Low & Bonar PLC Directorate Change (8599Z)
December 20 2017 - 1:00AM
UK Regulatory
TIDMLWB
RNS Number : 8599Z
Low & Bonar PLC
20 December 2017
20 December 2017
LOW & BONAR PLC
('Low & Bonar', 'the Company' or 'the Group')
Resignation of Group Chief Executive and appointment of Interim
Group Chief Executive
Board Change
The Board of Low & Bonar announces that Brett Simpson, who
has been with the Group since September 2014, has resigned from his
position as Group Chief Executive. Brett will step down from the
Board immediately but will remain an employee until 30 April 2018
when he leaves the Company to join Fenner PLC.
Trudy Schoolenberg, currently a non-executive Director of the
Company, has been appointed as Interim Group Chief Executive with
immediate effect pending the appointment of a permanent Chief
Executive. Trudy has been a non-executive Director of Low &
Bonar for four years and has extensive executive experience in the
chemical, technology and petrochemical sectors with significant
engineering and product development expertise from over 20 years'
spent at Royal Dutch Shell. Trudy is also a non-executive director
at Spirax-Sarco Engineering plc. Trudy will lead the Group on a day
to day basis, in conjunction with Philip de Klerk, Group Chief
Financial Officer.
Trading update
Whilst market conditions for the Group as a whole have remained
stable since the trading update on 16 October 2017, full year
outturn will reflect a weaker than expected final quarter in the
Coated Technical Textile business unit as a result of an adverse
product mix and sales timing. As a result, the Board expects to
report full year adjusted profit before tax (before amortisation
and non-recurring items) for the year ended 30 November 2017 of
between GBP30m and GBP31m and net debt, as at 30 November 2017, of
approximately GBP138m. Low & Bonar will announce its final
results on 31 January 2018.
Low & Bonar +44 (0)20 7535 3180
Martin Flower
Philip de Klerk
Instinctif Partners +44 (0)20 7457 2020
Matthew Smallwood
Helen Tarbet
Notes
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation ("MAR") EU no.596/2014. Upon the
publication of this announcement via Regulatory Information Service
("RIS"), this inside information is now considered to be in the
public domain.
The remuneration arrangements in relation to Brett Simpson's
departure from the Board will be determined in accordance with the
Company's shareholder approved directors' remuneration policy, and
details will be made available on www.lowandbonar.com in accordance
with section 430(2B) of the Companies Act 2006.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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December 20, 2017 02:00 ET (07:00 GMT)
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