25 May 2012

New boss for cash-raising Hydrodec

02/11/2011 Robert Tyerman

Cleantech industrial oil re-refiner Hydrodec International (HYC) has appointed ex-BP luminary Ian Smale as chief executive officer, as it seeks £5.4 million.

Most recently head of BP's stategy and policy and previously in charge of the oil giant's mergers and acquisitions team, Smale replaces Mark McNamara at the helm of Hydrodrec, which has announced a two-stage placing at 10p to fund its development.

Observers believe Smale will help AIM-quoted Hydrodec, which targets its re-refining technology at the multi-billion dollar market for transformer oil used by electricity producers, win potentially big orders in areas such as Asia. McNamara is staying as senior executive director at London-based Hydrodec, which proposes to raise £4 million through broker Numis Securities in a 'firm placing', to which non-executive director Alexander Black, the co-founder of Betfair, will subscribe £1.68 million, taking his holding to 13 per cent.

Deputy chairman John Gunn is also subscribing to the firm placing, which will be followed by a £1.4 million 'conditional' placing, which depends on the firm placing going ahead. The market sees these moves as positive for Hydrodec, whose interim losses rose 25 per cent to £3.4 million on turnover up 26 per cent to £6.5 million.

Highlighted by Growth Company Investor at 8.25p in September, Hydrodec shares now trade at 10.25p, valuing the company at £36 million. Hold on.

Tags: AIM market, Alexander Black, Cleantech oil re-refining, Ian Smale, John Gunn

Sector: Alternative Energy

Companies: HydroDec

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