WHY White Young

 

TIDMWHY 
 
RNS Number : 6087W 
White Young Green PLC 
31 July 2009 
 

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| For immediate release                |                         31 July 2009 | 
+--------------------------------------+--------------------------------------+ 
 
 
 
 
White Young Green plc 
 
 
Board Changes and Financing Update 
 
 
 
 
White Young Green plc ("White Young Green" or the "Company" or the "Group") 
today announces the following changes to the Board and provides an update to its 
refinancing negotiations. 
 
 
Board changes 
 
 
The Board of White Young Green is pleased to announce the appointments of Mike 
McTighe as Non-Executive Chairman and Graham Olver as Group Services Director 
and Company Secretary with effect from 3 August 2009. 
 
 
Mike McTighe is currently Chairman of Pace plc and Volex Group plc, a member of 
the Board of Ofcom and Chairman of a number of private companies. Previously he 
was Chairman and CEO of Carrier I International S.A., and before that the 
Executive Director and Chief Executive, Global Operations of Cable & Wireless 
plc. 
 
 
Graham Olver joins the Board as Group Services Director and Company Secretary. 
Graham brings strong, international built environment experience at a senior 
level. He was previously Commercial & Operations Director at Skanska 
Infrastructure Development, the infrastructure development and investment 
division of Skanska AB.  Prior to that he worked with Thames Water and ALSTOM in 
commercial and legal roles. He is a Barrister-at-Law. 
 
 
In March 2009, Brian Duckworth agreed to act as Non-Executive Chairman until a 
long term appointment was made, when the former Chairman, Peter Wood, resigned 
from the Board for personal and family reasons. As a result of the appointment 
of Mike McTighe, Brian will step down as Chairman and will be leaving the Board 
with effect from 3 August 2009. 
 
 
John Richardson has advised the Board that after 12 years on the Board he will 
not be seeking re-election at the Company's next Annual General Meeting and 
accordingly will step down as a Non-Executive Director and Chairman of the Audit 
Committee following the next Annual General Meeting. 
 
 
The Board would like to thank Brian and John for their significant contributions 
to the Group since their appointments to the Board in 2005 and 1997 
respectively. 
 
 
Robert Barr is now the Senior Independent Director of the board and a search has 
commenced for two new Non-Executive Directors. 
 
 
There is no further information to be disclosed pursuant to Listing Rule 9.6.13 
in respect of Mike McTighe and Graham Olver. 
 
 
Current Trading 
 
 
As previously highlighted, trading conditions across the Group in the second 
half of the year ended 4 July 2009 were mixed and more challenging than those 
experienced in the first half of that financial year. These challenging trading 
conditions have continued into the start of the new financial year and the Board 
remains cautious about the trading outlook for the current year. 
 
 
Financing 
 
 
As previously announced, White Young Green is in discussion with its lenders 
with a view to renegotiating its existing banking facilities. As part of this 
process, the lenders originally agreed to defer the covenant test date from the 
year end date initially to 31 July 2009. As anticipated in the announcement on 
30 June 2009, the covenant test date has been deferred again to 31 August 
2009 whilst discussions continue and the Board expects that a further deferral 
of the covenant test date is likely to be requested. A further announcement will 
be made in due course as appropriate. 
 
 
Enquiries: 
 
 
 
 
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| White Young Green                    | 0113 278 7111                        | 
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| Paul Hamer, Chief Executive Officer  |                                      | 
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| David Wilton, Group Finance Director |                                      | 
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|                                      |                                      | 
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| Buchanan Communications              | 020 7466 5000                        | 
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| Tim Anderson                         |                                      | 
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This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 BOARMMATMMAJBBL 
 

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