Non-Executive Director Ross Allonby steps down from the board.
Velocys plc (VLS.L), the company at the forefront of smaller scale gas-to-liquids (GTL), announces that Ross Allonby, a Non-Executive Director of the Company, has notified the Board that, due to his other time commitments, he wishes to step down from the Board with effect 15 June 2017.
Accordingly, the Company intends to withdraw Resolution No 5 as set out in the Notice of Annual General Meeting dated 25 May 2017 (the “Notice”), relating to Mr Allonby’s re-election as a Director of the Company.
The remaining resolutions as set out in the Notice will be put to shareholders at the Annual General Meeting to be held on 22 June 2017, with results being announced following the conclusion of the meeting.
The withdrawal of Resolution No 5 does not affect the validity of the proxy form circulated to shareholders in respect of the Annual General Meeting or any proxy votes already submitted.
Pierre Jungels, Chairman of Velocys, said:
“The Board is grateful to Ross for his advice and support as a Non-Executive Director and wish him well for the future.”
For further information, please contact:
David Pummell, CEO
+44 1235 841 700
Numis Securities (Nomad and joint broker)
+44 20 7260 1000
Canaccord Genuity (Joint brokers)
+44 20 7523 8000
Camarco (financial communications & PR)
+44 20 3757 4983
Certain information contained in this announcement would have constituted inside information (as defined by Article 7 of Regulation (EU) No 596/2014) prior to its release as part of this announcement.
Velocys is the company at the forefront of smaller scale gas-to-liquids (GTL) and biomass-to-liquids (BTL), providing the bridge connecting stranded and low value feedstocks such as natural gas, landfill gas or biomass with markets for premium products such as renewable diesel, jet fuel and waxes.
With its partners, Velocys aims to deliver the most economically compelling conversion solution; a fully integrated offer that can be deployed at scale into the growing, attractive markets on which it focuses. Velocys technology, protected by several hundred patents in over 30 countries, is specifically designed for smaller scales, combining super-active catalysts with intensified reactor systems. Standardized modular plants can be deployed readily in a wide range of locations, and Velocys’ capabilities and extensive experience deliver a proven route to operation.
Velocys plc is admitted to trading on the AIM market of the London Stock Exchange (LSE: VLS). The Company has a strong, multi-disciplinary staff operating from its commercial centre in Houston, Texas, USA and technical facilities near Oxford, UK and Columbus, Ohio, USA. First product has been produced at its commercial reference plant, which is located adjacent to Waste Management’s East Oak landfill site in Oklahoma City.