Saffron Energy PLC Board Changes and Proposed Name Change (0235Z)
12 December 2017 - 6:01PM
UK Regulatory
TIDMSRON
RNS Number : 0235Z
Saffron Energy PLC
12 December 2017
12 December 2017
Saffron Energy plc
("Saffron Energy" or the "Company")
Board Changes and Proposed Name Change
Saffron Energy is pleased to announce, further to the
transaction announced on October 5 (the "Transaction"), the
following changes to the Board of the Company:
-- James Parsons, Chief Executive Officer of Sound Energy plc
and Chairman of Echo Energy plc has been appointed as Non Executive
Chairman of the Company
-- Fiona MacAulay, Chief Executive Officer of Echo Energy plc,
has been appointed as a Non Executive Director of the Company
-- Marco Fumagalli, Managing Director of Continental Investment
Partners, has been appointed as a Non Executive Director of the
Company
-- David Garland has stepped down from the role of Chairman but
remains on the Board as a Non Executive Director until completion
of the Transaction
-- Kevin Bailey has stepped down from the role of Non Executive
Director but remains on the Board as an observer until shareholder
approval of the Transaction
Sara Edmonson will continue in her role as Chief Executive
Officer and a Director of the Company whilst Michael Masterman will
step down from the board with immediate effect and Christopher
Johannsen will step down from the Board with effect from 31
December 2017.
As previously announced, and subject to shareholder vote, the
Company will be renamed Coro Energy plc.
James Parsons commented:
"We see the current environment as one of very real and
continuing opportunity for growth focused gas exploration companies
with access to high potential acreage, talent and capital. The
changes announced today establish Coro Energy as an initial
platform from which the company plans to grow significantly, in
terms of hydrocarbon, human and financial resources.
I am looking forward to working again with Continental and the
new team to quickly establish this company as a successful mid cap
player and a growth vehicle of real excitement for our
investors."
David Garland commented:
"Since Saffron's IPO earlier this year Michael Masterman and the
team have made huge progress establishing Saffron as a leading
Italian player and we are extremely grateful for their
contribution.
I am now delighted to welcome James and the new team to the
Board. We are hugely excited about the Company's evolution into a
mid cap gas explorer."
Further information on James Parsons
James Parsons, aged 45, is or has been a director of the
following companies in the last five years:
Current Directorships Previous Directorships
---------------------- --------------------------
Sound Oil Limited Echo Energy Holdings
(UK) Ltd
---------------------- --------------------------
Sound Energy Meridja Echo Energy Bolivia (Op
Limited Co 1) UK Ltd
---------------------- --------------------------
Sound Energy Morocco Echo Energy Bolivia (Op
South Limited Co 2) UK Ltd
---------------------- --------------------------
Sound Energy Morocco Echo Energy Bolivia (Hold
East Limited Co 1) UK Ltd
---------------------- --------------------------
Sound Energy Holdings Echo Energy Bolivia (Hold
Italy Limited Co 2) UK Ltd
---------------------- --------------------------
Sound Energy Plc
---------------------- --------------------------
Apennine Energy SPA
---------------------- --------------------------
Echo Energy Plc
---------------------- --------------------------
Further information on Fiona MacAulay
Fiona Margaret Barkham, (former names: MacAulay, Oxley), aged
54, is or has been a director of the following companies in the
last five years:
Current Directorships Previous Directorships
-------------------------- ---------------------------
Echo Energy Plc Rockhopper Exploration
(Petrochemicals) Limited
-------------------------- ---------------------------
Rockhopper Exploration Rockhopper Resources
Plc Limited
-------------------------- ---------------------------
Echo Energy Cdl Op Ltd Rockhopper Exploration
(Oil) Limited
-------------------------- ---------------------------
Echo Energy Ta Op Ltd Rockhopper Exploration
(Hydrocarbons) Limited
-------------------------- ---------------------------
Echo Energy Tapi Aike Rockhopper Croatia Limited
Ltd
-------------------------- ---------------------------
Echo Energy C D And Llc Rockhopper Mediterranean
Ltd Limited
-------------------------- ---------------------------
Echo Energy Argentina Rockhopper Civita Limited
Holdings Limited
-------------------------- ---------------------------
Echo Energy Bolivia (Op Desire Petroleum Limited
Co 2) UK Ltd
-------------------------- ---------------------------
Echo Energy Bolivia (Hold Falkland Oil and Gas
Co 1) UK Ltd Limited
-------------------------- ---------------------------
Echo Energy Bolivia (Op Rockhopper Exploration
Co 1) UK Ltd (Oil) Limited*
-------------------------- ---------------------------
Echo Energy Bolivia (Hold Rockhopper Egypt Pty
Co 2) UK Ltd Limited
-------------------------- ---------------------------
Echo Energy Holdings Rockhopper Italia SpA
(UK) LTD
-------------------------- ---------------------------
Independent Resources Malta Oil Pty. Ltd
(Ksar Hadada) Limited
-------------------------- ---------------------------
Independent Resources Melita Exploration Company
(Tunisia) Limited Limited
-------------------------- ---------------------------
Independent Resources
(Sahara) Limited
-------------------------- ---------------------------
*Incorporated in the Falkland Islands
Further information on Marco Fumagalli
Marco Fumagalli, aged 47, is or has been a director of the
following companies in the last five years:
Current Directorships Previous Directorships
---------------------------- -----------------------
Sound Energy Plc Corin Italia S.R.L.
---------------------------- -----------------------
Protea Capital SA Terashop S.R.L..
---------------------------- -----------------------
Ministerium Capital SA Continental Investment
Partners SA
---------------------------- -----------------------
CIP Management SA No Paper Jam S.R.L.
---------------------------- -----------------------
Sherwood Holdings Limited
---------------------------- -----------------------
Corin Group Plc
---------------------------- -----------------------
Corin Italia SRL
---------------------------- -----------------------
Corin Orthopaedics Holdings
Limited
---------------------------- -----------------------
Ecommerce Outsourcing
SRL (Italy)
---------------------------- -----------------------
P101 Holding SPA
---------------------------- -----------------------
P101 SGR SPA
---------------------------- -----------------------
Echo Energy Plc
---------------------------- -----------------------
Ivy Merchant Capital
Limited
---------------------------- -----------------------
Italian Angels for Biotech
(IAB)
---------------------------- -----------------------
Shareholdings in the Company
None of James Parsons, Fiona MacAulay and Marco Fumagalli hold
any shares in the Company.
There is no further information to be disclosed in accordance
with Schedule 2(g) and Rule 17 of the AIM Rules.
For further information please contact:
Saffron Energy plc +39 06 4201 4968
Sara Edmonson, CEO info@saffronenergy.co.uk
Grant Thornton UK LLP (Financial & Nominated Adviser) +44 (0) 207 383 5100
Colin Aaronson
Jen Clarke
Harrison J Clarke
Turner Pope Investments (TPI) Ltd (Broker) +44 (0)2036214120
Andy Thacker info@turnerpope.com
This information is provided by RNS
The company news service from the London Stock Exchange
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