DGAP-Adhoc: Leclanché SA appoints new Chief Executive, Deputy Chief Executive and Chief Financial Officer
12.08.2013 – 21:09
Leclanché SA / Key word(s): Change of Personnel 12.08.2013 20:57 Release of an ad hoc announcement pursuant to Art. 53 KR --------------------------------------------------------------------------- Leclanché SA appoints new Chief Executive, Deputy Chief Executive and Chief Financial Officer Yverdon-les-Bains, Switzerland, 12 August 2013 - Leclanché S.A. (SIX Swiss Exchange: LECN), specializes in the production of large-format lithium-ion cells and energy storage solutions, announced today that it has appointed Mr. Joseph Mangion as Chief Executive Officer, Mr. Eric Wilkinson as Deputy Chief Executive Officer and Mr. Andrew Firmston-Williams as Chief Financial Officer. The previous Chief Executive, Dr. Ulrich Ehmes and the previous Interim Chief Financial Officer, Mr. Klaus Toennesmann will leave the company. The Interim Chairman Mr Stefan Müller said: 'On behalf of the entire Board, I would like to thank Dr. Ulrich Ehmes for his valuable contribution over the last few years, which were particularly important and difficult for the company. During this time, the company developed innovative energy storage solutions for domestic and industrial use, and completed a new large scale lithium-ion production unit of a capacity of 76 MWh. We wish him all the best for the future. We would also like to thank Mr Klaus Toennesmann who joined Leclanché as interim CFO at the end of 2012 for his contribution to the company during this period and wish him all the best as well.' Mr. Mangion and Mr. Wilkinson have been assisting the Board and management with the implementation of the turnaround plan as partners of Talisman Infrastructure Ventures LLP ('TIV'), which was appointed on February 6, 2013. Talisman Infrastructure International Ltd (TIIL) has also been assisting the company with its fund raising efforts and, as announced on July 9, 2013, the Company signed a Senior Secured Convertible Loan Agreement for CHF 17 million ('Loan Agreement') maturing in June 2016. With the funding from the Loan Agreement, and subject to the receipt of the relevant shareholder approvals and Swiss Take Over Board exemption, the Company will be able to proceed with the execution of its turnaround plan and expects to break-even during 2015 in EBITDA (i.e., earnings before interest, tax, depreciation and amortization deductions). However, this projection remains heavily dependent on a successful launch of the Company's stationary product range and the continued execution of the turnaround plan. The Board believes that Messrs. Mangion and Wilkinson are ideally placed to lead the Company at this time and to continue with the implementation of the turnaround plan and develop the company further. The Board is delighted that they have agreed to join the Company as Chief Executive and Deputy Chief Executive. At the same time, the engagement with TIV will end with effect from August 31, 2013. The engagement with TIIL ceases automatically once all the administrative procedures associated with the extraordinary general shareholders meeting scheduled for Monday, August 26 (as previously announced) pursuant to the fund raising have been successfully completed. Messrs. Mangion, Wilkinson and Firmston-Williams will join the Executive Committee alongside Mr. Pierre Blanc, Chief Technology Officer and Mr. Fabrizio Marzolini, Head of Portable Systems and Systems Development. The Executive Committee shall be chaired by Mr. Mangion. Mr. Mangion is an experienced senior executive with over 20 years of international, industrial, and operational experience at both the CFO/CEO level, during which he has executed in excess of $10 billion worth of transactions (including, M&A, debt and equity issues, debt restructuring, etc.). In addition, he has a further five years of experience as a successful institutional investor specialising in the utility and renewable energy sectors, where he has invested more than $500 million and generated over $400 million of profit for investors. He co-founded Talisman Infrastructure Venture LLP with Mr. Wilkinson to focus on turnarounds in the energy, utility and infrastructure sectors. He is a Chartered Accountant and holds an MBA from Cranfield School of Management. Mr. Wilkinson is an experienced senior executive having acted as chairman and in executive positions for various businesses and as an adviser to private equity funds and their portfolio companies. He was a partner of Bain & Co., a partner of Apax Partners and a partner and member of the operating committee of The Beacon Group, an investment bank that was purchased by JP Morgan Chase in 2000. Mr. Wilkinson is a partner of Talisman Management Ltd., a long standing turnaround firm and a co-founder of Talisman Infrastructure Ventures LLP. He is an Economics graduate from University College, London and holds an MBA from Harvard School of Business Administration. He is a member of the Institute for Turnaround. Mr. Firmston-Williams qualified as a Chartered Accountant in London with one of the major international firms and for over a 33-year period has pursued a career in finance and general management with various small and mid-sized firms. He was one of the three founding directors of a technology-based infrastructure company in the health services market that was successfully floated on the Alternative Investment Market in London, and he also worked with private equity investors on various portfolio companies. Half year results 2013 and Extraordinary Shareholders meeting Leclanché will publish its half year results on August 21, 2013. The company will discuss its first half-year 2013 financial results and provide a business update during an audio webcast taking place on August 21, 2013, at 02:30 pm CET. An extraordinary general meeting of shareholders will take place on August 26, 2013 in Yverdon-les-Bains at 11:00 am CET. Shareholders registered with voting rights in the share register of the Company as of August 22, 2013 will be authorised to participate and vote at the shareholders' meeting. The agenda concerning the extraordinary annual general meeting of Shareholders can be downloaded at the Company's web site: http://www.leclanche.eu/img/EGM_Agenda_Leclanche_ENG.pdf About Leclanché Leclanché's strategy is to become one of the leading lithium-ion cell producers and solution providers for renewable energy storage systems in Europe. Its strategic priorities are stationary home electrical energy storage applications and expansion into the stationary industrial and grid electricity storage markets. Through participation in research consortia focusing on hybrid and E-mobility applications, Leclanché is positioned to take advantage of new market opportunities. Through a unique, patented ceramic separator technology and focus on lithium-titanate technology, Leclanché manufactures large-format lithium-ion cells, optimized for safety and cycle-life, in a fully automated production process. The newly installed production line will have an annual capacity of one million cells or 76 MWh. Leclanché was founded in 1909 in Yverdon-les-Bains. Through the integration of a spin-off from the Fraunhofer-Gesellschaft in 2006, the company evolved from a traditional battery manufacturer to become a leading developer and manufacturer of lithium-ion cells in Europe. Leclanché currently employs 120 staff and is listed on the SIX Swiss Exchange (LECN). The company has its headquarters in Yverdon-les-Bains (Switzerland) and production facilities in Willstätt (Germany). www.leclanche.eu Media contact: Christophe Lamps, Dynamics Group S.A.: Telephone: +41 79 476 26 87, cla@dynamicsgroup.chcla@dynamicsgroup.ch Disclaimer This press release contains certain forward-looking statements relating to Leclanché's business, which can be identified by terminology such as 'strategic', 'proposes', 'to introduce', 'will', 'planned', 'expected', 'commitment', 'expects', 'set', 'preparing', 'plans', 'estimates', 'aims', 'would', 'potential', 'awaiting', 'estimated', 'proposal', or similar expressions, or by expressed or implied discussions regarding the ramp up of Leclanché's production capacity, potential applications for existing products, or regarding potential future revenues from any such products, or potential future sales or earnings of Leclanché or any of its business units. You should not place undue reliance on these statements. Such forward-looking statements reflect the current views of Leclanché regarding future events, and involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. There can be no guarantee that Leclanché's products will achieve any particular revenue levels. Nor can there be any guarantee that Leclanché, or any of the business units, will achieve any particular financial results. 12.08.2013 News transmitted by EQS Schweiz AG. The issuer is responsible for the contents of the release. EquityStory publishes regulatory releases, media releases on the capital market and press releases. The EquityStory Group distributes authentic and real-time financial news for over 1'300 listed companies. The Swiss news archive can be found at www.equitystory.ch/news --------------------------------------------------------------------------- Language: English Company: Leclanché SA Av. des Sports 42 1400 Yverdon-les-Bains Switzerland Phone: +41 (24) 424 65-00 Fax: +41 (24) 424 65-20 E-mail: investors@leclanche.com Internet: www.leclanche.com ISIN: CH0110303119, CH0016271550 Valor: A1CUUB, 812950 Listed: SIX End of Announcement EQS Group News-Service ---------------------------------------------------------------------------