Oracle Coalfields PLC Board Changes (5633L)
04 October 2016 - 5:00PM
UK Regulatory
TIDMORCP
RNS Number : 5633L
Oracle Coalfields PLC
04 October 2016
4 October 2016
ORACLE COALFIELDS PLC
("Oracle" or the "Company")
Board Changes
Oracle Coalfields PLC (AIM:ORCP), the UK energy developer of a
combined lignite coal mine and mine mouth power plant located in
the Thar desert in the south-eastern Sindh Province of Pakistan,
today announces changes to its Board of Directors.
In response to shareholders' expectations to broaden and
diversify the Board of Oracle, a decision has been taken to
restructure the Board. This restructuring is intended to strengthen
the Company's position for its next stage of development and
project delivery of Block VI, Thar Coalfield, Sindh, Pakistan, as
well as to increase access to a wider international investor base,
and to identify new opportunities for Oracle to deliver early
cashflows.
Mr. Roderick Stead has stepped down as a Director of the Company
and its Pakistani subsidiary, Sindh Carbon Energy Limited, with
immediate effect.
Mr Yves Mordacq joins the Board of Oracle Coalfields PLC and
Sindh Carbon Energy Limited as a Director, also with immediate
effect. Mr Yves Mordacq brings extensive experience in
international capital markets and asset management, with a
particular emphasis on the natural resources sector. He is the
founder and manager of ECYM, an advisory boutique based in France.
Prior to this, he was Managing Director of Fairview Asset
Management, overseeing its small-cap multi-thematic fund, focused
on sectors including natural resources, biotech and renewables.
From 2002 to 2010, Mr Mordacq was the Deputy Head of the European
Equity team at Generali Investments France with assets under
management of up to EUR5 billion. Prior to his role at Generali
Investments France, Mr Mordacq managed ING Investment Management's
natural resources fund. He has a Masters in Agriculture from
Montpellier SupAgro and an MBA from ESSEC, France and Fundamental
Geology degree from Conservatoire National des Arts et Métiers
(CNAM). He is a member of the Société Francaise des Analystes
Financiers and was a visiting professor at the Ecole des Mines de
Paris.
Mr Mordacq shall be appointed as Chairman of the audit committee
and a member of the remuneration committee of the Company.
Anthony Scutt, Chairman of Oracle, said:
"We thank Roderick for his valuable contribution in the
development of our company. He has served the Company with
dedication and we wish him well and continuing success in his
on-going activities.
It is with pleasure that I welcome Yves to our Board. His
considerable expertise and distinguished record in the area of
international equity markets will be of undoubted value in the
coming period, particularly as we approach financial close and
project delivery at our Block VI project, Sindh, Pakistan, and I
look forward to his input in driving forward the general
development of the company".
Mr Yves Gérard Claude Mordacq, aged 55, is, or has been, a
director or partner of the following companies or partnerships
during the past five years:
Current directorships Former directorships
and/or partnerships and/or partnerships (within
the last five years)
ECYM Fairview Asset Management
Fairview Small Caps
Mr Mordacq has a beneficial interest in 150,000 ordinary shares
of 0.1 pence each in the capital of the Company, which represents
0.02% of the entire issued share capital of Oracle.
There is no further information required to be disclosed in
respect of the above appointment pursuant to paragraph (g) of
Schedule 2 of the AIM Rules for Companies.
For further information:
Oracle Coalfields PLC +44 (0) 203
Shahrukh Khan 102 4807
Brandon Hill Capital Limited +44 (0)203
Oliver Stansfield 463 5000
Peterhouse Corporate Finance +44 (0)20 7220
Charles Goodfellow 9791
Grant Thornton UK LLP
Salmaan Khawaja, Richard Tonthat, +44 (0) 207
Daniel Bush 373 5100
Blythe Weigh Communications
Tim Blythe, Camilla Horsfall, +44 (0) 207
Megan Ray 138 3204
Fortbridge Consulting +44 (0) 7966
Matt Beale, Bill Kemmery 389196
The information contained within this announcement is considered
to be inside information, for the purposes of Article 7 of EU
Regulation 596/2014, prior to its release.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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