16th May 2008 16:24
Cape PLC
('Cape') Directorate Change
Cape (AIM: CIU), the international provider of essential support services to the energy and natural resources sectors, announces the appointment of Richard Bingham as Chief Financial Officer, replacing Mike Reynolds, with effect from 1 June 2008. Mr Bingham will also join the Board. Mr Bingham, 45, originally joined Cape in October 2007 to support executive management in the integration of Cape's three acquisitions in Australia, a process which is ongoing. Prior to that he held interim Finance Director positions at two quoted companies, namely Telspec and Coffee Republic. Between 1983 and 1999 Mr Bingham worked at PriceWaterhouseCoopers and Deloitte & Touche. Mr Bingham's appointment as CFO is in line with Cape's strategy to add capability wherever necessary to meet the opportunities and challenges of being a global support services company. Mike Reynolds, 49, has been with Cape for 16 years and is leaving to pursue other business interests. The Board would like to thank Mike for his considerable contribution during this time. David McManus, Chairman of Cape commented: "I am delighted to announce the appointment of Richard Bingham as Chief Financial Officer. He brings a wealth of experience, both financial and operational, to the Board and is a valuable addition to the executive team."
In the last five years Mr Bingham has been Director of Coffee Republic PLC.
Mr Bingham is currently a Director of RKB Associates Ltd and is a Director of Planestation Group PLC (formerly Wiggins Group PLC), which went into administration in July 2005. Mr Bingham joined Planestation Group PLC in January 2005 to assist with the implementation of a fundamental restructuring at the behest of institutional shareholders and creditors and assisted in the management of an exit via the administration process.
Mr Bingham does not currently own any shares in Cape PLC.
Save as set out above, there are no other matters to be disclosed under Rule 17 or paragraph (g) of Schedule 2 of the AIM rules.
ENDS
Cape PLC Martin May, Chief Executive +44 (0) 20 3178 5498 Bell Pottinger Corporate & Financial Nick Lambert / Victoria Geoghegan +44 (0) 20 7861 3232 / +44 (0) 7811 358 764Notes to Editors * Cape, which is listed on AIM (CIU), specialises in the provision of access scaffolding, insulation, fire protection, specialist cleaning and other essential services throughout asset life-cycles for major industrial clients in the international energy and natural resources sectors * Cape employs c.13,000 people in 23 countries worldwide with its four main markets being the UK, the Middle East, the CIS and Caspian and the Far East/ Australasia * In the year ended 31 December 2006, strong organic growth enabled Cape to report turnover of £295.5 million * Cape is also set to benefit from several acquisitions completed in 2007, especially in the important Australasian region where three companies with an annualised turnover of c. £125 million have been acquired
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