Banking arrangements / Directorate change

6 Feb 2009 15:25



6 February 2009

Pure Wafer plc

("Pure Wafer" or the "Company")

Banking arrangements / Directorate change

Swansea based Pure Wafer plc, the provider of high quality silicon wafer reclaim services for many of the world's leading semiconductor manufacturers, would like to update the market on the following: 

Banking arrangements

The board announces that discussions with our banks have reached a positive conclusion with an agreement which includes a period of capital repayment deferment, together with the letter of credit of $1.95m (being the final deferred consideration for the acquisition of the USA facility) being converted to four year term loan and a further line of credit in the form of an overdraft facility. 

The board would like to acknowledge the support given to the company by our banks.

Directorate change

The board announces that Eurfyl ap Gwilym has stepped down as non-executive chairman with immediate effect, and will remain on the board as a non-executive director.  The Board is pleased to announce that Stephen Boyd has been appointed as non-executive chairman. Stephen has served on the Pure Wafer Board since 1st October 2008 in the role of non-executive director.

Stephen has extensive experience of working with the banks in challenging circumstances and this experience was of considerable value to the board and to the company whilst negotiating the current banking arrangements.

Stephen, aged 59, a chemical engineer by training, having gained a 1st class honours degree in chemical engineering at Imperial College, London, has worked in a number of manufacturing industries including five years as Group Chief Executive of Capital Industries plc. Stephen currently sits on a number of boards of both public and private companies, mainly in the technology sector, and is currently Chairman of Pittards plc.

"The Board would like to thank Eurfyl for his significant contribution to Pure Wafer during his tenure as Chairman of the Board since July 2008, and are delighted that he will remain on the Board in a non-executive capacity" said Stephen Boyd.

Result of AGM

The Company Secretary confirms that all resolutions proposed at the AGM at 10 a.m. on 4th February were duly passed by shareholders.