Manganese Bronze shares soar on Chinese appointments
SHARES in black cab manufacturer Manganese Bronze Holdings leapt by more than 30% after the Coventry-based firm announced two new key appointments.
The appointments seem to indicate a strengthening of the bond between Manganese and its Chinese joint venture partner Geely Automotive.
The appointments also reignited speculation that the Chinese company – which recently took over Volvo from Ford – may be about to add Manganese to its portfolio.
Shares soared by a similar amount last month as rumours of a takeover spread through stock market analysts, only to fall back again when Manganese issued a statement denying it was in talks with Geely.
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The new appointments announced yesterday will see Jie (George) Zhao and Wenming (Frank) Cao both joining the Manganese board as Deputy Chief Executive Officer and non-executive director respectively with immediate effect.
Mr Zhao, aged 44, was an Executive Director of Geely Automobile Holdings between 2005 and 2010, in which year he became Vice President. Prior to this, Mr Zhao was Vice President of Zhejiang Geely Holding Group and General Manager of Geely International Corporation.
Mr Cao, aged 37, is a board member and Executive Deputy General Manager of Shanghai LTI Automobile Components Company Ltd, Manganese’s joint venture partner. Prior to Shanghai LTI, Mr Cao held senior positions with BMW Brilliance Automotive Company Limited and Brilliance China Automotive Holdings Limited.
John Russell, chief executive of Manganese, said: “The combined background and experience of Mr Zhao and Mr Cao will be real assets to Manganese.”
The company has also announced the appointment of Tony Pearman as Group Finance Director with immediate effect.
Mr Pearman, aged 54, was appointed Group Financial Controller of Manganese in November 2003. Prior to this, Mr Pearman was Finance and IT Director of London Taxis International (August 2002 to November 2003) and Finance Director of LTI Carbodies (February 1996 to July 2002).
Tim Melville-Ross, chairman of Manganese, said: “I am delighted to welcome Tony to the board. Manganese will benefit significantly from his extensive knowledge of the business as we continue working closely with Geely and SLTI.”
