- SECOS appoints internationally experienced plastics industry veteran David Wake as Non-Executive Director
- Mr Wake brings a stellar track record of unlocking shareholder value and an ability to contribute to the Company’s global ambitions
- Mr Wake makes a $150,000 investment in the Company via a share placement to establish an initial director interest
Sustainable and eco-friendly bioplastics developer SECOS Group Limited (ASX: SES, “SECOS” or “the Company”) is pleased to announce that it has appointed seasoned business finance and change management professional David Wake as a Non-Executive Director of
the Company, effective 16 July 2018.
Mr Wake brings valuable commercial experience from a number of senior executive positions in the global plastics industry, which will inform and support the Company’s international growth strategy. Mr Wake has a 30-year record of accomplishment in driving shareholder
value through organic growth as well as large and small-scale M&A transactions.
SECOS Chairman, Richard Tegoni, welcomed the appointment, stating:
“We are thrilled to have attracted David to join the SECOS Board. He brings a wealth of industry knowledge and deep practical experience which will strengthen the Company as our expansion plan moves to the next phase of its development.
“What makes David a perfect fit is his combination of plastics industry experience, depth of network in the international corporate arena and his proven track record of managing people and businesses through development and change. We are pleased to welcome David to the SECOS Board.”
Mr Wake brings meaningful global business experience and has held a number of positions in the US at Imperial Chemical Industries’ (ICI) multi-billion-dollar specialty chemical subsidiary, National Starch and Chemical Co, including Finance Director for the Specialty Synthetic Polymer division, Senior Director of Financial Planning & Reporting, and ultimately Vice President Finance in the company’s New Jersey head office. He also spent two years in London at ICI’s global headquarters as Director of Strategy and Performance.
Following ICI’s acquisition by Akzo Nobel, Mr Wake joined polymer banknote company Securency as Chief Financial Officer based in Melbourne. At Securency, he planned and executed a new strategic direction for the company, culminating in its successful reorganisation into the Innovia Group and subsequent sale to CCL Industries of Toronto.
The Company is pleased to report that after extensive due diligence, Mr Wake has invested $150,000 in the Company via placement of 2,000,000 new shares at $0.075 per share, a 15% discount to the 5-day volume-weighted average price. This price is consistent with terms
associated with previous offerings and Convertible Note placement.
The placement shares will be issued under the Company’s ASX Listing Rule 7.1 placement capacity, subject to receiving shareholder approval at the Annual General Meeting. The funds raised will be used to fund additional working capital as SECOS addresses new demand for bioplastic resin in international markets.
Appendix 3X – Initial Director’s Interest Notice relating to Mr Wake’s appointment had been lodged separately.