ADM Energy PLC Appointment and Proposed Directorate Changes (7497B)
11 June 2019 - 4:01PM
UK Regulatory
TIDMADME
RNS Number : 7497B
ADM Energy PLC
11 June 2019
Prior to publication, the information contained within this
announcement was deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014 ("MAR"). With the publication of this announcement,
this information is now considered to be in the public domain.
11 June 2019
ADM Energy plc
("ADM Energy" or the "Company")
Appointment and Proposed Directorate Changes
ADM Energy plc, an oil and gas investing company quoted on AIM,
is pleased to announce that His Highness Shaikh Ahmed Bin Dalmook
Al Maktoum, has been appointed President of ADM Energy in a
non-Board role. Specifically, it is intended by this role that His
Highness will help leverage his network and bring new opportunities
and contacts to the Company. The Company expects the appointment to
be formalised in due course.
The Company further announces that Stefan Olivier has informed
the Board of his intention to step down as Chief Executive Officer.
The Company will appoint a new Chairman and, upon appointment of a
new Chairman, Richard Carter, current Non-Executive Chairman, will
be appointed as Interim Chief Executive Officer. Stefan Olivier
will remain with the Company until the appointment of a new
Chairman to oversee an orderly handover.
The Company intends, in due course, to recruit into key
executive management positions and appoint further independent
non-executive Directors and has retained the services of a
headhunting firm in this regard. As noted in the announcement of 15
April 2019, Shaikh Ahmed Bin Dalmook Al Maktoum also has the right
to appoint one person to the board of directors, subject to
requisite regulatory approval and process.
Shaikh Ahmed Bin Dalmook Al Maktoum, President of ADM Energy,
said: "I am delighted to become President of ADM Energy. Since
investing in the Company, my conviction has only strengthened
regarding the potential value of the opportunity.
"The Company's strategy is to grow and to create a larger,
balanced portfolio of projects in line with its investing strategy.
We will aim to leverage our extensive contacts to identify
investment opportunities in undervalued production and
near-production assets, primarily in Africa. I am confident we can
add significant value to ADM Energy for the benefit of all
stakeholders."
Richard Carter, Chairman of ADM Energy and Designate Interim
CEO, stated: "We believe ADM Energy has an exciting future. The
appointment of His Highness Shaikh Ahmed Bin Dalmook Al Maktoum as
President demonstrates His Highness's personal commitment to this
Company. We enter this new chapter focused on capturing what we
believe to be a significant opportunity to grow the business and
create value for shareholders.
"Also, on behalf of the Board, I would like to thank Stefan for
his invaluable contribution and devoted service to the Company.
Stefan played a vital role in positioning ADM Energy for future
growth and we are pleased he will remain on the Board as long as
necessary to ensure a smooth transition to the new management team
and Board."
-Ends-
For further information please contact:
ADM Energy plc +44 20 7786 3555
Richard Carter, Chairman
Cairn Financial Advisers LLP +44 20 7213 0880
(Nominated Adviser)
Jo Turner, James Caithie
Pello Capital Limited +44 20 3700 2500
(Broker)
Dan Gee
Luther Pendragon +44 20 7618 9100
(Financial PR)
Harry Chathli, Alexis Gore, Joe Quinlan
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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