Volex Regulatory News (VLX)

30 Jun 2005 17:55

Volex Group PLC30 June 2005 Thursday 30 June 2005 Volex Group plc ("Volex" or "the Company") BOARD CHANGES AND AGM TIMETABLE Further to the completion of the Company's Firm Placing and Placing and OpenOffer, which occurred this morning, the Board is pleased to confirm thefollowing Board changes as proposed in the Company's circular to Shareholdersdated 6 June 2005 in connection with the Firm Placing and Placing and OpenOffer. Craig Robin Mullett and Heejae Richard Chae have been appointed to the Board asDirectors. Both Craig and Heejae have extensive knowledge of the cable and interconnectormarkets, having both been for five years senior executives with the AmphenolCorporation, a NYSE listed company and the world's third largest producer ofelectronics connectors, cables and interconnect systems. Craig, aged 36, who was the director of business development at Amphenol, willbe joining the Group as a non-executive Director. He will assume responsibilityfor a number of special projects and will work with the executive team inimplementing and developing, as necessary, the strategy described in theCompany's circular to Shareholders, dated 6 June 2005 in connection with theFirm Placing and Placing and Open Offer, for returning the Group toprofitability. Craig is currently President of Branison Group, a corporatefinance firm located in Connecticut, USA. Heejae, aged 36, was worldwide general manager of the Radio Frequency Group ofAmphenol. He will become Chief Operating Officer and will work with the ChiefExecutive in the implementation of the strategy, taking responsibility for theimprovement of the manufacturing operations. Heejae is currently a director ofCaspian RF Systems. Following the completion of the £19m equity raising, Dom Molloy has resigned asChairman and retired from the Board. A search for a new non-executive Chairmanhas already commenced, whom the Board believes needs to have experience ofrunning a multinational business and, in particular, has been involved incorporate restructurings in the past. The Board hopes to have identified and beable to appoint a new non-executive Chairman before the AGM in September 2005but is pleased to confirm that, for the interim period until that appointment,David Beever, who has been a non-executive Director since 2002, will assume therole of Chairman. Commenting on these changes, John Corcoran, Chief Executive of Volex said: "I would like to place on record the Board's thanks to Dom Molloy for hissubstantial contribution to the Group over the past 20 years, first in anexecutive capacity and more recently as non-executive chairman. We wish him wellin his retirement. It is also a pleasure to welcome two new directors, Heejae Chae and CraigMullett, who join the Board as we move into the next exciting phase of theCompany's development" No further details regarding Craig Mullett and Heejae Chae are required to bedisclosed under paragraph 6.F.2 (b-g) of the Listing Rules of the UK ListingAuthority. Volex also announces that the 2005 Annual Report & Accounts will be issued toshareholders at the end of July, together with the formal notice of AnnualGeneral Meeting, which this year will be held on 8th September 2005. Unless the context provides otherwise, words and expressions defined in theprospectus sent to shareholders of the Company dated 6 June 2005 shall have thesame meanings in this announcement. For further information please contact: Volex Group Plc 01925 830101John Corcoran, Group Chief ExecutiveDerek Walter, Group Finance Director Evolution Securities 020 7071 4300Tim Worlledge, Matthew Wood Weber Shandwick Square Mile 020 7067 0700Chris Lynch/Nick Dibden This information is provided by RNS The company news service from the London Stock Exchange