Appointment & Acquisition of Foelfach Quarry
SigmaRoc plc / EPIC: SRC / Market: AIM / Sector: Construction & Materials
10 January 2019
SigmaRoc plc
('SigmaRoc', the 'Company' or the 'Group')
Appointment of David McClelland
Developments at the Foelfach High Polished Stone Value Quarry
SigmaRoc plc, the AIM quoted buy-and-build construction materials group, is pleased to update the market on two key developments in the continued roll-out of its growth strategy. Following the passing of all resolutions at its General Meeting of 27 December 2018, SigmaRoc is now focussed on developing its footprint in the west and south west of the UK.
Appointment of David McClelland to SigmaRoc's Executive Committee
SigmaRoc is pleased to announce that it has appointed David McClelland to its Executive Committee as Managing Director for its third Platform, located in the west and south west of the UK (the 'Platform'). Mr McClelland was most recently a member of Tarmac's UK Executive Committee, overseeing over £700m in turnover, c.900 employees and c.83 quarries, asphalt and concrete plants for Tarmac's UK central and western region, where he was responsible for a near three-fold increase in profitability.
As an Executive Committee member at SigmaRoc, Mr McClelland will take responsibility for building the Group's third aggregates and quarrying focussed Platform.
Acquisition of Foelfach Quarry
The first asset in the Platform that Mr McClelland will oversee, will be the Foelfach Quarry ('Foelfach'), a high polished stone value ('PSV') quarry, located in Carmarthenshire, South Wales. Sources of high PSV aggregates are scarce in the UK and are of key importance for road surfacing because of the skid resistance qualities. Only an estimated 8% of UK quarries produce high PSV materials.
Foelfach was acquired by SigmaRoc for a non-material consideration during 2018 at which time its resource was estimated to be 1.8 million tonnes of high PSV minerals. Post-acquisition, Sandybed Geological Services has worked with the Company's technical team to prove up a materially larger resource of 4 million tonnes of high PSV materials. Under Mr McClelland's leadership the Group will look to achieve a four-fold increase in the quarry's existing output to 80 thousand tonnes per year, and it will serve as a launch pad for the expansion into the high PSV and asphalt markets.
Max Vermorken, CEO, commented:
"I am extremely proud that SigmaRoc is able to attract talent of the highest caliber. David McClelland brings decades of technical, managerial and strategic experience in our sector. With Foelfach as a starting point, David will help build our third Platform in a region he knows well."
Further information can be found on the Company's website at www.sigmaroc.com.
Enquiries:
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SigmaRoc |
Tel: +44(0)207 129 7828 |
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Max Vermorken, CEO |
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Strand Hanson (Nominated and Financial adviser) |
Tel: +44(0)207 409 3494 |
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James Spinney / James Dance |
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Berenberg (Broker) |
Tel: +44(0)203 207 7800 |
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Ben Wright / Mark Whitmore / Laure Fine |
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Investor Relations |
Tel: +44(0)207 129 7828 |
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Ian Osburn / Ben Feder |
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