RNS Number : 6313H
Flowtech Fluidpower PLC
21 May 2014

Wednesday, 21 May 2014

Immediate Release


Flowtech Fluidpower plc

("Flowtech" or "Company")

Non-Executive Directorate Appointments


Flowtech Fluidpower plc announces the appointment of Malcolm Diamond MBE as Non-Executive Chairman of the Company, and Mr Nigel Richens as a Non-Executive Director; both these appointments are effective today as shares in the Company commence trading on AIM.


Malcolm Diamond (aged 65) is an experienced director in both the PLC and private company arena.  He is currently Executive Chairman of the global industrial fastenings group Trifast plc where, in total, he has worked for 32 years.  (Malcolm had retired from the business in 2002 however, he was reappointed as Chairman of Trifast in 2009; prior to this he had been the CEO for 18 years).  He has also served on a number of private and PLC Board's including Dechra Pharmaceuticals PLC (retired 2010 after 10 years' service).  Malcolm brings a number of skills which will further enhance the expertise of the executive team, these include, strategic planning and implementation, sales and marketing, business development and investor relations.  Malcolm will chair Flowtech's Nomination Committee and also be a member of both the Audit and Remuneration Committees and the AIM Compliance and Corporate Governance Committee. 


Nigel Richens (aged 58) was a former partner of a global accountancy firm and has over 23 years' experience at partner level advising the boards of both listed, family and private equity owned businesses across a broad range of sectors.  He is currently treasurer of Onside Youth Zones.  Nigel will chair Flowtech's Audit, Remuneration and AIM Compliance and Corporate Governance Committees.


Commenting on these appointments, Sean Fennon, Chief Executive Officer, Flowtech said:

"As a business we are delighted to welcome both Malcolm and Nigel to Flowtech; both are respected professionals who have considerable commercial and PLC experience which will be invaluable to us as we look to develop our AIM profile and focus on the future development of our operational footprint both in the UK and internationally."


Flowtech has placed 40,000,000 ordinary shares at a price of 100 pence with institutional investors, capitalising the business at the start of trading today at £40 million.  Nomad and sole broker to Flowtech is Zeus Capital Limited.




Flowtech Fluidpower plc


Sean Fennon, Chief Executive Officer

Bryce Brooks, Chief Financial Officer & Company Secretary

Tel: 44 (0) 1695 52796


Email: info@flowtechfluidpower.com


Zeus Capital Limited

(Nominated Adviser and Broker)

Tim Metcalfe

Ross Andrews

Tel: 44 (0) 207 533 7727

Tel: 44 (0) 161 831 1512

TooleyStreet Communications

(IR and media relations)

Fiona Tooley

Tel: 44 (0) 7785 703523

Email: fiona@tooleystreet.com



Editors' note:

Flowtech, founded in 1983, is the UK's leading specialist supplier of technical fluid power products with modern distribution facilities in the UK and Benelux.  It offers an unrivalled range of Original Equipment Manufacturer (OEM) and Own Brand products to c.3,000 distributors and resellers.  Its catalogue is recognised as the definitive source for fluid power products, containing approximately 47,000 individual product lines and is distributed to more than 90,000 industrial Maintenance, Repair and Overhaul end users (MRO).  Over 80% of product is stocked and ordered by 10pm, can be delivered next day in the UK, providing 'best in industry' service offering.


The Group's headquarters and main distribution centre is in Skelmersdale, Lancashire with further centres in the Netherlands and China; in total, the business employs 160 people.


This information is provided by RNS
The company news service from the London Stock Exchange