CINP Cinpart

 

TIDMCINP 
 
RNS Number : 3354I 
Cinpart PLC 
10 March 2010 
 

10 March 2010 
 
 
                                  CINPART PLC 
                          ('Cinpart' or the 'Company') 
 
                        Board Change and Grant of Options 
 
           Professor Michael Hughes appointed to the Board of Cinpart 
 
Cinpart plc (AIM: CINP), is pleased to announce the appointment of Professor 
Michael (Mike) Hughes to the Board as a Non-Executive Director with immediate 
effect. 
 
From 1993 to 1999, Mike was the Chief Executive Officer of Midland Electricity 
plc, a large electricity company with an annual turnover of in excess of GBP1 
billion, which, until June 1996 when it was taken over by GPU and Cinergy was 
quoted on the Official List of the London Stock Exchange. Mike continued in his 
role as CEO following its acquisition and in 1999 was appointed to the post of 
Executive Vice President of the GPU International Operations Group, which 
included operations in Australia, Argentina and the USA. 
 
Mike retired in 2002, after he had overseen the flotation or sale of a number of 
these operations, which included the sale of Midlands Electricity to Utilicorp 
United Inc in 2002. 
 
Since 2002, Mike has held various non-executive positions, including the role of 
Chairman at EA Technology Ltd and Cyan Holdings plc (where he was involved in 
its flotation on AIM in 2005 and since it was delisted in 2009). He is also a 
Non-Executive Director of South Staffordshire plc and Oxford Instruments plc, 
and the president of the UK Electricity Association. 
 
Mike is a Fellow of the Institute of Electrical Engineers and has previously 
been a visiting Professor at UMIST. He also holds an honorary Doctorate from 
Aston University. 
 
Kevin Baker, Chief Executive of Cinpart, commented: "We are delighted that Mike 
is joining our Board.  His experience and knowledge within the electricity 
industry will be of great benefit to Cinpart as the Company continues to expand 
its recently established Active Energy business." 
 
Upon appointment, Professor Hughes is being granted options over 142,857 
ordinary shares with an exercise price of 14 pence per share, being the closing 
middle market price on the day prior to his appointment. The options vest 
immediately and expire on 10 March 2020. 
 
                                     -ENDS- 
 
Enquiries: 
 
+-----------------------------------+------------------------------------+ 
| Cinpart Plc                       |                                    | 
+-----------------------------------+------------------------------------+ 
| Kevin Baker, Chief Executive      | Tel: 020 3176 3033                 | 
| Christopher Foster, Executive     | Tel: 020 3176 3031                 | 
| Director                          |                                    | 
|                                   |                                    | 
+-----------------------------------+------------------------------------+ 
| Merchant John East Securities Limited (Nominated Adviser)              | 
+------------------------------------------------------------------------+ 
| Simon Clements/John East          | Tel: 020 7628 2200                 | 
|                                   |                                    | 
+-----------------------------------+------------------------------------+ 
| Mirabaud Securities LLP (Joint Broker)                                 | 
+------------------------------------------------------------------------+ 
| Rory Scott                        | Tel: 020 7878 3360                 | 
|                                   |                                    | 
+-----------------------------------+------------------------------------+ 
| Rivington Street Corporate Finance Limited (Joint Broker)              | 
+------------------------------------------------------------------------+ 
| Dru Edmonstone                    | Tel: 020 7562 3389                 | 
|                                   |                                    | 
+-----------------------------------+------------------------------------+ 
| Hansard Communications (Public    |                                    | 
| Relations)                        |                                    | 
+-----------------------------------+------------------------------------+ 
| Kirsty Corcoran/Justine James     | Tel: 020 7245 1100                 | 
+-----------------------------------+------------------------------------+ 
 
Other than as disclosed below, there is no further information required to be 
disclosed under Schedule 2(g) of the AIM Rules 
 
Michael Alan Hughes, aged 64, currently holds or has held the following 
directorships within the last five years: 
 
+----------------------------------+----------------------------------+ 
| Current Directorships:           | Former Directorships in the Past | 
|                                  | 5 Years:                         | 
+----------------------------------+----------------------------------+ 
| EA Technology Ltd                | Cyan Holdings plc                | 
+----------------------------------+----------------------------------+ 
| Electricity North West Ltd       | Staffordshire University         | 
+----------------------------------+----------------------------------+ 
| South Staffordshire plc          |                                  | 
+----------------------------------+----------------------------------+ 
| Oxford Instruments plc           |                                  | 
+----------------------------------+----------------------------------+ 
 
Professor Hughes also holds 51,413 ordinary shares in the capital of the 
Company, equivalent to 0.07 per cent. of the issued share capital of the 
Company. 
 
 
About Cinpart: 
 
Cinpart plc (AIM: CINP) is a holding company that owns 72.2 percent of Active 
Energy Limited. Active Energy manufactures and supplies the VoltageMaster, a 
device that can reduce electricity consumption in commercial buildings by up to 
20 percent. 
 
Other wholly owned subsidiaries in the Group include Derlite Co Limited; based 
in Thailand, this company is an international manufacturer of electrical and 
non-electrical components specializing in ignition systems for gas appliances 
and Gasignition Limited; a trading company supplying electrical components to 
small and medium-sized European gas appliance manufacturers. 
 
About Active Energy: 
 
Active Energy owns the rights, intangible assets and intellectual property of 
VoltageMaster, a range of voltage optimisation equipment for commercial 
buildings that reduces voltage, and consequently energy consumed, by up to 20 
percent. The VoltageMaster, a sophisticated, easy to install device that is 
adaptable to complement existing infrastructures, optimises the voltage used in 
a building by adjusting the electricity voltage supplied to the whole building. 
In addition, the reduced energy consumption produced by the VoltageMaster 
provides reduced carbon emissions. 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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