REG - Roebuck Food Group - Management and Directorate Changes

Roebuck FoodAnnouncement

05/07/2023 07:00

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RNS Number : 9725E  Roebuck Food Group PLC  05 July 2023

The information contained within this announcement was previously deemed by
the Company to constitute inside information as stipulated by Market Abuse
Regulation (EU) No 596/2014 ("EU MAR") and the retained UK law version of EU
MAR pursuant to the Market Abuse (Amendment) (EU Exit) Regulations 2019 (SI
2019/310) ("UK MAR"). With the publication of this announcement via a
Regulatory Information Service, this information is now considered to be in
the public domain.

 

Roebuck Food Group plc ("Roebuck" or "the Company")

Management and Directorate Changes

5 July 2023

Management

Roebuck announces that Declan Morrissey will step down from his position as
Group Chief Executive on 6 July 2023.  Mr Morrissey joined the Company in
2017 as head of the Dairy Division. Mr Morrissey will receive payment in lieu
of one year's notice under his service agreement of €100,000 (being
equivalent to one year's base salary).

Mr Morrissey stated "I have enjoyed my six years at Roebuck immensely and it
has always been a great work environment with a culture of learning and open
dialogue. The business has undergone immense change over the period,
especially since the very successful exit from the Cold Stores in 2021, and
the consequent return of capital to Shareholders. Throughout my time with the
business, Roebuck and its leadership team has had a focus on operational
excellence, capital allocation and delivering value for shareholders. I wish
my colleagues at Roebuck every success.

I plan to pursue an interest in NUA Bioenergy in order to develop a network of
Integrated Bioenergy sites across Ireland, focussing on Anaerobic Digestion,
Biomethane, Biofuels and Renewable Energy production, an area in which Roebuck
is not currently involved."

Commenting, Chairman Ted O'Neill stated: "I would like to thank Declan for his
innovation and endeavour with the Company which has helped the Company
establish an existing dairy division. I and my fellow directors wish Declan
the very best in his future business ventures and interests."

Mr Morrissey will be replaced as Group Chief Executive by Kieran Mahon, who
rejoined Roebuck as non-executive director on 14 April 2023. Mr Mahon will be
employed by the Company at a salary of €150,000 per annum on a rolling
one-year contract.

As Kieran Mahon is a non-executive director and substantial shareholder of the
Company the entering into the service contract with the Company constitutes a
related party transaction. The directors of the Company excluding Kieran Mahon
having consulted with its nominated adviser Davy consider that the terms of
the transaction are fair and reasonable insofar as shareholders are concerned.

Board

In addition, Seán Savage, non-executive director has signalled his intention
to step down from the Board on 31 December 2023. Mr Savage was appointed to
the Board in 2012 having had previous extensive experience in the food
industry.  He holds 1,000,333 shares in Roebuck, representing approximately
3.33% of the Company's issued share capital.

Commenting, Chairman Ted O'Neill stated: "I would like to thank Seán for his
contribution to the Company.  He joined the Company and made a significant
investment in the Company at a crucial time. His investment and input at Board
level have been central to enabling Roebuck's diversification from its
previous principal business of temperature-controlled storage."

Chairman

In view of these changes, the Board have asked Ted O'Neill to reconsider his
position with regards to standing down as Chairman at 29 September 2023 and he
has agreed to this request, such that Mr O'Neill will not now stand down as
Chairman on that date and will continue in office as Non-Executive Chairman.

The Directors of the Company accept responsibility for the contents of this
announcement.

Enquiries:

Roebuck

Aidan Hughes, Deputy Chairman       Telephone: + 44 1293 862 498

 

 

Davy

Anthony Farrell           Telephone: + 353 1 679 6363

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