TIDMAUG
RNS Number : 6244T
Augean Plc
16 October 2017
16 October 2017
Augean plc
("Augean" or the "Group")
Board changes and trading update
Augean, one of the UK's leading specialist waste management
businesses, today announces changes to its board and also provides
an update on trading.
The new board will comprise:
Executive Chairman Jim Meredith (previously
Non-Executive Chairman)
----------------------- ---------------------------------
Finance Director Mark Fryer (existing Finance
Director)
----------------------- ---------------------------------
Senior Independent John Grant (existing Senior
Director Independent Director)
----------------------- ---------------------------------
Non-Executive Director Rod Holdsworth (existing
Non-Executive Director)
----------------------- ---------------------------------
Non-Executive Director Andrew Bryce (existing
Non-Executive Director)
----------------------- ---------------------------------
Non-Executive Director Christopher Mills (newly
appointed)
----------------------- ---------------------------------
Non-Executive Director Roger McDowell (newly appointed)
----------------------- ---------------------------------
Resignation of Chief Executive
Stewart Davies has resigned from his position as CEO of Augean
by mutual consent with immediate effect.
Appointment of Executive Chairman
Jim Meredith, currently the Non-Executive Chairman of the Group,
will expand his role to that of Executive Chairman and lead the
business through its ongoing re-structuring and cost reduction
programmes.
Appointment of Non-Executive Directors
Christopher Mills and Roger McDowell have been appointed to the
board as Non-Executive Directors with effect from 16 October
2017.
Christopher founded Harwood Capital Management in 2011, a
successor from its former parent company J O Hambro Capital
Management, which he co-founded in 1993. He is investment manager
of North Atlantic Smaller Companies Investment Trust plc and is a
non-executive director of several companies. Christopher was a
director of Invesco MIM, where he was head of North American
investments and venture capital, and of Samuel Montagu
International.
Roger returns to Augean having previously been a board member of
the Group for 11 years between November 2004 and June 2015. Roger
brings valuable experience as a successful businessman and
entrepreneur, with a strong record of driving shareholder value and
serving on the boards of public companies across a range of
sectors.
During his previous tenure on Augean's Board, Roger held the
position of Interim CEO (2006 - 2007) and Interim Chairman (2010 -
2012). He was Managing Director of Oliver Ashworth for eighteen
years before its sale to St. Gobain. He is currently serving as
Non-Executive Chairman of Avingtrans plc, Senior Independent
Non-Executive Director of Servelec Group plc and is also a
Non-Executive Director of ThinkSmart plc, Tribal Group plc,
Proteome Sciences plc and Swallowfield plc.
Trading and HMRC update
As previously announced, Augean remains in active discussions
with HMRC with regard to a landfill tax assessment. The impact of
the HMRC assessment, which the board believes will not be resolved
imminently, as well as a continued weaker trading performance, is
expected to lead to full year profit being below the level of 2016
with 2018 also expected to be lower than previous expectations. The
Board has therefore implemented a further round of cost reduction
including a management re-organisation, to save at least a further
GBP1.7m of cost annually. This is incremental to the saving of
GBP1.3m already announced in September. The one-off cost of this
will be approximately GBP0.9m and will be shown as an exceptional
cost (in addition to the GBP0.7m for the first round of cost
saving). The additional cost savings are expected to be realised
fully in 2018 with the one-off exceptional costs incurred in
2017.
Jim Meredith, Executive Chairman, commented: "These new
appointments greatly enhance the breadth and depth of the board as
well as adding additional commercial experience. We are pleased to
welcome back Roger who has extensive operational experience of
Augean from his previous 11 year tenure as a director. In addition,
Christopher brings with him significant experience of achieving
operational excellence and growth while seeing through efficiency
and cost reduction programmes.
"We wish Stewart well in his future endeavours and thank him for
his efforts whilst Chief Executive of Augean.
"The Group has been through a difficult period but I believe its
underlying business remains strong and that our strategy and new
board now in place will see the Group make solid progress."
- Ends -
Enquiries:
Augean plc
Jim Meredith, Executive
Chairman
Mark Fryer, Group Finance
Director 01937 844 980
N+1 Singer
Shaun Dobson
Alex Price 020 7496 3000
FTI Consulting
Oliver Winters
Fiona Walker 020 3727 1535
Regulatory disclosures
In accordance with Schedule 2(g) of the AIM Rules, Christopher
Harwood Bernard Mills (aged 64) holds or has held in the past 5
years the following directorships and partnerships:
Current Past five years
North Atlantic Smaller Indoor Bowling Acquisitions
Companies Investment Trust Limited
PLC
Consolidated Venture Finance Indoor Bowling Equity
Limited Limited
Growth Financial Services Essenden Limited
Limited
Harwood Holdco Limited Kelvinhaugh Student Accommodation
Limited
Cross-Border Publishing Baltimore Capital PLC
(London) Limited
IR Media Group Limited Izodia Plc
Hampton Investment Properties Bionostics Ltd
Limited
Catalyst Media Group PLC Bionostics Holdings Ltd
Alternateport Limited Second London America
Trust PLC
Sports Information Services Alba Investment Properties
(Holdings) Limited Intermediate Holdings
Ltd
62 Pont Street (Freehold) Orthoproducts Ltd
Limited
Catalyst Media Holdings Baltimore Technologies
Limited (UK) Limited
Alba Investment Properties Baltimore Technologies
Limited (Holdings) Limited
Alba Investment Properties Merchant Properties General
Holdings Limited Partner Ltd
Assetco PLC Merchant Properties Nominees
Ltd
Harwood Capital Management Merchant Properties Two
Limited Nominee 1 Ltd
Harwood Real Estate Limited Merchant Properties Two
Nominee 2 Ltd
Bioquell PLC Merchant Properties Two
General Partner Ltd
Harwood Capital Nominees Darby Group Limited
Limited GTL Resources Overseas
Investments Ltd
Tramworks Limited Sinav Ltd
Stratton Street (Anthony) GTL Resources Ltd
Limited
Harwood Multi Manager Forefront Group Ltd
Limited
Stratton Street (Mouse Valient Sports Holdings
No.1) Limited Ltd
MJ Gleeson PLC Team Rock Limited
Journey Group PLC Toftplan Property Ltd
B&G (Europe) Holding Limited Academic Research Ltd
Agrisense Industrial Monitoring M J Gleeson Group Ltd
Limited
Jaguar Holdings Limited Jarvis Porter (Property
Holdings Ltd)
Coventbridge Group Limited W G Mitchell (Fifteen)
Ltd
Harwood Wealth Management W G Mitchell (Charlotte
Group PLC Square) Ltd
EFK Diagnostics Holdings W G Mitchell (2005) Ltd
PLC
Goals Soccer Centres PLC W G Mitchell (Seven) Ltd
Sherwood Holdings Limited W G Mitchell (George Street)
Ltd
Quantum Pharma PLC W G Mitchell Enterprises
Ltd
Oryx International Growth CCH Advisers Ltd
Fund Limited
Sunlink Health Systems, Stratifer Ltd
Inc
The Tagos Group North Nationwide Accident Repair
Atlantic PC Holdings, Services Ltd
Inc
Utitec Holdings, Inc Harwood Capital LLP
Curtis Gilmour Holding Celsis International Ltd
Company Inc
Celsis Group Ltd
Nastor Investments Ltd
Quarto Group Inc
Cyprotex PLC
Valiant Sports Holdings
Limited
Christopher Mills is interested in 18,400,000 ordinary shares
being 17.89% of the Company's issued share capital. 10,800,000
ordinary shares are held by North Atlantic Smaller Companies
Investment Trust Plc ("NAIT"), 7,500,000 ordinary shares are held
by Oryx International Growth Fund Limited ("Oryx) and 100,000
ordinary shares are held by Harwood Capital LLP ("Harwood").
Harwood is investment manager to NAIT and investment adviser to
Oryx. Harwood is a limited liability partnership of which
Christopher Mills is a partner and Chief Investment Officer.
Christopher Mills is also a shareholder and director of both NAIT
and Oryx.
Christopher Mills has been a director of the following companies
which have been placed into liquidation or
receivership/administration:
All creditors paid in full:
-- Nationwide Security Group plc - Receivership completed 2 March 2005
-- Tricor plc - resigned 3 February 2003 - Voluntary arrangement completed 2 April 2014
Companies that went into administration and creditors lost money
as a result of liquidation:
-- Valiant Sports Holdings Limited - Creditors' voluntary
liquidator appointed on 2 April 2013. The estimated deficiency to
investors and creditors was GBP2,667,085
-- Jarvis Porter Group plc - Administration completed 28 August
2008 - a dividend of 3 pence per share was paid to unsecured
creditors
-- United Industries plc - resigned 28 October 2005 -
Administration completed 26 January 2008. The estimated deficiency
to investors and creditors was GBP48,142,869
-- Versatile Group Limited - Administrative receiver appointed 3
September 1998 by Bank of Scotland who had charges and cross
guarantees supporting a debt of GBP2.4 million. In addition, the
group had estimated deficiencies as regards creditors of GBP0.6
million and total estimated deficiencies in excess of GBP0.7
million. Versatile Group Limited was struck off the register on 15
May 2001
Administration ongoing:
-- Team Rock Limited - Christopher Mills is no longer a director
- Administrator appointed 12 December 2016
Christopher Mills was appointed a director of the following
companies on 23 December 2009 after they were purchased by J O
Hambro on 23 December 2009 whilst they were in Administration. The
preferential creditor agreed to discharge part of the claim it held
against the company and all other creditors were paid in full:
-- W.G. Mitchell (2005) Limited
-- W.G. Mitchell (Charlotte Square) Limited
-- W.G. Mitchell (George Street) Limited
-- W.G. Mitchell (Enterprises) Limited
-- W.G. Mitchell (Fifteen) Limited
-- W.G. Mitchell (Seven) Limited
Save for the disclosures above, there are no further disclosures
to be made in accordance with Rule 17 and Schedule 2(g) of the AIM
Rules in respect of Christopher Mills.
In accordance with Schedule 2(g) of the AIM Rules, Roger Steven
McDowell (aged 62) holds or has held in the past 5 years the
following directorships and partnerships:
Current Past five years
ThinkSmart plc Corsair Techinvest Ltd
Tribal Group plc Augean plc
Proteome Sciences plc Renovo plc / Inspired
Capita plc
Servelec plc Alkane Energy plc
Swallowfield plc Premier Technical Services
Group plc
D4t4 Solutions plc Ultimate Finance Group
plc
Avingtrans plc
Dovehoco 201 ktd
Disperse Ltd
Fineguard Ltd
Roger McDowell is interested in 3,000,000 shares in Augean
representing 2.92% of the current issued share capital.
Save for the disclosures above, there are no further disclosures
to be made in accordance with Rule 17 and Schedule 2(g) of the AIM
Rules in respect of Roger McDowell.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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