Oracle Coalfields PLC Board Changes (5633L)

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          [phone] 
  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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October 04, 2016 02:00 ET (06:00 GMT)