Altona Energy PLC Directorate Changes and Company Update (8323I)
29 November 2018 - 6:00PM
UK Regulatory
TIDMANR
RNS Number : 8323I
Altona Energy PLC
29 November 2018
Altona Energy plc
("Altona" or the "Company")
Directorate Changes and Company Update
Altona (AIM: ANR) is pleased to announce the appointment of
Timothy (Tim) Jones as Non-Executive Chairman of the Company
replacing Qinfu Zhang with immediate effect. Qinfu Zhang remains on
the board as an Executive Director.
Tim is a Chartered Accountant with many years of public company
experience in a range of business sectors, his main focus being on
natural resources. He is currently a director of AIM listed
Management Resources Solutions plc which provides infrastructure
and mining support services in Australia. His previous public
directorships include Bahamas Petroleum Company plc, Falkland Oil
and Gas Limited, Beacon Hill Resources plc and Xcite Energy
Limited, of which he was Chairman. His areas of expertise include
the provision of high-level financial advice to growing businesses,
merger and acquisition planning and execution and assistance with
listing procedures and fundraising.
The Company also announces that Philip Sutherland, Operations
Director (Australia), has tendered his resignation to take effect
from 29 January 2019. The Board will seek to identify a replacement
to manage its Australian operations.
Company Update
The Company continues to assess ways to exploit the exclusive
licence it holds for the use of a pyrolysis technology in China and
Australia. In Australia, the Company is investigating opportunities
to combine its licenced pyrolysis technology with certain of its
coal assets to potentially enhance the value of these assets. The
Company is also in active discussions with another holder of South
Australian coal assets who is interested in applying the pyrolysis
technology to their project.
Given the opportunity to both develop the Company's own assets
with pyrolysis technology and to work with other holders of coal
assets, the Company has decided to temporarily suspend its survey
and exploration activities at the Westfield Tenement. The Board has
reached this decision as Altona's deposits elsewhere may be more
suitable for combining with pyrolysis technology.
Progress on the Spanish pyrolysis project referred to in
previous announcements has been slower than expected. However, the
Board remains confident of participating in this project.
Nick Lyth, Chief Executive Officer of Altona, commented: "I'm
very pleased to welcome Tim to the Board. His public company
experience will be of great value to Altona as we seek to exploit
our new interest in pyrolysis and explore development opportunities
for our coal assets. I would also like to thank Phil for his
service to Altona since it listed. His experience has been
invaluable to both me and the Company. I wish him well for the
future."
Further information on Tim Jones
Timothy Stephen Jones, aged 69, is or has been in the last five
years a director of the following:
Current Directorships
* Accloud plc
* Club 2000 Bingo Limited
* Full House Bingo Limited (UK)
* Esher Management Services Limited (UK)
* Management Resource Solutions plc
Former Directorships
* Yurastar Limited
* Xcite Energy Limited
* Falkland Oil and Gas Ltd
* MRS PNG Ltd
* Bias Tech Ltd
* Switchco Ltd
* TBP (Pan-Africa) Ltd
* MRS Holdings Ltd
* The Business Phone Limited
Reg Hayter Limited, of which Mr Jones was a director at the
time, became subject to an administration order on 11 November
2002. Subsequently the assets of the company were successfully sold
and the company was dissolved on 10 November 2005.
There is no further information on Mr Jones to be disclosed
under Schedule Two paragraph (g) or Rule 17 of the AIM Rules for
Companies.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
-ends-
Enquiries
Altona Energy plc +44 7769 906
Nicholas Lyth, Chief Executive Officer 686
Northland Capital Partners Ltd (Nomad and Broker)
Matthew Johnson / Gerry Beaney / Jamie Spotswood
(Corporate Finance) +44 20 3861
Abigail Wayne (Corporate Broking) 6625
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END
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