9th December 2015
Velocys plc (VLS.L), the company at the forefront of smaller scale gas-to-liquids (GTL), is pleased to announce the appointment of Ross Allonby as a Non-executive Director with immediate effect.
Ross Allonby has also been appointed as a member of the Audit Committee, Remuneration Committee and the Nomination and Governance Committee.
Mr Allonby is a Founder, Managing Partner and CEO/CIO of First River Capital Partners LLP, an integrated advisory, origination, structuring and investment management business providing companies in emerging markets with debt financing solutions.
He was formerly Head of Emerging Markets (EM) Credit Trading at Bank of America Merrill Lynch, responsible for EM direct lending, loans, structured credit trading, EM special situations, EM distressed/high yield and EM flow trading. Prior to joining Merrill Lynch, he was a Director in the Capital Markets Group of Standard Bank, London, and had previously been a Vice President at Goldman Sachs. Mr Allonby is a UK citizen and resident in the UK.
Membership of Board Committees
The Board also announces that, with immediate effect, the Audit Committee is to be renamed the Audit and Risk Committee. In addition, Pierre Jungels, Jan Verloop and Sandy Shaw will step down from this committee, the membership of which will be Mark Chatterji (Chairman), Julian West and Ross Allonby.
Pierre Jungels, Jan Verloop and Mark Chatterji will also step down with immediate effect from the Remuneration Committee, the membership of which will be Sandy Shaw (Chair), Julian West and Ross Allonby.
The membership of the Nomination and Governance Committee will remain unchanged and comprise Pierre Jungels (Chairman), Jan Verloop, Julian West, Sandy Shaw, Mark Chatterji and Ross Allonby.
Pierre Jungels, CBE, Chairman of Velocys, said:
"We are delighted that Ross Allonby is joining our Board. Ross' appointment is part of the Board's evolution of the varied skills required for the future strategy of the Company which needs to address specific know how of emerging markets where flaring is a serious concern, both as a waste of resource and environmental damage. Ross also brings the enthusiasm to help us develop Velocys as the disruptive technology for waste conversion, biomass-to-liquids and flare reduction, all part of the sustainable energy world. This will not happen without new commercial thinking."
There is no information that is required to be disclosed with regards to the appointment of Ross Allonby, aged 38, pursuant to Schedule 2 paragraph (g) of the AIM Rules, save as set out below:
Current directorships and partnerships
First River Capital Partners LLP, Managing Partner
Broad Peak Ventures I Limited, Director
Broad Peak Ventures II Limited, Director
40 Beak Street Limited, Director
Directorships and partnerships held within the past five years
Broad Peak Ventures III Limited, Director
11 Belsize Square RTM Company Limited, Director
Perdiz Associates LLP; Managing Partner
J L (Liverpool) Regeneration LLP, Partner
Numis Securities (Nomad and Broker)
Alex Ham – Corporate Broking
Stuart Skinner / Jamie Lillywhite – Nominated Advisor
+44 20 7260 1000
Camarco (financial communications & PR)
Billy Clegg / Georgia Mann
+44 20 3757 4983
Velocys is the company at the forefront of smaller scale gas-to-liquids (GTL) that turns natural gas or biomass into premium products such as diesel, jet fuel, waxes and base oils. Smaller scale GTL adds value to shale gas and bio-waste, and makes stranded or flared gas economic – an untapped market of up to 25 million barrels per day.
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. The Company's standardised modular plants are easier to ship and faster to install, at lower risk, even in the most remote or challenging locations. Together with world-class partners, Velocys works flexibly to unlock gas resources of 15,000 to 150,000 mmbtu per day, allowing more companies to take advantage of more opportunities.
Velocys plc is listed on the AIM market of the London Stock Exchange (LSE: VLS). The Company is well capitalised and has a multi-disciplinary staff of around 100 operating from its commercial centre in Houston, Texas, USA and technical facilities near Oxford, UK and Columbus, Ohio, USA. Its first commercial plant, funded by Waste Management (NYSE: WM), NRG Energy (NYSE: NRG) and Ventech Engineers, is expected to reach mechanical completion in H1 2016.
Think Smaller™. Velocys is changing the way fuels are made.