16th Aug 2024 13:31
Harland & Wolff Group Holdings PLC - London-based shipping yard operator - Russell Downs joins board on Monday as interim executive chair. Downs is a former partner at accountants PwC LLP. He also is the founder of Armada Advisers LLP, which advises on company restructurings. Alan Fort also joins board as a non-executive director on Monday, while Malcolm Groat, Jonathon Band and Katya Zotova all resign as non-executive directors on Tuesday.
The wholesale changes to the board come after Harland & Wolff appoints Rothschild & Co as financial advisor to assess the company's strategic options. The debt-burdened company says it wants to find a way to maximise value for stakeholders while also preserving its core shipyard operations in Belfast, Appledore, Methil and Arnish. In the meantime, it cannot finalise its 2023 accounts on a going concern basis, and therefore its shares will remain suspended from trading in London. Among its creditors is London-listed Riverstone Credit Opportunities Income PLC.
Earlier this month, Harland & Wolff disclosed that the government of the Falkland Islands had decided to end contractual negotiations with Harland for a port replacement project, despite Harland earlier this year having been identified as the preferred bidder for the marine-side work.
By Tom Waite, Alliance News editor
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