Torotrak plc, which has helped pioneer the
continuously variable transmission (see also Forbes Perry – Obituary) has confirmed
Jon Hilton as commercial director.
Hilton’s appointment follows
completion of the acquisition of Flybrid Automotive Limited, the placing,
subscription and the open offer announced on 8 January 2014.
Torotrak,
which describes itself as “a leading developer and supplier of emissions
reduction and fuel efficiency technology for vehicles”, has confirmed also that
Hilton has joined the board of directors.
Meanwhile,
Douglas Cross, who co-founded Flybrid automotive with Hilton, has been
appointed chief technology officer Cross created Flybrid's clutched gear transmission.
In
addition, Gary Wilson has stepped down as executive director for engineering
and programme delivery.
Following
completion of the transaction, Torotrak has declared Hilton now holds 5,485,893
ordinary shares or 2.00 per cent, while Cross holds 2,351,097 ordinary shares
or 0.86 per cent. These shareholdings reflect the two individuals’ investment
levels in Flybrid Automotive.
Jeremy
Deering, Torotrak’s chief executive officer now holds 917,541 ordinary shares
or 0.33 per cent.
1 comment:
Looks like a reverse takeover or an opportunity for Torotrak to go into production (finally) with another company's product. Don't hold your breath.
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