Green Chemicals plc - Directorate change
03 Jul 2008
Green Chemicals plc, the developer of "cleaner, greener and safer" chemicals with industrial applications, initially in textiles, including the pre-treatment of wool and fire retardant treatments, and in hair colorants, announces with regret that Dr. Andrew Bayliff, Chief Executive, will be stepping down from the Company's Board and the Board of its subsidiary, Perachem Limited ("Perachem"), with immediate effect although he will continue to be employed until 31 July this year in order to ensure the orderly transition of his responsibilities. Dr. Bayliff is leaving Green Chemicals plc for a senior position in industry; his decision has been based on personal considerations and his new role will not be in competition with the activities of the Company.
Dr. Bayliff is interested in 341,030 ordinary shares of 5 pence each ("Shares"), representing 4.28 per cent of the issued share capital of the Company as at 30 June 2008. These Shares are the object of a subsisting orderly market agreement ("OMA") and may only be disposed of (save under certain, specified circumstances) through the Company's stockbrokers in accordance with the terms of the OMA.
Stephen Winston, FCA, a director of the Company, will assume the role of Chief Executive on a full-time basis with effect from the date of Dr. Bayliff's departure. Mr. Winston is a co-founder and the former Managing Director of Primavera Capital plc, which became green chemicals plc after the acquisition at the beginning of 2007 of Perachem.
In addition to the departure of Dr. Bayliff and the appointment as Chief Executive of Mr. Winston, the following management changes are announced and will become effective immediately:
David Norwood, Chairman, will step up his involvement with the Company and will henceforth be Executive Chairman. Professor David Lewis, the author or co-author of much of the Company's intellectual property, will also become an executive director (previously non-executive).
It is the Company's intention to appoint one or more additional, non-executive director(s), who will bring suitable experience and added value to the Board; a further announcement will be made as appropriate.
Commenting on the changes, the Chairman said, "We are sorry to see Andrew leave, particularly at such an exciting juncture in the Company's development; the Board understands the reasons for his decision and thanks him for the contribution he has made to green chemicals plc over the past 18 months. The gearing-up of my own role at the Company and Stephen Winston's dedication of substantially all of his time to the Chief Executive's position are testimony to our commitment to and confidence in the future of the Company."
For further information please
contact:
David
Norwood Clemmie
Carr
Graham Atthill-Beck
Stephen
Winston Simon
Hudson
green chemicals plc Tavistock
Communications Hichens Harrison & Co. plc
Tel: +44 113 3432924 Tel: +44 20 7920i
3150 Tel: +971 4 343 1330 or
+971 50 856 9408
