22nd Jan 2009 15:30
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Press Release |
22 January 2009 |
Energetix Group plc
("Energetix" or "the Group")
Board Changes and issue of share options
Energetix Group plc (AIM: EGX), a leading developer of new and sustainable alternative energy products, announces that Neil Bright (Age 61) has been appointed to the Group Board as Operations Director with immediate effect.
Since 2007 Neil Bright has served as Chief Executive Officer of the Group's subsidiary Energetix (Pnu) Power Limited ("Pnu Power"), where he has identified substantial market opportunities and negotiated major contracts for the subsidiary. Prior to joining Pnu Power he was President of Exide Industrial Energy, the division of Exide Technologies which manufactures, markets and distributes industrial batteries.
Following a business review in December 2008 the Board has decided to consolidate the management of both its Energetix Genlec Limited ("Genlec") and Pnu Power subsidiaries under the management of Neil and to concentrate administrative support in the Group's shared services function, which has allowed costs to be taken out of both businesses.
Both of these subsidiaries have made significant progress during the development phase and are well positioned and more appropriately resourced as they now make the transition from research and development to commercialisation, this management consolidation will create more focused operational reporting while ensuring an ongoing focus on cash management across the Group. The Group also announces that Anton Elsborg has resigned from the Board with immediate effect. Anton has been Non-Executive Director of the Group since 2006. He will be retained as a consultant to the Group.
Grant of share options
On 21 January 2009 Henry Cialone (Non-Executive Director) was granted options of over 412,500 ordinary shares of 5 pence each at an exercise price of 105.5 pence. The options are not subject to any performance criteria and can be exercised as to half from 14 March 2009 and as to the balance as from 14 March 2010.
Adrian Hutchings, CEO of Energetix Group plc, commented: "We are delighted to welcome Neil onto the Board. Since joining as CEO of Pnu Power Neil has been instrumental in pursuing commercial opportunities and landing significant contracts for the subsidiary worldwide. With his Board appointment, his great experience will now benefit the broader Group - both existing technologies and any future alternative energy products we may develop.
"We would also like to thank Anton for his dedication to the Group and his valuable support in floating the Group on AIM and making our technologies a commercial reality. We wish him the best for the future."
Rule 26 Disclosure
Details of Neil's Current Directorships/partnerships and those held in the last five years are set out below:
Current Directorships
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Energetix (Pnu) Power Limited |
Past directorships/partnerships held in last five years
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CMP Batteries Limited, |
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Compagnie Europeenne D'Accumulateurs S.A. (France), |
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CMP Batteruen N.V. (Belgium), |
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Chloride Industrial Battery Limited, |
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OHE Limited (Dissolved), |
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Spitfire Batteries Limited (Dissolved), |
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T S Batteries Limited (Dissolved). |
Other Disclosable Information
There are no further disclosures that should be made regarding this appointment for the purposes of schedule 2 paragraph (g) of the AIM Rules.
Neil has share options over 225,000 ordinary shares of 5 pence each at an exercise price of 67 pence. These were granted on 23 April 2007. These share options are not subject to any performance criteria and can be exercised after 23 April 2010.
- ENDS -
For further information:
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Energetix Group plc |
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Adrian Hutchings, Chief Executive Officer |
Tel: +44 (0) 151 348 2111 |
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Richard Smith, Chief Financial Officer |
Tel: +44 (0) 151 348 2116 |
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www.energetixgroup.com |
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Zeus Capital |
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Alex Clarkson |
0161 831 1512 |
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Bobby Fletcher |
www.zeuscapital.co.uk |
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Novum Securities Limited |
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Henry Turcan |
020 7562 4700 |
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www.novumsecurities.com |
Media enquiries:
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Abchurch Communications Limited |
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Justin Heath / Joanne Shears / Monique Tsang |
020 7398 7700 |
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www.abchurch-group.com |
About Energetix Group plc
Energetix Group plc is a leading developer of new and sustainable alternative energy products. The Group operates by identifying key market demands for efficient, reliable and cost-effective energy provision and by developing a range of core technologies that address these market needs.
Energetix was established by Adrian Hutchings in 1997, having spent the previous four years at British Nuclear Fuels plc ("BNFL") developing alternative energy products and identifying new business ventures for energy systems.
Adrian and his highly experienced team floated the Group on AIM in August 2006 and are currently focusing on the following core technologies: Genlec, a micro combined heat and power (CHP) product for the domestic boiler market; and Pnu Power, an electro-mechanical energy store for uninterruptible power supply (UPS) for commercial applications. These global markets are currently valued at £8bn per annum and in excess of £1.2bn per annum respectively.
Energetix focuses on solutions that are easy and cost-effective to manufacture, and which can realise payback for the end-user quickly. It targets innovations that can readily replace conventional, inefficient devices and which require minimal shifts in consumer behaviour to adopt.
In September 2007, the Group listed a third business, Energetix Voltage Control Limited, on AIM, under the name of VPhase plc. Energetix retains a 49.4% shareholding in VPhase, which is developing a range of technologies designed to reduce energy consumption whilst at the same time seeking to make use of existing proven components. Its first such product is a device that controls the incoming voltage to a property, saving energy and increasing appliance life.
Energetix Group and its subsidiaries are all based near Chester, NW England.
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Flowgroup