2 Nov 2009 07:00
Mortice Plc
("Mortice or the "Company")
2 November 2009
Directorate Change
Mortice, the AIM listed and India based security and facilities management company, today announces that Mr. Andrew Barker, current CEO and director of the Company, has decided to retire. Mr Barker will be succeeded as CEO of Mortice by Mr. Vaibhav Dayal, former CEO of Rotopower Projects Pvt. Ltd., which was recently acquired by the Group. The change will be effective as of 15 December 2009.
Mr. Barker commented on his decision to leave:
"Mortice and Tenon's initial needs were to establish and list the business, set the strategy and develop the service delivery platform and track record. With a great team effort during difficult financial times, the Company's achievements have been noteworthy. The overall business revenues grew by 15.3% during the last year. We are now providing FM services to over 100 customers pan India and I believe the time is now right for me to hand control to a locally-based CEO to manage and continue to grow the business."
Mr. Vaibhav Dayal has 18 years of experience working in various sectors and companies including Reliance ADAG, WNS, Kale Consultants and Indian Airlines and Rotopower Facilities Management. He has extensive experience of managing Professional Services businesses in the IT and BPO sector. During this period he managed the European business of WNS Global Services, India's top 2 ranked BPO as Vice President (Business Development) for Europe. Vaibhav also co-founded Cognosys Software, a VC backed IT solutions company leading them to acquisition by Kale Consultants after successfully growing the company for 4 years before taking over as CEO of Rotopower to manage the business through the acquisition by Mortice.
Commenting on the change Mr. Manjit Rajain, Chairman of Mortice, said:
"We are sorry to be losing Andrew and wish him all the best for his future endeavors. Working with Vaibhav during the Rotopower acquisition, Andrew and I identified his suitability for a senior management position within the enlarged Mortice Group and I look forward to working with Vaibhav as we continue to build Mortice into the leading Indian facilities management group."
The Company is seeking to make additional appointments to the board this year and a further announcement will be made in due course.
For further information please contact:
| Mortice Ltd | ||
| Manjit Rajain, Executive Chairman | Tel: +91 981 800 0011 | |
| Grant Thornton Corporate Finance (NOMAD) | ||
| Fiona Kindness / Robert Beenstock | Tel: +44 207 383 5100 | |
| Seymour Pierce Ltd (Broker) | ||
| Sam Tully / Nandita Sahgal | Tel: +44 207 107 8000 | |
| Pelham PR | ||
| Alex Walters / Francesca Tuckett | Tel : +44 207 337 1500 |
Notes to Editors
Mortice Limited, the India based security and facilities management company incorporated in Singapore, listed on AIM in May 2008. It is the holding company of Peregrine Guarding Private Limited (Peregrine), Tenon Property Services Private Limited (Tenon) and Rotopower Projects Private Limited (together referred to as the "Group"), an Indian Facilities Management based in Delhi, which was acquired by the Group in June 2009.
Peregrine has been providing security services in India for 14 years, establishing a client base of over 450 customers and developing a strong pan-India presence providing manned guarding in the process. Peregrine Group had opened 51 branches in 23 out of the 28 Indian states and has clients in a range of sectors including ITES, manufacturing, pharmaceutical, banking and healthcare.
Tenon, the facilities management arm of Mortice, was established to provide superior quality FM services to Peregrine client base. Tenon today operates in 16 Indian states and employs 1200 people serving 30 clients.
Rotopower was established 12 year ago and now employees over 1,600 employees servicing over 75 clients across 15 states in India. It provides a range of facilities management services that include mechanical and electrical maintenance services, annual maintenance contracts and housekeeping services to a wide range of customers. Rotopower also provides services to telecom tower companies for the maintenance and running of electrical equipment.
MORT.L (MORT)