Board Reorganisation

RNS Number : 0184P

Edenville Energy PLC

03 June 2015

 

03 June 2015

Edenville Energy plc

("Edenville" or the "Company")

Board Reorganisation

Edenville Energy plc (AIM: EDL), the company focussed on generating new sources of coal-based energy in southern Tanzania announces a reorganisation of the Board of Directors, effective from today.  

The Board reorganisation reflects the needs of the business going forward, maintaining a carefully managed cost base whilst retaining the experience and knowledge of key Directors relevant for this stage of the Company's development.

As previously announced, a number of partners have shown significant interest in the Company's projects in Tanzania. This, coupled with increasing activity in Tanzania as the Company positions itself with the Tanzanian government authorities to progress the power plant opportunity, has resulted in a need for an appropriate board reorganisation which is being achieved as follows:  Mark Pryor, currently Non Executive Director, will step into an Executive Director position as Edenville's Chief Operating Officer. Mark has extensive knowledge of Edenville's Rukwa Coal assets, being part of the Board since the AIM admission in 2010 and was responsible for the two drilling campaigns on the Rukwa Coal Project which culminated in defining a Measured and Indicated Coal resource of 170 million tonnes.  Mark's involvement with Edenville, both in the UK and Tanzania, has increased during recent months and the Executive position better reflects his key role in driving the business forward. 

To maintain the balance of the Board, Sally Schofield, currently the Company's Executive Chairman, will become Non Executive Chairman of the Company with a commensurate reduction in fees. As an additional cost reduction measure, Finance Director Rakesh Patel, will step down from the Board, but will continue to provide financial and accountancy services to the Company on a consultancy basis. 

Following the reorganisation the Board of Edenville will consist of Sally Schofield, Non-Executive Chairman, Rufus Short, Executive Director and CEO, Mark Pryor, Executive Director and COO and Arun Srivastava, Non-Executive Director. These changes also help the Company keep fixed costs at an appropriate level whilst the Company progresses discussions with potential financial and technical partners for the next phase of its development.

Rufus Short, CEO of Edenville plc commented, "I would like to thank Sally and Rakesh for helping the Company achieve significant milestones since its inception and placing the Company in a position where we are able to present potential partners with an attractive coal to power project supported by a strong feasibility report.  I am delighted that we will retain the knowledge, expertise and support of both Sally and Rakesh.  In addition, we formally recognise Mark's contribution to the Company by bringing him back to an Executive level position, better enabling us to benefit from his vast experience of Tanzania and the Rukwa Coal Project.

I am continuing to lead discussions with a number of potentially interested parties and will advise shareholders once these discussions progress to an appropriate stage."

Contact
Edenville Energy Plc Rufus Short - CEO	[phone]
Cantor Fitzgerald Europe (Nominated Advisor and Corporate Broker) Stewart Dickson Jeremy Stephenson	[phone]
IFC Advisory (Financial PR and IR) Tim Metcalfe Graham Herring	[phone]

 

END

 

 

BOAFTMBTMBTMTPA