Ceramic Fuel Cells Limited Change in Board - New Director (1509M)
13 September 2012 - 4:01PM
UK Regulatory
TIDMCFU
RNS Number : 1509M
Ceramic Fuel Cells Limited
13 September 2012
13 September 2012
Board Changes
Mr Alasdair Locke to be appointed as Director
Ceramic Fuel Cells Limited (AIM / ASX: CFU) a leading developer
of generators that use fuel cell technology to convert natural gas
into electricity and heat for homes and other buildings, is pleased
to announce that Mr Alasdair Locke has agreed to be appointed as a
Non-Executive Director and proposed Chairman.
Mr Locke, based in London, is the founder and former Executive
Chairman of Abbott Group plc, an oil services company which he
founded in 1990. It was listed on the London Stock Exchange from
1995 until its sale in 2008 for GBP906 million to a US private
equity fund. At the time of the sale, Abbott Group was one of the
leading oil drilling service and engineering contractors in the
world employing over 8000 people and operating in over 20
countries.
Mr Locke's career started in investment banking at Citigroup in
1974, where he specialised in shipping and oil. He is also Chairman
of Argenta Holdings plc, an unlisted holding company which trades
in the Lloyds of London Insurance Market and non-Executive Chairman
of Hardy Oil and Gas plc.
Mr Locke has personally invested in each of the Company's
fundraising rounds since 2009 and he has a beneficial interest in
approximately 67 million shares in the Company (approximately 4.9
percent of the Company's issued shares).
Mr Locke's appointment as Director will be formalised after the
Company has released its Directors' Report for the 2012 financial
year. This will be released before the end of September.
The Board intends to appoint Mr Locke as Chairman at the next
Annual General Meeting, to be held in late October. Mr Locke will
also become a member of the Board Audit Committee and Chairman of
the Remuneration and Nomination Committee. The current Chairman, Mr
Jeff Harding, and Deputy Chairman, Mr Roy Rose, will retire at the
Annual General Meeting.
Mr Locke said: "I am looking forward to joining the Board and to
playing my part in taking the Company forward. My experience has
been in guiding companies through the exciting and at times
challenging growth stage, from market entry into commercial scale
production and sales. I look forward to contributing this
experience to Ceramic Fuel Cells."
Ceramic Fuel Cells' Chairman, Mr Jeff Harding, said: "We are
delighted to welcome Alasdair. He has strongly supported the
Company and the Directors are very pleased that he has agreed to
make a further commitment to Ceramic Fuel Cells by joining the
Board. After five years as Chairman I am proud to be able to hand
over to someone with Alasdair's experience and capability as the
Board and Management focus on the Company's key markets in Europe.
During my time as Chairman, we have achieved a number of firsts
including developing and commercialising the BlueGen generator -
which has the highest electrical efficiency of any comparable-sized
generator in the world. We have also made significant inroads into
the very large European markets. The outlook for the next stage in
Ceramic Fuel Cells' development is exciting and we are particularly
well positioned to capitalise on this potential. I would also like
to acknowledge Mr Roy Rose for his valuable contribution as a
Director and Deputy Chairman over the last three years."
Full details as required by the AIM Rules will be provided by
separate regulatory announcement on Mr Locke's formal
appointment.
For more information please contact:
Ceramic Fuel Cells Limited
Andrew Neilson Tel. : +61 (3) 9554 2300
Email : investor@cfcl.com.au
Nomura Code Securities (AIM Nomad)
Juliet Thompson Tel. : +44 (0) 207 776 1200
Chris Golden
Australian media enquiries
Richard Allen Tel. : +61 (0) 3 9915 6341
Oxygen Financial Public Email : richard@oxygenpr.com.au
Relations
UK media enquiries
Mark Way Tel. : +44 (0) 7786 116 991
MW Research PR Email : mark.w@harvardamerica.com
German media enquiries
Alex Seiler Tel. : +49 (0) 69 9218 7454
Hering Schuppener Consulting Email : aseiler@heringschuppener.com
About Ceramic Fuel Cells Limited:
Ceramic Fuel Cells is a world leader in developing fuel cell
technology to generate highly efficient and low-emission
electricity from widely available natural gas. Ceramic Fuel Cells
has sold its BlueGen gas-to-electricity generator to major
utilities and other foundation customers in Germany, the United
Kingdom, Switzerland, The Netherlands, Italy, Japan, Australia, and
the USA. Ceramic Fuel Cells is also developing fully integrated
power and heating products with leading energy companies E.ON UK in
the United Kingdom, GdF Suez in France and EWE in Germany.
The company is listed on the London Stock Exchange AIM market
and the Australian Securities Exchange (code CFU).
www.cfcl.com.au
This information is provided by RNS
The company news service from the London Stock Exchange
END
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