Punch continues to engage on restructuring

STAFFORDSHIRE pubco Punch Taverns has said it continues to engage with stakeholders over its capital restructuring.

In a brief update today, the Burton upon Trent group said “Following the announcement of revised restructuring proposals for the Punch A and Punch B securitisations on June 10, 2013, Punch has continued the process of engagement with stakeholders.  These discussions are making progress and Punch will provide an update on the implementation of a restructuring in due course.”

The business announced in October last year that it had completed a detailed review of the group’s capital structure and that discussions were taking place with certain stakeholders on a range of options to restructure the group’s capital structure.

The revised proposals submitted last month were aimed at placating majority lenders who complained their investments were not being prioritised. 

Aggreko fires up new power plants in Africa

PORTABLE power group Aggreko, whose UK base is in Cannock, has commissioned two gas-fired power plants in Africa with an aggregate capacity of 220 MW.  
 
In Côte d’Ivoire, Aggreko has successfully commissioned 100 MW of additional generation, taking the total capacity of the Vridi plant to 200 MW.  

It has also completed the commissioning of 122 MW of gas-fired plant at Ressano Garcia in Mozambique.  This second phase of what is the world’s first cross-border interim power plant is now supplying 90 MW to NamPower, the Namibian state utility and 32 MW to EDM, the Mozambican electricity supply utility.
 
With these two plants coming on-line, Aggreko now has around 1,000 MW of gas-fired power plants operational.  

Rupert Soames, Chief Executive of Aggreko said: “We have invested some £300m in gas-powered technology over the last five years, and it now accounts for around 40% of our Power Project’s revenues.  For those customers who have access to gas, it is significantly cheaper and cleaner than liquid fuel alternatives.”

New FD announced for Chamberlin

WALSALL-based foundry group Chamberlin has announced the appointment of a new Finance Director. David Roberts will join the board with effect from September 1, 2013.
 
Roberts, aged 44 years, has substantial experience in senior financial roles within the manufacturing and engineering sectors. He joins from Titanium Metals Corporation, a global producer of titanium melted and mill products, where he has held the role of European Finance Director since 2001. Before TIMET, he worked for Britax International plc for six years as Divisional Finance Director of Rear Vision Systems, a supplier of original equipment exterior mirrors for passenger cars and light trucks to automotive manufacturers worldwide.
 
He is a fellow of the Institute of Chartered Accountants in England and Wales and qualified as an accountant with Ernst & Young.  
 
Keith Butler-Wheelhouse, Chamberlin chairman, said: “I am very pleased to welcome David to Chamberlin as Finance Director. He brings extensive relevant skills and experience and I am sure that he will be a real asset to the group.”