19th Mar 2008 07:01
Northgate PLC19 March 2008 19 March 2008 NORTHGATE PLC APPOINTMENT OF FINANCE DIRECTOR Northgate plc ("Northgate", the "Company" or the "Group"), the UK and Spain'sleading specialist in light commercial vehicle hire, announces the followingBoard appointment. The Board is pleased to announce that Mr Robert Contreras has agreed to join theBoard as Finance Director with effect from 2 June 2008. A chartered accountant,his most recent appointment was Managing Director of the Surgical Division ofMolnlycke Healthcare Group, a world-leading manufacturer of products andservices for the professional health care sector, headquartered in Sweden withglobal operations. He was previously Chief Executive and Chief Financial Officerof private equity backed Damovo Group SA, and, prior to that, Group FinanceDirector of Azlan Group plc. His wide knowledge and proven experience of the European markets will be avaluable asset to our future expansion plans. Steve Smith, Chief Executive, commented: "We are delighted to welcome Robert to Northgate and look forward to hiscontribution as the Company continues the execution of its strategic plan." The following disclosure is made pursuant to paragraph 9.6.13 of the ListingRules: Mr Contreras was a Director of Damovo Group SA ("DG"), and its subsidiary,Damovo III SA ("DIII"), both registered in Luxembourg, from 22 February 2005 to12 March 2008. In October 2006, DIII was unable to pay interest due on a seriesof notes, secured inter alia by a guarantee by DG, issued in 2005 as part of arestructuring of the Damovo Group's funding arrangements. On 25 April 2007,following registration at Companies House as foreign companies, and on theapplication of the Directors, Administration Orders under the Insolvency Act1986 were granted for both companies. The Directors' Statement of Affairs showedtotal indebtedness of £566m, of which £304m of secured creditors was satisfiedby the sale of assets. There were no other preferential or external creditors,all the remaining indebtedness being intra-group. Mr Contreras was also a Director of Enterprise Digital Architects SpA, a companyregistered in Italy, from 16 January 2006 to 9 May 2007 which was declaredbankrupt on 22 November 2007. There are no other matters which require to be disclosed pursuant to ListingRule 9.6.13. For further information, please contact: Northgate plc 01325 467558Steve Smith, Chief Executive Hogarth Partnership Limited 020 7357 9477Andrew JaquesBarnaby FryAnthony Arthur Notes to Editors: Northgate plc rents light commercial vehicles and sells a range of fleetproducts to businesses via a network of hire companies in the UK, Republic ofIreland and Spain. Its NORFLEX product gives businesses access to a flexiblemethod to acquire as many commercial vehicles as they need, without tying upcapital or entering a fixed term contract. Further information regarding Northgate plc can be found on the Company'swebsite: http://www.northgateplc.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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