TIDMAXS
RNS Number : 0785U
Accsys Technologies PLC
24 March 2023
AIM: AXS
Euronext Amsterdam: AXS
24 March 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
Accsys Technologies PLC
("Accsys", the "Group" or the "Company")
Directorate Appointments
Appointment of Chief Financial Officer
Accsys, the fast-growing and eco-friendly company that combines
chemistry and technology to create high performance, sustainable
wood building products, is pleased to announce that Steven Salo has
been appointed Chief Financial Officer and a member of the Board of
Accsys, with effect from 1 April 2023.
Steven, a chartered accountant, brings significant experience in
senior financial leadership roles, executing high-value corporate
and business development transactions, and driving and shaping
businesses for profitable growth. His experience includes
substantial construction and engineering work. Most recently,
Steven was Group Chief Financial Officer at Depa PLC, a publicly
listed interior manufacturing, construction and assembly firm
headquartered in Dubai providing interior construction services and
joinery manufacturing for contractors in the Middle East, Africa,
Asia and Europe. During his six-year tenure he supported the
business and its major business units through periods of
restructure and growth. Steven was also interim CEO of Design
Studio Group Ltd from 2019 to 2021 and prior to joining Depa was
Head of Strategy, Corporate Development and M&A at Arabtec
Holding PJSC.
Together with a strong track record as a finance leader, Steven
formerly worked in investment banking for both Citigroup and
Dresdner Kleinwort Wasserstein and began his career at PwC in
Australia.
William Rudge will continue at Accsys for a further period of up
to the end of April, so that an orderly handover can be
effected.
Appointment of Executive Chairman
Further to the announcement made on 12 December 2022, Accsys
continues to make good progress on the search for a new Chief
Executive to succeed Rob Harris, who will leave the business, as
planned, on 31 March 2023. In order to provide Accsys with
continuity whilst the search process continues, Stephen Odell,
Chairman of the Board of Directors, will assume the role of
Executive Chairman of Accsys on an interim basis from 1 April 2023
until a permanent Chief Executive is appointed. Stephen has
significant global executive experience through 38 years with Ford
Motor Company where he held senior management roles across North
America, Europe and Asia.
Stephen Odell, Chairman, commented:
"On behalf of the Board, I am very pleased to welcome Steven to
Accsys. Steven's background as an international Group CFO with
experience focused on driving improvement in financial fundamentals
will be highly beneficial to Accsys as we enter our next growth
phase. I would also like to thank Will Rudge for staying on to
support Accsys and transition his responsibilities to Steven and
wish him all the best with the next step in his career.
I am stepping into the role of Executive Chairman on an interim
basis as we progress our CEO search process, and I look forward to
working with our dedicated and talented employees across the Group
in an executive capacity."
The following disclosures are required regarding Steven Salo's
appointment pursuant to Schedule 2 paragraph (g) and Rule 17 of the
AIM Rules for Companies:
Full name: Steven James Salo
Age: 42 years
Current Directorships: Berkshire Nannies Limited
Directorships held in the past five years:
Depa (UK) Limited
Design Studio Group Ltd(1)
Design Studio Asia Pte Ltd(2)
DSG Manufacturing Singapore Pte Ltd(3)
DSG Asia Holdings Pte Ltd(4)
DSG Projects Singapore Pte Ltd(5)
Design Studio (China) Pte Ltd
Design Studio Lanka (Private) Limited
DS Project Management Sdn Bhd(6)
DSG Manufacturing Malaysia Sdn Bhd(6)
DSG Projects Malaysia Sdn Bhd(6)
DSG Projects Myanmar Ltd(7)
Depa Hungary Kft
Depa Germany Verwaltungs GmbH
Depa USA Holding Co.(8)
El Diar 2
Depa Mauritius
Depa Hotels SAE
Pino Meroni Wooden and Metal Industries SAE
Lindner Middle East LLC
Lindner Depa Interiors LLC
Depa Industrial Group Maroc
Depamar SARL
Jordan Wood Industries Co
Other: Arabtec Capital Limited (9)
Notes :
1. Design Studio Group Ltd ("Design Studio Group") commenced a
compulsory liquidation (insolvency) and voluntary creditor
winding-up process in 2021 and delisted from the Singapore stock
exchange in 2022. During a period of difficult trading leading up
to 2019, Steven joined the board of Design Studio Group (where Depa
PLC was a majority shareholder) as a non-executive director in 2019
and then became interim CEO for the period 2019-2021 to assist with
the restructuring. The liquidation process for Design Studio Group
is ongoing.
2. Design Studio Asia Pte Ltd is a subsidiary of Design Studio
Group in Singapore and is subject to an ongoing liquidation process
via a creditor voluntary winding-up process.
3. DSG Manufacturing Singapore Pte Ltd is a subsidiary of Design
Studio Group in Singapore and is subject to an ongoing liquidation
process via a creditor voluntary winding-up process.
4. DSG Asia Holdings Pte Ltd is a subsidiary of Design Studio
Group in Singapore and is subject to an ongoing liquidation process
via a creditor voluntary winding-up process.
5. DSG Projects Singapore Pte Ltd is a subsidiary of Design
Studio Group in Singapore and is subject to an ongoing liquidation
process via a creditor voluntary winding-up process.
6. DS Project Management Sdn Bhd, DSG Manufacturing Malaysia Sdn
Bhd and DSG Projects Malaysia Sdn Bhd are Malaysian subsidiaries of
Design Studio Group. All three are active and DSG Projects Malaysia
Sdn Bhd is under judicial review (a form of creditor moratorium) as
the Design Studio Group winding-up process is ongoing.
7. DSG Projects Myanmar Ltd was a subsidiary of Design Studio
Group in Mayanmar and has ceased trading with operations suspended
given geo-political difficulties in the region.
8. Depa USA Holding Co. was a subsidiary of Depa plc in the USA
and was dissolved in 2021 via a members voluntary liquidation.
9. Arabtec Capital Limited was a Dubai subsidiary of Arabtec
Holding PJSC which was a dormant company and wound-up via an
orderly liquidation in 2015. Steven was on the board of Arabtec
Capital Limited at this time.
There are no other matters in relation to the appointment of
Steven Salo which are required to be disclosed in accordance with
the AIM Rules for Companies.
Ends
The appointment of Stephen Odell as Executive Chairman comprises
inside information for the purposes of EU MAR and UK MAR. The
person responsible for making this announcement is Nick Hartigan,
General Counsel and Company Secretary, Accsys Technologies PLC.
For further information, please contact:
Accsys Technologies PLC
Katharine Rycroft, Head of Investor
Relations +44 (0) 7783 776080
======================================== ======================
Numis Securities (London)
Oliver Hardy (NOMAD), Ben Stoop +44 (0) 20 7260 1000
======================================== ======================
Investec Bank plc (London)
Carlton Nelson, Alex Wright +44 (0) 20 7597 5970
ABN Amro (Amsterdam)
Richard van Etten, Dennis van Helmond +31 20 344 2000
======================================== ======================
FTI Consulting (UK)
Matthew O'Keeffe, Alex Le May +44 (0) 20 3727 1340
======================================== ======================
Off the Grid (The Netherlands)
Frank Neervoort, Yvonne Derske +31 681 734 236
======================================== ======================
Notes to editors:
Accsys (Accsys Technologies PLC) is a fast-growing business with
a purpose: changing wood to change the world. The company combines
chemistry, technology and ingenuity to make Accoya(R) wood and
Tricoya(R) wood elements: high performance wood products that are
extremely durable and stable, opening new opportunities for the
built environment and giving the world a choice to build
sustainably. Accsys transforms fast-growing, certified sustainable
wood into building materials with an up to 50-year warranty,
locking carbon stored in the wood into useful products for decades,
with performance characteristics that match or better those of
non-renewable, resource-depleting and polluting alternatives.
Accsys is listed on the London Stock Exchange AIM market and on
Euronext Amsterdam, under the symbols 'AXS'. Visit
www.accsysplc.com
Accoya(R) solid wood is sustainable, durable, and stable with
exceptional performance, finish and sustainability. Accsys'
proprietary acetylation process makes the wood more dimensionally
stable and because it is no longer easily digestible, extremely
durable. It is one of very few building materials to be Cradle to
Cradle Certified(TM) at the Gold level, with a Platinum rating for
Material Health, confirming that no harmful or toxic additives or
chemicals are present to leach out into the environment. Primary
applications for Accoya(R) wood include windows, doors, cladding
and decking, where the combination of performance and
sustainability benefits compete favorably against hardwoods,
plastics, metals and concrete. Visit www.accoya.com
Tricoya(R) acetylated wood elements are produced for use in the
fabrication of panel products such as medium density fibreboard
(MDF). Panel products made with Tricoya(R) wood elements are truly
durable and stable enough for use outdoors and in wet environments,
unlocking new possibilities for design and construction. They have
been lauded as the first major innovation in the wood composites
industry in more than 30 years and bring the flexibility of
traditional panel products and sustainability benefits of wood to a
whole new range of applications. Visit www.tricoya.com
Any references in this announcement to agreements with Accsys
shall mean agreements with either Accsys or its subsidiary entities
unless otherwise specified. 'Accsys' and 'Accsys Technologies' are
trading names of Titan Wood Limited ("TWL"), a wholly-owned
subsidiary of Accsys Technologies PLC. Accoya(R) , Tricoya(R) and
the Trimarque Device are registered trademarks owned by TWL, and
may not be used or reproduced without written permission from TWL,
or in the case of the Tricoya(R) registered brand trademark, from
Tricoya Technologies Limited, a subsidiary of TWL with exclusive
rights to exploit the Tricoya(R) brand.
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