 

("REH" or the "Company")

Board Appointments

Renewable Energy Holdings plc (AIM: REH), the AIM quoted investor and operator of proven and innovative renewable energy technologies, is pleased to announce the appointment of Roger Witcomb and James Smith as Non-Executive Directors of the Company.

Roger, aged 62, spent a significant amount of his career working in large energy and utility businesses including ten years at BP in various commercial and planning roles, followed by a further ten years at National Power plc, where his positions included Director of Planning and ultimately Group Finance Director until the group's demerger in 2000. 

James, aged 37, is appointed to the Board of REH as a nominee of Utilico Limited ("Utilico"), the Company's largest shareholder with an interest in approximately 28.71% of the Company's issued share capital following the Placing announced on 31 July 2009 and the granting of the Loan which enabled REH to complete the acquisition of the developer of its 30MW Kobylany Wind Farm Project, Gamar GL. James is an investment manager at Utilico responsible for the investment policy of Utilico and Utilico Emerging Markets plc. He has been employed by Utilico for the last ten years. Prior to joining Utilico, James was an internal auditor for Fleming Investment Management. He qualified as a barrister in 1994 before qualifying as a Chartered Accountant in 1997.

The Company would also like to announce the retirement of Pâris Mouratoglou and Jeff Harding as Non-Executive Directors from the Board of REH with immediate effect. The retirement of Pâris from the Board is in line with the conditional disposal of REH's CETO technology to Carnegie Corporation, as announced on 11 May 2009. Jeff has been a Director since the inception of the Company, representing the original major shareholder Pacific Hydro Ltd. As Pacific Hydro is no longer a shareholder Jeff has chosen to retire.

Commenting on his appointment, Roger Witcomb said:

"I am pleased to be joining the Board of Renewable Energy Holdings at such an exciting time for the Company. I hope to be able to utilise my skills and experience within the energy and utility sector to best help REH as it continues to grow into a complete renewable energy provider."

Commenting on his appointment, James Smith said:

"I am delighted to be joining the Board of Renewable Energy Holdings and look forward to contributing to the continued success of the Company. The next few years should bring continued growth for both the industry and REH and I look forward to helping the Company to make the most of the many opportunities available to it."

Sir John Baker, Non-Executive Chairman of Renewable Energy Holdings plc, said:

"We are delighted that Roger has joined our Board as an independent Non-Executive Director. His experience is very relevant to our business and his counsel will be important to the Board as we continue on our journey. Corporate governance is very important to REH and we feel that, as we develop, our Board needs to have the right mix of skills, experience and independence to help us achieve our strategic ends."

"We are also delighted that James has joined the Board as the nominee for Utilico, who recently supported the Board's strategy with the provision of a £2.5m loan to the Company to allow it to purchase the Polish windfarm development company, Gamar GL."

"On behalf of the Company, I would like to thank Jeff for his tremendous contribution to REH and for the support he has provided to the Board for over four years. Similarly, we would like to thank Pâris for his hard work and contribution and wish them both all the best for the future."

For further information, please contact: 

Roger Mark Witcomb, is a director or has been a director of the following companies during the previous five years:

Current Directorships:

Anglian Water Group Limited

Infraco Limited

Infraco Africa Limited

Infraco Asia Limited

Andrew & Partners Limited

Opportunity International United Kingdom

Opportunity Microfinance Investments Limited

University of Winchester 

Osprey Acquisitions Limited

Osprey Holdco Limited

Other directorships held in the past five years:

Anglian Water Services Financing plc

Anglian Water Services Holdings Limited

Anglian Water Services Limited

Globeleq Limited

Utilita Group limited

James Arthur Smith, is a director or has been a director of the following companies during the previous five years:

Current Directorships:

None

Other directorships held in the past five years:

London Market Insurance Brokers Limited

Other than as set out above, there is no further information required to be disclosed under paragraph (g) of Schedule 2 of the AIM rules.

- Ends -