RNS Item

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.