16th Dec 2008 11:00
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For Immediate Release |
16 December 2008 |
PRESS RELEASE
Appointment of a new non-executive Director
The Directors of Portland Gas plc (AIM: PTG) ("the Company" or "Portland Gas") today announce the appointment of Jonathan Davie a new non-executive Director of the Company.
Mr Davie (aged 62) is a qualified Chartered Accountant. He joined George M. Hill and Co as a jobber on the London Stock Exchange in 1969. The firm was acquired by Wedd Durlacher Mordaunt and Co where Jonathan became a partner in 1975. Jonathan was the firm's senior dealing partner on its acquisition by Barclays Bank to form BZW in 1986. Jonathan developed BZW's Fixed Income business prior to becoming CEO of the Global Equities Business in 1991. In 1996 Jonathan became Deputy Chairman of BZW and then Vice Chairman of Credit Suisse First Boston in 1998 on their acquisition of most of BZW's businesses. Jonathan is presently the non-executive Chairman of IG Group Holdings plc, a non-executive director of the Credit Suisse Private Bank in the UK, and a partner in First Avenue Partners, an alternatives advisory boutique.
Commenting on the appointment today, Ken Ratcliff, the Chairman of Portland Gas, said:
"We are pleased to have strengthened our Board of Directors through the appointment of Jonathan Davie who brings a wealth of City experience and will help improve shareholder liaison. In particular, in response to these fast-moving times, we believe that shareholders need to be kept fully appraised of developments within the Company and with his background and experience Jonathan is the right man to ensure that this function is fulfilled to good effect. We look forward to Jonathan's contribution and the added perspective that he will bring to the Board."
For further information please contact:
Portland Gas plc
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Andrew Hindle, Chief Executive Officer Craig Gouws, Chief Financial Officer |
020 8332 1200 |
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PR - Watershed Sara Hudston |
01308 420785 |
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Investor Relations - Buchanan Communications Ben Willey
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020 7466 5000 |
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Nominated Advisor and Broker - Seymour Pierce Jonathan Wright Sarah Jacobs Richard Redmayne |
020 7107 8000 |
Notes to Editors:
Jonathan Davie
Jonathan Richard Davie's current and past directorships and/or partnerships are set out below in accordance with paragraph (g) of Schedule Two of the AIM Rules of the London Stock Exchange.
Current
B & J Developments Limited
Credit Suisse (UK) Ltd
IG Group Holdings plc
Heathfield St. Mary's School
First Avenue Partners LLP
Past
Isle of Dogs Community Foundation
Everychild
Background on Portland Gas
Portland Gas' business is focused on the development of two gas storage projects in the United Kingdom and the development of new projects in mainland Europe.
The Portland Project, which the Company owns 100%, will be the largest onshore gas storage facility in the UK, for which planning permission was granted by Dorset County Council in May 2008 and Pipeline Construction Authorisation was granted by the BERR (now known as the Department of Energy and Climate Change) in July 2008. An Environmental Impact Assessment is currently being carried out for the Larne Lough Project in Northern Ireland. Should a borehole in 2009 confirm the suitability of a salt sequence for the development of a gas storage facility a planning application for the project will be submitted later in 2009. The Company has a 65% interest in the Larne Lough project. Its partner in the project is a subsidiary of Northern Ireland Energy Holdings Limited, the owner of the Scotland to Northern Ireland gas pipeline. The two projects could between them provide up to 10% of the total UK and Ireland peak daily demand in the latter part of the next decade.
The company is one of only a few in Europe focused specifically on gas storage development, a sector with significant growth potential in Europe over the coming decades.
Further information is available on the Company's website www.portland-gas.com.
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