OPG Power Ventures plc Board Changes (4217J)
09 September 2016 - 5:50PM
UK Regulatory
TIDMOPG
RNS Number : 4217J
OPG Power Ventures plc
09 September 2016
9 September 2016
OPG Power Ventures Plc
("OPG", the "Group" or the "Company")
Board Changes
Following on from the Company's preliminary results announcement
on 1 August 2016, OPG Power Ventures Plc (AIM: OPG), the developer
and operator of power generation plants in India, is pleased to
confirm the following board changes which will be effective from
the forthcoming Annual Meeting of the Shareholders of the Company,
to be held in October 2016, notice of which will be given in due
course.
Having been Chairman of the Company for eight years, and having
overseen the Company's growth from Admission to AIM to 750 MW of
operating capacity, Mr MC Gupta has informed the Board of his
intention to retire from the board at the annual general meeting of
the Company. At that time, Arvind Gupta, OPG's CEO, will assume the
role of Executive Chairman.
On the same date, the Company will appoint Mr Jeremy Beeton
(aged 63) as an Independent Non-Executive Director. Mr Beeton has
more than 40 years' international business experience including in
Government, corporate, project management, construction and
facilities management. He is currently a Non-Executive Director of
SSE plc, WYG plc and John Laing Group plc as well as being an
Advisory Board member of PricewaterhouseCoopers LLP, a Director of
Tanah Merah and Chairman of Merseylink Ltd. He also sits on the
governing Court of Strathclyde University. Mr Beeton spent five
years (2007-2012) as Director General of the UK Government Olympic
Executive, where he was responsible for supervising the delivery of
the London 2012 Olympic and Paralympic Games. Between 1999 and 2007
he was Principal Vice President and Director of Bechtel Ltd with
responsibility for the management and delivery of Bechtel's
worldwide civil engineering projects in its infrastructure and
aviation business lines.
Arvind Gupta commented: "We have, with regret, accepted Mr M C
Gupta's decision to step down from the Board as Chairman. We will
miss his wise counsel and leadership which contributed in
significant measure to the Company's growth and development over
the last eight years. On behalf of the Company and the Board I
would like to thank Mr Gupta for his immense contribution and wish
him well for the future."
He added, "I look forward to welcoming Jeremy Beeton to the
Board. His experience of large listed companies operating and
building assets in emerging markets will no doubt be the source of
much learning for us and will place us in good stead to achieve our
vision of becoming a leader in India's power sector. "
Additional disclosures pursuant to Schedule 2 (g) of the AIM
Rules:
Jeremy John Beeton, is a Fellow of the Institution of Civil
Engineers and is currently a director of:
SSE plc
WYG plc
John Laing Group plc
Tanah Merah Limited
Member of Advisory Board of Pricewaterhouse Coopers
Chairman Merseylink Ltd.
Member of Court of Strathclyde University
Jeremy Beeton was formerly:
Member of Macquarie (MIRA) Advisory Panel - 2012 to 2014
Non-Executive Director, Arqiva - 2012 to 2014
Non-Executive Director, GSR Energy - 2012 to 2014
Non-Executive Director, A Proctor Group Ltd- 1992 -2013
Member Supervisory Board Royal Imtech NV - 2014 to 2015
Jeremy Beeton was appointed to the supervisory board of Royal
Imtech NV ("Imtech") in May 2014. Following a fraud in Imtech's
German subsidiary (occurring prior to Jeremy's appointment)
together with subsequent negative media coverage, a downturn in
many sectors of Imtech's business and unfavourable historic
contracts, Imtech was unable to continue trading. The supervisory
board appointed an administrator in August 2015, following which
all of the members of the supervisory board stepped down, and many
of the operating companies have since been sold and are now under
new ownership.
For further information on the Company, please visit
www.opgpower.com or contact:
OPG Power Ventures PLC +91 (0) 44
Arvind Gupta / V Narayan Swami 429 11 211
Investor Relations +44 (0) 20
Ajay Paliwal/Pooja Maru 7850 7070
Cenkos Securities (Nominated
Adviser & Broker) +44 (0) 20
Stephen Keys / Camilla Hume 7397 8900
Macquarie Capital (Europe)
Limited (Joint Broker) +44 (0) 20
Raj Khatri / Nick Stamp 3037 2000
Tavistock (Financial PR) +44 (0) 20
Simon Hudson / James Collins 7920 3150
About OPG
OPG operates and develops power generation related assets in
India, principally under the group captive model, and currently has
750 MW of assets in operation with 62 MW solar under development.
In the year ended 31(st) March 2016, according to its preliminary
results, the Company generated revenues of approximately GBP128
million, Profit before tax of GBP28.6 million and earnings per
share of 5.90 pence.
-ends-
This information is provided by RNS
The company news service from the London Stock Exchange
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