Board Changes

RNS Number : 1951W

Obtala Resources Limited

25 April 2016

 

25^th April 2016

Obtala Resources Limited

("Obtala", the "Group" or the "Company")

(AIM: OBT)

 Board Changes

Obtala Resources Limited (AIM:OBT), the African focused agricultural and forestry business, is pleased to announce a number of board and role changes with immediate effect.

Highlights

1.     Miles Pelham to become Chairman

2.     Francesco Scolaro to step down from Chairman to become a NED

3.     Emma Priestley to retire from the board

The company announced today the appointment of Miles Pelham, who joined Obtala as a non-executive director in August 2015, as Non-Executive Chairman with immediate effect. Miles has had a long and successful career in finance during which time he has held senior Investment Banking positions at some of the worlds' largest financial institutions. He holds MCSI accreditation with the CISI. Francesco Scolaro relinquishes the role of Executive Chairman but remains on the board in a non-executive capacity. Emma Priestley, who joined the board in 2015 is relinquishing her board position due the increasing demands on her time with other board positions.  

Commenting on today's announcement Miles Pelham said "My sincerest thanks and appreciation to Frank and my fellow board members for this honour. I am humbled to be entrusted with the responsibility to lead the company through these exciting times. Taking the reins at this time is made easier by the groundwork laid by Frank over the last 8 years and the company sits at the cusp of healthy revenue expansion from its considerable asset base. Under my leadership, I can assure shareholders that I will maintain a simple business model of monetizing our assets and sunk investment whilst keeping clinical control of costs amidst strong corporate governance. I look forward to updating shareholders in the imminent future of our medium-term plans and meeting many of them in person at the UK Investor Show being held at the QEII Conference centre in London on the Saturday 30^th of April"

Commenting on today's announcement Francesco Scolaro said "After prolonged consideration and preparation, I have decided retire from the Chairman's role and entrust this duty to Mr Miles Pelham. Miles is a highly focused, practical and dedicated individual who possesses the skillset and competences needed to enhance the foundations for substantial growth within Obtala Resources and unlock shareholder value.

Miles has recently enriched the company through his role as NED, aiding our expansion with his network of investors and business contacts within Asia and beyond. His natural approach to structure and attentive leadership will serve to improve shareholder value and benefit the company throughout many different phases.

I would like to take this opportunity to thank all of my colleagues who have worked alongside me, without whose continuous support, my job would have been far more challenging. I will continue to support the board as NED, assisting and advising Miles as and when necessary. I believe the company will now turn a fresh page and open a new chapter whilst attracting new investment opportunities and building on the platform which has been constructed over several hard years. I welcome Miles and wish him the best to our future success.

Finally, I would like to thank Emma for her considerable contribution to the company over the last year and to what we have achieved. We are sorry to see her leave but respect her decision and wish her well in her other endeavours."

Obtala Resources Kevin Milne -  Deputy Chairman Simon Rollason - Managing Director www.obtalaresources.com	[phone]
ZAI Corporate Finance Limited (Nomad)          Ray Zimmerman	[phone]
Brandon Hill Capital  (Broker)              Jonathan Evans	[phone]

 

END

 

 

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