19th Jul 2005 11:51
D1 Oils Plc19 July 2005 D1 Oils announces new Chief Financial Officer and Regional Director D1 Oils plc ("D1 Oils" or "the Company"), the low cost global producer ofbiodiesel from renewable energy crops, today announced the following immediatechanges to its Board of Directors. Elliott Michael Mannis, aged 43, is appointed Chief Financial Officer andCompany Secretary. Elliott joins the Company from AWG PLC (the holding companyfor Anglian Water) where he was Group Finance Director. Elliott has previouslyheld senior financial positions at Aegis Group plc and, prior to that, worked atPrice Waterhouse. He brings a wealth of public company experience and the fulltime attention to the CFO role that the business now requires as it builds upits operations and deploys the money invested by the Company's Shareholders. On 1 June 2005, the Board granted Elliott 33,613 options over Ordinary Shares atan exercise price of £2.975 per Ordinary Share and a further 132,075 optionsover Ordinary Shares at an exercise price of £2.65 per Ordinary Share. All ofthese options have been granted under the D1 Oils Share Option Plan ("thePlan"), vest for a period of three years from grant and expire on 31 May 2015. In addition, Stephen Peter Douty, aged 46, formerly Deputy CFO, has beenpromoted to Regional Director, with responsibility for ensuring that thecompany's regional plans in the UK, Africa, Middle East, India, Asia Pacific andChina are implemented and the recently increased planting and refining targetsare met. Stephen joined D1 Oils in December 2004 from Reuters Limited and isalso a director of Laverock School Limited. He has played a key role indeveloping the company's regional strategy and targets and in raising theadditional funds necessary to enable the company to meet the increasedinternational demand for biodiesel. On 1 February 2005, the Board granted Stephen 56,497 options over OrdinaryShares at an exercise price of £1.77 per Ordinary Share. These options areexercisable as to one third on the first anniversary of grant, one third on thesecond anniversary of grant and the final third on the third anniversary ofgrant. In addition, on 15 July 2005, Stephen was granted 132,075 options overOrdinary Shares at an exercise price of £2.65 per Ordinary Share. All of theseoptions have been granted under the Plan, vest for a period of three years fromgrant and expire on 14 July 2015. He also currently holds 6,987 Ordinary Sharesin the Company. Alec David Worrall, currently part-time Chief Financial Officer and CompanySecretary, becomes a Non-Executive Director of the Company. In accordance with paragraph (g) of Schedule Two of the AIM Rules, no furtherinformation in respect of either of Elliott or Stephen is required to bedisclosed. Karl Watkin, Chairman, commented: "D1 Oils is operating in a rapidly evolving environment in which increasingemphasis is being placed by world leaders on the environment, energy andpoverty. We aim to create a locally produced biofuel alternative to fossil fuelsto help the countries in which we operate make a positive contribution to ruralemployment, air quality and balance of trade. It is a measure of the growingstrength of the D1 brand globally and our company that we are able to attractsuch high calibre individuals to our management team" Contacts D1 Oils plc, Karl Watkin, Chairman, 020 7321 3885Brunswick Group LLP, Kevin Byram / Gill Ackers / Helen Barnes, 020 7404 5959 Ends: This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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