Maxol Acquires Remaining Shares in Connors Fuels Ltd

23 Oct 2003

Maxol Acquires Remaining Shares in Connors Fuels Ltd

MAXOL ACQUIRES REMAINING SHARES IN CONNORS FUELS LTD.

The Maxol Group acquired a controlling interest in Connors Fuels Ltd. in October 2000 and has since extended and re-imaged the company as Maxol Direct. It has now completed the purchase of the remaining shareholding in the company from the O’Connor family, in accordance with the previously agreed procedures.

As part of this move, Donall O’Connor, Managing Director of Maxol Direct (NI) Ltd. and his brother Eamon who holds the post of Operations Director, have agreed to remain with the company until 30th June 2004.

Maxol has decided to avail of the opportunity that this change presents to request Donall and Eamon to participate, along with other senior Maxol Group personnel, in a review of its entire operations in Northern Ireland. The purpose of this exercise is to achieve the remaining synergies that are available between our main Northern Ireland companies, Maxol Oil Limited and Maxol Direct (NI) Ltd. This review is already under way and it is expected that it will be completed in a matter of weeks, with a view to full implementation by no later than the middle of 2004.

Tom Noonan, Chief Executive of the Maxol Group, said: -

“Donall and Eamon, along with the rest of the Maxol Direct team, have made an immense contribution to the Maxol Group in a short space of three years. They have been enthusiastic implementers of new policies not just within their own organisation but, also, in other Group Companies. Their departure will create a short-term gap in our organisation but they leave behind a team of enthusiastic professionals who are willing and ready to fill their shoes. Maxol has been very fortunate to have the privilege of working with Donall and Eamon and their loss will be significant.”

“The Maxol Direct concept, based on the Connors Fuels model, has now been established at numerous locations around Ireland and plans are at an advanced stage for further developments in this regard. Donall and Eamon were also in the vanguard of the development of the highly successful Maxol Fuelnet, the Groups fuel bunkering option. This was established under the auspices of Maxol Direct in mid 2002 and recently won the prestigious Intertrade Ireland award for large businesses involved in the development of trade on the island.”

Donall O’ Connor, Managing Director of Maxol Direct, added: -

“On behalf of my brother, Eamon and myself, I would like to sincerely thank Tom Noonan and his team, together with the McMullan family, for the professional, fair and courteous manner in which they have conducted their business with us. The last three years have been a great experience as well as a most enjoyable period. We have certainly learned a lot from the progressive Maxol Organization.”

“Implementation of the remaining synergies will undoubtedly strengthen and further unify Maxol operations in N. Ireland. This will present numerous exciting and challenging opportunities for management and staff of the Group alike. We have every confidence that the business will maintain its position as the market leader in terms of quality, size and performance.”

“We wish the Maxol Group every continued success and prosperity for the future.”

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