TIDMEDL
RNS Number : 2836R
Edenville Energy PLC
05 July 2022
5 July 2022
Edenville Energy Plc
("Edenville" or the "Company")
Board Changes
Edenville Energy Plc (AIM: EDL), the operator of the Rukwa Coal
Project ("Rukwa") in Tanzania, is pleased to announce a
restructuring of its Board as the Company looks to expand its Rukwa
project to benefit from the increased demand and pricing for its
coal, together with exploring other opportunities to broaden the
Company's operations.
Alistair Muir and Jeff Malaihollo have stepped down with
immediate effect from their roles as Chief Executive Officer and
Non-Executive Chairman respectively. Jeff Malaihollo has agreed to
stay on as a consultant to the Company for the next three months to
ensure a smooth transition.
Noel Lyons has been appointed as the Company's new Chief
Executive Officer and Paul Ryan as an Executive Director. Nick von
Schirnding has been appointed Non-Executive Chairman. In addition,
Andre Hope will join the Board as a Non-Executive Director.
Following this restructuring, the Board of the Company will
comprise Nick von Schirnding (Non-Executive Chairman), Noel Lyons
(Chief Executive Officer), Paul Ryan (Executive Director), Franco
Caselli (Non-Executive Director) and Andre Hope (Non-Executive
Director).
It is the intention of the incoming executive Board members to
spend significant time in Tanzania and retain and relocate certain
experienced personnel from other existing African coal operations,
which they are associated with, to Tanzania. A more comprehensive
update on this will be provided in the near future.
Background on the incoming directors
Mr Lyons is an operational executive with over 30 years direct
experience in the oil, gas and mining sector mainly in Africa and
the Middle East. His experience is primarily on the operational
side including strategic management, operations, project
management, funding and value creation generally with listed
companies. He is the founder of Clean Invest Africa plc, a company
focused on delivering an attractive return through acquiring stakes
in clean energy companies, remediation technologies,
waste-to-energy technologies and other clean energy related
projects.
Mr Ryan has over 20 years of commercial, regulatory and advisory
experience. Mr Ryan has acted as a consultant, primarily on
strategy and public policy, to a range of clients including FTSE100
and Fortune 500 companies largely in the ICT space. He held a
variety of board positions with leading mobile operator Vodafone
Group. Mr Ryan has many years of experience working in sub-Saharan
Africa including South Africa, Kenya, Tanzania and Ghana where he
lived for a number of years. Since 2018 Mr Ryan has been involved
with a clean coal project through Clean Invest Africa plc whose
subsidiary CoalTech has an operational coal facility in South
Africa. Mr Ryan is a qualified solicitor in the UK and graduated
from Trinity College, Dublin, Ireland.
Mr Hope has a wealth of experience as an adviser and consultant
to governments and major corporates across Africa over the last 30
years. During this time, he has developed an extensive network of
relationships throughout Africa. He holds a degree in Law from
Brunel University and was called to the Bar of England & Wales
in 1981. Mr Hope served as Non- Executive Chairman of Ecobank (SL)
Ltd., an affiliate of Ecobank Transnational, one of the leading
African banks with operations in 36 countries across the continent,
and he currently serves as a NonExecutive director of Rokel
Commercial Bank (SL) Ltd., formerly Barclays Bank (SL) Ltd.
Noel Lyons, Chief Executive Officer, commented :
"I am delighted to be joining the Edenville Board. Given my
ongoing operational experience in Africa I believe we are well
positioned to optimise the proposed expansion of Rukwa, both in
terms of production rates and sales. I look forward to providing
shareholders with a more comprehensive update on this in the near
future."
Nick von Schirnding, Chairman, commented :
"I welcome Noel as our new CEO who, together with Paul, has a
clear strategy in place to upgrade the Rukwa Project and drive
shareholder value going forward. On behalf of the Board, I would
like to thank Alistair and Jeff for their efforts over these past
years in what have been difficult times for the Company. They leave
the Company on a stronger financial footing and I wish them the
best in their future endeavours."
Further information on Director appointments:
The following details in relation to the new Director
appointments are disclosed in accordance with AIM Rule 17 and
Schedule 2(g) of the AIM Rules:
Noel Lyons (aged 55) has held the following directorships and/or
partnerships in the past five years.
Current Directorships Directorships held over the
Clean Invest Africa Plc past 5 years
Karoo Energy Plc SHS Holdings PTE
SHS Ghana
SHS Projects Kenya
Suite Living Kenya
Afra SHS Holdings Pte
Sustainable Project Management
DMCC
SHS Projects Pakistan SMC Pte
Bau Panel KE
Equitorial Oil and Gas Plc
Tamboran Resources
Coaltech Limited
HD Shelf Four Limited
Africa Direct Invest Ltd
Iamfire Plc
Hospitality Portfolio Investments
Plc
Goodbody group Ltd
As part of his remuneration package, Mr Lyons will receive
500,000 warrants at an exercise price of 25p each, valid for 5
years from date of issue. The warrants will be issued in three
tranches, with the first 166,667 issued upon his appointment. The
second tranche of 166,667 will be issued on achieving production of
4,000tpm washed coal for 3 consecutive months, and the final
tranche of 166,666, on achieving 8,000tpm or achieving GBP1m of net
earnings in a financial year.
Paul Benedict Ryan (aged 54) has held the following
directorships and/or partnerships in the past five years.
Current Directorships Directorships held over the
Clean Invest Africa Plc past 5 years
Warande 1970 BVBA SHS Holdings PTE Limited
Remote Monitored Systems Plc
Geocurve
UK Aerovision Limited
Pharma C Investments Plc
GN Site Engineers Ltd
Vrai Investments Limited
Mr Ryan was a director of Circle Network (Europe) Limited
(Ireland) that was placed into administrative receivership in 2001.
The deficit to unsecured creditors amounted to approximately
GBP500,000.
As part of his remuneration package, Mr Ryan will receive
500,000 warrants at an exercise price of 25p each, valid for 5
years from date of issue. The warrants will be issued in three
tranches, with the first 166,667 issued upon his appointment. The
second tranche of 166,667 will be issued on achieving production of
4,000tpm washed coal for 3 consecutive months, and the final
tranche of 166,666, on achieving 8,000tpm or achieving GBP1m of net
earnings in a financial year.
Andre Thomas Hope (aged 66) has held the following directorships
and/or partnerships in the past five years.
Current Directorships Directorships held over the
Rokel Commercial Bank (SL) Limited past 5 years
Scheme Construction Enterprises Ecobank (SL) Ltd
Ltd Leone Diamonds (SL) Limited
Bayview Limited (SL) Liberty Aviation (SL) Ltd
Leone Diamonds (UK) Limited Oil Experts Global (SL) Ltd
As of the date of this announcement, Mr Hope holds no ordinary
shares or options in the Company.
There is no further information to be disclosed under Schedule
Two, paragraph (g) of the AIM Rules for Companies.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018, as amended.
For further information please contact:
Edenville Energy Plc
Nick Von Schirnding - Chairman
Noel Lyons - CEO
+44 (0) 20 3934 6630
Strand Hanson Limited
(Financial and Nominated Adviser)
James Harris
Rory Murphy
+44 (0) 02 7409 3494
Tavira Securities Limited
(Broker)
Oliver Stansfield
Jonathan Evans
+44 (0) 20 7100 5100
IFC Advisory Limited
(Financial PR and IR)
Tim Metcalfe
Florence Chandler
+44 (0) 20 3934 6630
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END
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