REG - Accsys Technologies - Directorate Change

Accsys TechnologiesAnnouncement

12/12/2022 07:00

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RNS Number : 2981J  Accsys Technologies PLC  12 December 2022

       AIM: AXS

 
 
    Euronext Amsterdam: AXS

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

 

 

ACCSYS TECHNOLOGIES PLC

("Accsys" or the "Company" or "Group")

 

Directorate Change

 

 

 

Accsys, the fast-growing and eco-friendly company that combines chemistry and
technology to create high performance, sustainable wood building products,
announces that Rob Harris has decided to pursue new opportunities. The Accsys
board (the "Board") have agreed that Rob will be subsequently stepping down as
Chief Executive Officer and as a director of the Company after 3 years in his
role. Rob has agreed terms with the Company to stay in post until 31 March
2023. The Board will now proceed with a formal search for a successor.

 

Following the announcement on 3 August 2022 that William Rudge would be
resigning from the role of Finance Director after 12 years in the Company,
good progress is continuing on the replacement process and an update will be
provided in due course. To ensure business continuity, the Board will appoint
an interim Chief Financial Officer in January 2023 should a permanent
replacement not be available to start before William Rudge leaves Accsys.

 

Further to its Interim Results announced on 22 November 2022, in which Accsys
reported a 30% increase in the Accoya profit per cubic meter and that it is
targeting an increase in Accoya sales volumes by 50% in H2, Accsys confirms
there is no change in its current outlook.  A trading update incorporating Q3
sales will be released in January 2023.

 

Stephen Odell, Non-Executive Chairman of Accsys, commented:

 

"The Board would like to thank Rob Harris for his contribution to Accsys'
success over the last 3 years. During his tenure Rob has navigated the
challenges of Covid-19, overseen the construction of additional reactors in
Arnhem, led the consolidation of Accsys' ownership of the Tricoya project and
established the foundations and momentum for our US expansion.

 

As we look ahead we are confident; confident in our ability to deliver on
expectations for the year, confident in delivering for customers and confident
in the important role our products will play as the world looks for more
sustainable building material solutions."

 

The Company will shortly publish a statement on its website in compliance with
section 430(2B) of the Companies Act 2006 relating to Rob Harris'
remuneration.

 

Ends

 

This announcement contains inside information for the purposes of EU MAR and
UK MAR. The person responsible for making this announcement is Nick Hartigan,
General Counsel and Company Secretary, Accsys Technologies PLC.

 

 

For further information, please contact:

 

 Accsys, Investor Relations                       ir@accsysplc.com

 Katharine Rycroft

 Numis Securities (London)                        +44 (0) 20 7260 1000

 Oliver Hardy (NOMAD), Ben Stoop

 Investec Bank plc (London)                       +44 (0) 20 7597 5970

 Carlton Nelson, Alex Wright

 ABN AMRO (Amsterdam)                             +31 20 344 2000

 Richard van Etten, Dennis van Helmond

 FTI Consulting (London)                          +44 (0) 20 3727 1340

 Matthew O'Keeffe, Alex Le May, Cally Billimore   Accsys@fticonsulting.com

 Off the Grid (Amsterdam)

 Frank Neervoort, Yvonne Derske                   +31 681 734 236

 

 

Notes to editors:

 

Accsys (Accsys Technologies PLC) is a fast-growing business with a purpose:
changing wood to change the world. The company combines chemistry, technology
and ingenuity to make Accoya(®) wood and Tricoya(®) wood elements:  high
performance wood products that are extremely durable and stable, opening new
opportunities for the built environment and giving the world a choice to build
sustainably. Accsys transforms fast-growing, certified sustainable wood into
building materials with an up to 50-year warranty, locking carbon stored in
the wood into useful products for decades, with performance characteristics
that match or better those of non-renewable, resource-depleting and polluting
alternatives.  Accsys is listed on the London Stock Exchange AIM market and
on Euronext Amsterdam, under the symbols 'AXS'.  Visit www.accsysplc.com
(http://www.accsysplc.com)

Accoya(®) solid wood is sustainable, durable, and stable with exceptional
performance, finish and sustainability. Accsys' proprietary acetylation
process makes the wood more dimensionally stable and because it is no longer
easily digestible, extremely durable. It is one of very few building materials
to be Cradle to Cradle Certified™ at the Gold level, with a Platinum rating
for Material Health, confirming that no harmful or toxic additives or
chemicals are present to leach out into the environment. Primary applications
for Accoya® wood include windows, doors, cladding and decking, where the
combination of performance and sustainability benefits compete favorably
against hardwoods, plastics, metals and concrete. Visit www.accoya.com
(http://www.accoya.com)

Tricoya(®) acetylated wood elements are produced for use in the fabrication
of panel products such as medium density fibreboard (MDF). Panel products made
with Tricoya(®) wood elements are truly durable and stable enough for use
outdoors and in wet environments, unlocking new possibilities for design and
construction. They have been lauded as the first major innovation in the wood
composites industry in more than 30 years and bring the flexibility of
traditional panel products and sustainability benefits of wood to a whole new
range of applications. Visit www.tricoya.com (http://www.tricoya.com)

Any references in this announcement to agreements with Accsys shall mean
agreements with either Accsys or its subsidiary entities unless otherwise
specified. 'Accsys' and 'Accsys Technologies' are trading names of Titan Wood
Limited ("TWL"), a wholly-owned subsidiary of Accsys Technologies PLC.
Accoya(®), Tricoya(®) and the Trimarque Device are registered trademarks
owned by TWL, and may not be used or reproduced without written permission
from TWL, or in the case of the Tricoya(®) registered trademark, from Tricoya
Technologies Limited, a subsidiary of TWL with exclusive rights to exploit the
Tricoya(®) brand.

 

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