Leclanché SA

DGAP-Adhoc: Leclanché SA appoints new Chief Executive, Deputy Chief Executive and Chief Financial Officer

Leclanché SA  / Key word(s): Change of Personnel

12.08.2013 20:57

Release of an ad hoc announcement pursuant to Art. 53 KR
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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.

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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

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