Hanno Pengilly Appointed as CEO Directorate Change

RNS Number : 2568P

Ncondezi Energy Limited

09 October 2019

 

News Release 

Hanno Pengilly Appointed as CEO - Directorate Change

9 October 2019: Ncondezi Energy Limited ("Ncondezi" or the "Company") (AIM: NCCL) is pleased to announce the appointment of Hanno Pengilly as a Director of the Company and the Company's new Chief Executive Officer ("CEO").

Hanno has considerable knowledge in the power and mine sectors on the back of his experience in the business over the last 10 years. Hanno joined the Company in 2010 and has been the Company's Chief Development Officer since May 2012. Hanno has been responsible for managing key project milestones including the delivery of the power plant and mine feasibility studies in 2013 and 2014. Since May 2017, Hanno has led the Company's strategic partner process, which successfully resulted in the signing of a binding Joint Development Agreement ("JDA") in July 2019, and led the Company in key negotiations with the Mozambique government and state power utility Electricidade de Moçambique ("EDM").

Ncondezi Non-Executive Chairman, Michael Haworth said: "Hanno's appointment to the Board as CEO is an important milestone in providing confidence for the Company's future. The appointment outlines Hanno's commitment to the Company and comes at an important time following the signing of the JDA and as the Board implements its strategy to finalise the power tariff submission to EDM and move the Ncondezi Project forward."

Newly appointed CEO, Hanno Pengilly said: "Energy growth is critically important for Africa as a key catalyst for economic development. Ncondezi is uniquely positioned to take advantage of baseload power generation development in Mozambique at an important time for the country. I'm excited to be stepping into the role of CEO which represents a great opportunity to lead the Company and create value for shareholders. The Company's 300MW Ncondezi Project is one of the most advanced baseload power plant projects in Southern Africa with market leading co-development partners.

Additionally, it is clear that a significant opportunity exists to provide off grid solutions in Africa. To this end, Ncondezi's developing position in the African captive solar and battery storage sector through the proposed Joint Venture with GridX Africa Development, offers a strategic approach to a new growth market.

I look forward to meeting investors in my new position as CEO and am confident that we have the right team to complete our objectives and achieve meaningful results"

Hanno will be representing Ncondezi at the Shares Investor Evening at Macdonald Manchester Hotel, Manchester, M1 2PG from 17:00 on Thursday 10th October. The event will provide investors with an opportunity to hear about the progress being made at the Ncondezi Project with its co development partners as well as other initiatives. 

Regulatory disclosures:

Hanno Crosland Pengilly, aged 35, has held the following directorships or partnerships in the past five years:

Current directorships/partnerships	Past directorships/partnerships
Ncondezi Power Holding 2 Limited	Great Force Investments 205 (Pty) Limited
Zambezi Energy Corporation Holding 1	Sandobel 160 (Pty) Limited
Zambezi Energy Corporation Holding 2
Ncondezi Power Company S.A.
Ncondezi Coal Company Mozambique Limitada
Qora Limited
Vanka Investments Limited
Herne Capital (Pty) Limited
Fashion by Diane (Pty) Limited
Moongate 163 (Pty) Limited
Devine Inspiration Trading 658 (Pty) Limited
Gallos Energy (Pty) Limited

In March 2018, Sandobel 160 (Pty) Limited ("Sandobel"), a Company of which Hanno Pengilly was a director, had a liquidation application against it which has subsequently been postponed by agreement between the parties until February 2020. Hanno Pengilly ceased to be a director of Sandobel on 28 March 2019.

Hanno Pengilly is interested in 6,937,830 ordinary shares in the Company ("Ordinary Shares") which are under option to him. Hanno Pengilly is also interested in 291,375 Ordinary Shares, representing 0.1% of the Company's issued share capital. Hanno Pengilly also, as at 1 October 2019, holds approximately $126,000 of the Company's c.US$4.1 million shareholder loan. At the shareholder loan conversion price of 10 pence per share, Hanno's holding is convertible into approximately 969,231 Ordinary Shares, although this number is subject to adjustment in certain circumstances, including prior to the loan becoming payable, as previously disclosed.

There is no further information to be disclosed pursuant to Schedule 2(g) of the AIM Rules for Companies.

Enquiries

For further information please visit www.ncondezienergy.com or contact:

Ncondezi Energy:	Hanno Pengilly	[phone]
Liberum Capital Limited: NOMAD & Joint Broker	Andrew Godber, Edward Thomas, Kane Collings	[phone]
Novum Securities Limited Joint Broker	Colin Rowbury	[phone]

Note:

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation ("MAR"). Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain. If you have any queries on this, then please contact Hanno Pengilly, Chief Executive Officer of the Company (responsible for arranging release of this announcement) on [phone].

 

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