Board Changes

RNS Number : 5209D

TEG Group (The) PLC

31 March 2014

 

TEG Group PLC

("TEG" or the "Company")

Board Changes

The TEG Group PLC (AIM: TEG), the AIM-listed green technology company, which develops and operates organic composting and energy plants, is pleased to announce the appointment of Leo McKenna as Chairman.

Leo is a senior strategic advisor on international infrastructure development, procurement and commercial activity. Leo holds senior positions in both the public and private sectors and he has extensive international experience. He has been involved in Public-Private Partnerships (PPP) since 2001, prior to which he spent ten years in international energy development. His sectoral experience covers; government, healthcare, education, energy, transportation, student accommodation, urban regeneration and leisure.

Leo is currently Co-Chair of, and the UK Government's appointed representative to, the United Nations' Executive Board on PPP. He is also the Northern Ireland Government's appointed representative to the European Investment Bank's European PPP Expertise Centre, as well as being a director of the global board of the International Project Finance Association. He is also a member of the International Urban Development Association. The Board is also pleased to confirm that Tanja Willis has agreed to remain in her role as Group Finance Director.

Rory Maw, previously the Chairman of TEG, is stepping down from the Board to pursue a full time appointment outside of the Company.  Bridges Ventures intends to appoint a new representative as a Non-Executive Director on the Board and further information will be provided in due course.

The Board would like to thank Rory for his support and significant contribution, and wish him well in his new appointment.

Commenting on his appointment, Leo McKenna, said: "I am delighted to be joining TEG at a very exciting time in its development.  There are some very interesting strategic opportunities for the Company to pursue and I look forward to working with a very talented team." 

Save as disclosed below, there are no further disclosures to be made under Schedule Two, paragraph (g) of the AIM Rules.

Leo William McKenna, aged 47. 

Current directorships

Odyssey Trust Company

Catalyst Investment Holdings Ltd

International Project Finance Association

Past directorships held within the last 5 years

Inspire Business Centre Ltd

Contact:
The TEG Group Plc	Tel: [phone]
Michael Fishwick, Chief Executive	www.theteggroup.plc.uk
Peckwater PR	Tel: [phone]
Tarquin Edwards	[e-mail]
N+1 Singer Advisory LLP (Nomad & Broker)	Tel: [phone]
Andrew Craig/Ben Wright

Notes to Editors

TEG

TEG provides state of the art technology for handling organic wastes. Its in-vessel composting ("IVC") system is one of the few approved technologies capable of treating animal by-product ("ABP") waste and it is now providing an anaerobic digestion ("AD") technology to produce power from food waste. Plant economics are predominantly driven by the gate fees charged, rather than the value of the end product (compost).

The AD plants also benefit from power sales and Renewable Obligations Certificates ("ROCS") or Feed-in Tariffs ("FITs"). The TEG processes are an economic and sustainable alternative to landfill.

The TEG Silo Cage System

The Silo Cage system, one of the few technologies capable of treating organic waste, is a natural process producing compost as an end product. The compost is an excellent soil conditioner that fertilises, retains moisture, provides structure and reduces the incidence of plant disease. TEG's Silo-Cages are housed in self-contained buildings, suitable for urban environments, are not unsightly and are environmentally friendly.

TEG Biogas (Perth) Limited

TEG Biogas (Perth) Limited ("TEG Biogas Perth") is a joint venture company established by TEG with Albion LLP. TEG Biogas Perth has constructed a 15,000 tonnes per annum AD plant at TEG's Glenfarg site to produce nominally 0.7MW of electrical power and 0.2MW of heat that is to be used by Binn Eco Park. The facility has been in operation, generating revenues from waste sales and power generation since Quarter 1 of 2012. It has become one of the leading AD operations in Scotland.

TEG Biogas (London) Limited (TEGBL)

TEG Biogas (London) Limited ("TEG Biogas London") is a joint venture company established by TEG with funding partners led by Foresight Environmental Fund LP. TEG Biogas London has constructed a combined In Vessel Composting (IVC) and AD plant in Dagenham that will process approximately 50,000 tonnes per annum of organic wastes and will generate approximately 1.4MW of power, sufficient to power approximately 2000 homes. The plant went into full operation in Q1 2014.

TEG received a contract to construct the facility, valued at approximately £16m, in September 2012. The Company is currently operating the facility, post handover, as part of a 15-year operating and maintenance contract. The Group has a minority shareholding in TEGBL.

General

Customers include local authorities, waste management companies, food processing companies, farmers and landowners. The Company's expanding market is driven by increasingly stringent EU and UK legislation regulating the treatment and disposal of organic waste. Statutory targets for the diversion of waste from landfill increase annually through to 2020, increasing TEG's market opportunity year on year.

Foresight Environmental Fund LP

Foresight Environmental Fund LP (FEF), supported by the London Green Fund, which was launched by Mayor of London, Boris Johnson, in early 2011 and in part funded by the European Regional Development Board (ERDF) and the London Waste and Recycling Board (LWARB), is a key part of London's drive towards becoming a world leading low carbon city. FEF is a £60 million fund managed by Foresight Group, which directly supports this vision by financing waste management and recycling facilities which promote sustainable and carbon neutral economic growth.

UK Waste Resources and Energy Investments (UKWREI) Fund

UKWREI is a £68 million fund, managed by Foresight Group, targeting environmental infrastructure projects across the UK, cornerstoned by the UK's Green Investment Bank. The investment in TEG Biogas (London) was the fund's first investment.

London Waste and Recycling Board

The London Waste and Recycling Board (LWARB), chaired by Richard Tracey, Assembly Member, working in conjunction with the Mayor of London and London Councils, has a remit to improve waste management in the capital. For more information on LWARB visit www.lwarb.gov.uk

 

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