D1 Oils Plc
19 July 2005
D1 Oils announces new Chief Financial Officer and Regional Director
D1 Oils plc ('D1 Oils' or 'the Company'), the low cost global producer of
biodiesel from renewable energy crops, today announced the following immediate
changes to its Board of Directors.
Elliott Michael Mannis, aged 43, is appointed Chief Financial Officer and
Company Secretary. Elliott joins the Company from AWG PLC (the holding company
for Anglian Water) where he was Group Finance Director. Elliott has previously
held senior financial positions at Aegis Group plc and, prior to that, worked at
Price Waterhouse. He brings a wealth of public company experience and the full
time attention to the CFO role that the business now requires as it builds up
its operations and deploys the money invested by the Company's Shareholders.
On 1 June 2005, the Board granted Elliott 33,613 options over Ordinary Shares at
an exercise price of £2.975 per Ordinary Share and a further 132,075 options
over Ordinary Shares at an exercise price of £2.65 per Ordinary Share. All of
these options have been granted under the D1 Oils Share Option Plan ('the
Plan'), vest for a period of three years from grant and expire on 31 May 2015.
In addition, Stephen Peter Douty, aged 46, formerly Deputy CFO, has been
promoted to Regional Director, with responsibility for ensuring that the
company's regional plans in the UK, Africa, Middle East, India, Asia Pacific and
China are implemented and the recently increased planting and refining targets
are met. Stephen joined D1 Oils in December 2004 from Reuters Limited and is
also a director of Laverock School Limited. He has played a key role in
developing the company's regional strategy and targets and in raising the
additional funds necessary to enable the company to meet the increased
international demand for biodiesel.
On 1 February 2005, the Board granted Stephen 56,497 options over Ordinary
Shares at an exercise price of £1.77 per Ordinary Share. These options are
exercisable as to one third on the first anniversary of grant, one third on the
second anniversary of grant and the final third on the third anniversary of
grant. In addition, on 15 July 2005, Stephen was granted 132,075 options over
Ordinary Shares at an exercise price of £2.65 per Ordinary Share. All of these
options have been granted under the Plan, vest for a period of three years from
grant and expire on 14 July 2015. He also currently holds 6,987 Ordinary Shares
in the Company.
Alec David Worrall, currently part-time Chief Financial Officer and Company
Secretary, becomes a Non-Executive Director of the Company.
In accordance with paragraph (g) of Schedule Two of the AIM Rules, no further
information in respect of either of Elliott or Stephen is required to be
Karl Watkin, Chairman, commented:
'D1 Oils is operating in a rapidly evolving environment in which increasing
emphasis is being placed by world leaders on the environment, energy and
poverty. We aim to create a locally produced biofuel alternative to fossil fuels
to help the countries in which we operate make a positive contribution to rural
employment, air quality and balance of trade. It is a measure of the growing
strength of the D1 brand globally and our company that we are able to attract
such high calibre individuals to our management team'
D1 Oils plc, Karl Watkin, Chairman, 020 7321 3885
Brunswick Group LLP, Kevin Byram / Gill Ackers / Helen Barnes, 020 7404 5959
This information is provided by RNS
The company news service from the London Stock Exchange