Feronia Inc. (“Feronia” or the “Company”) (TSX-V: FRN) today
announced a number of management changes.
Xavier de Carniere has decided to resign as the
Company's Chief Executive Officer (“CEO”) and as a director of the
Company’s applicable subsidiaries. Mr. de Carniere will continue in
his role of CEO until June 30, 2019 but will remain with the
Company as a strategic advisor until December 31, 2019.
Frank Braeken, Chairman of Feronia
commented: "Over the past four and a half years the
Company has made magnificent progress under Xavier’s leadership.
Crude palm oil production has more than tripled, the Company is
firmly on the road to financial sustainability, our employees,
operations and wider communities are benefitting from the
substantial investment programme he has overseen and the future of
the Company now looks secure.
“On behalf of the Company, its staff and its
shareholders, I would like to thank Xavier for his tireless
dedication, leadership and hard work. He will be sorely missed but
leaves behind him a positive legacy which will survive long into
the future.”
Xavier de Carniere commented:
"Leaving the Company has not been an easy decision, but I feel that
the time is right for me to step aside, take some rest and let
those with new energy and ideas drive Feronia to the next
level.
“It has been an honour and a privilege to have
led Feronia through this exciting, transformative, stage in its
journey, to have worked with such a devoted and hard-working team
and to have been part of something so important and positive in the
DRC. I hope that our progress will inspire more people to invest in
the agriculture in DRC, small and large scale, for the good of the
country and its people, and eventually to contribute to a more
balanced World.
“I wish everyone involved in this emotionally
rich adventure the very best of luck for the future.”
Following Mr. de Carniere’s departure, Mr. Frank
Braeken, currently Non-Executive Chairman, will become Executive
Chairman and Mr. Yanick Vernet will become Chief Operating Officer
of Feronia Inc.
Mr. Vernet joined Feronia in July 2018 as
Managing Director of Feronia’s palm oil subsidiary, Plantations et
Huileries du Congo (“PHC”). He has lived and worked in Africa for
almost four decades and has extensive experience in African
agriculture and related industries. Before joining Feronia, Mr.
Vernet was Managing Director at Siat Gabon where he was responsible
for managing a number of sites including industrial facilities,
cattle ranches and rubber plantations and prior to this, he spent
almost a decade as a Managing Director for Socfin including three
years in Cameroon where he had overall responsibility for several
plantations and industrial sites which produced 120,000 tonnes of
CPO and 6,000 tonnes of rubber per annum.
The Company is also pleased to announce the
appointment of Mr. Gilles Marit as Chief Financial Officer (“CFO”).
Mr. Marit joins the Company on June 1, 2019 and will replace Mr.
David Steel who leaves the Company on June 30, 2019.
Prior to joining Feronia, Mr. Marit spent almost
a decade working in Central and South America for the Greenyard
Group, one of the largest sourcing networks for fruit and
vegetables in the world. This included six and a half years as
Finance Director for Latin America and, most recently, as Managing
Director for Costa Rica where he had full responsibility for the
business which consisted of three companies employing more than 800
people. As well as Central and South America, Mr. Marit has
previously lived and worked in a number of African counties,
including the Democratic Republic of the Congo.
Frank Braeken, Chairman of Feronia
commented: "I would like to welcome Gilles as the
Company’s new CFO. He has an exceptional track record and a raft of
experience which I believe will be hugely beneficial to the Company
as we begin on the next stage of this exciting journey.
“I’d also like to welcome Yanick to the role of
Chief Operating Officer. Since he joined the Company almost a year
ago, he has shown incredible understanding of the opportunities
ahead of us and, I believe, has the determination and ability to
help us deliver on our objectives.”
The appointments of both Mr. Marit and Mr.
Vernet are subject to the approval of the TSX Venture Exchange.
For further information please
contact:
Paul DulieuDirector of
Communications and Corporate Development, Feronia Inc.44 (0)7554
521421paul.dulieu@feronia.com |
About Feronia Inc.
- Feronia is an agribusiness operating in the Democratic Republic
of the Congo (DRC).
- At the heart of Feronia lies a long established palm oil
business, Plantations et Huileries du Congo (PHC), which has three
remotely located plantations; Lokutu, Yaligimba and Boteka.
- When Feronia acquired its palm oil business from Unilever in
2009, it had suffered from years of underinvestment and
considerable disruption caused by conflict in the DRC. Our initial
focus has been on rebuilding the business and resuming production
to secure its future and the livelihoods of the thousands of people
we directly employ.
- Feronia’s plantations produce crude palm oil (CPO) and palm
kernel oil (PKO). CPO is part of the staple and traditional diet of
the Congolese and, with our products sold locally in the DRC, we
are well placed to help decrease reliance on imports and increase
food security and quality.
- Feronia prides itself on being the guardian of our 107 year-old
palm oil business and its employees, communities, and environment.
We have a long term commitment to improve the living and working
environment of our employees and their communities and are
committed to sustainable agriculture, environmental protection and
community inclusion. Feronia has in place an Environmental and
Social Action Plan which is focused on implementing environmental
and social best practice and improving social infrastructure.
- Feronia is implementing IFC/World Bank standards for
environmental and social sustainability. Our oil palm replanting
programme is brownfield in nature – replacing old palms with new –
and it has no reliance on deforestation.
- Feronia’s management team has extensive experience in managing
both plantations and farming operations in emerging markets.
- For more information please see www.feronia.com
Cautionary Notes
Except for statements of historical fact
contained herein, the information in this press release constitutes
“forward-looking information” within the meaning of Canadian
securities law. Such forward-looking information may be identified
by words such as “anticipates”, “plans”, “proposes”, “estimates”,
“intends”, “expects”, “believes”, “may” and “will”. There can be no
assurance that such statements will prove to be accurate; actual
results and future events could differ materially from such
statements. Factors that could cause actual results to differ
materially include, among others: risks related to foreign
operations (including various political, economic and other risks
and uncertainties), the interpretation and implementation of the
“Loi Portant Principes Fondamentaux Relatifs A L’Agriculture”,
termination or non-renewal of concession rights or expropriation of
property rights, political instability and bureaucracy, limited
operating history, lack of profitability, lack of infrastructure in
the DRC, high inflation rates, limited availability of debt
financing in the DRC, fluctuations in currency exchange rates,
competition from other businesses, reliance on various factors
(including local labour, importation of machinery and other key
items and business relationships), the Company’s reliance on two
major customers, lower productivity at the Company’s plantations,
risks related to the agricultural industry (including adverse
weather conditions, shifting weather patterns, and crop failure due
to infestations), a shift in commodity trends and demands,
vulnerability to fluctuations in the world market, the lack of
availability of qualified management personnel and stock market
volatility. Details of the risk factors relating to Feronia and its
business are discussed under the heading “Risks and Uncertainties”
in Feronia’s Management’s Discussion and Analysis for the year
ended December 31, 2018, a copy of which is available on the
Company’s SEDAR profile at www.sedar.com. Most of these
factors are outside the control of the Company. Investors are
cautioned not to put undue reliance on forward-looking information.
Except as otherwise required by applicable securities statutes or
regulation, the Company expressly disclaims any intent or
obligation to update publicly forward-looking information, whether
as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its
regulation services provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
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