Spinnaker Opportunities PLC Additional Retained Advisers (1521G)

TIDMSOP

RNS Number : 1521G

Spinnaker Opportunities PLC

25 May 2017

Spinnaker Opportunities Plc

Additional Retained Advisers

25 May 2017

Spinnaker Opportunities Plc (the "Company" or "Spinnaker"), the newly listed cash shell focused on delivering a single, material acquisition in the energy or industrial sectors, is pleased to confirm the appointments of Mr Alan Hume and Mr Andy Duncan as additional Retained Advisers to the Company.

The role of the Retained Adviser is to advise the Board on a discretionary, part-time consultancy basis as the Board assesses potential Acquisitions. In common with the Directors, Retained Advisers will not receive any fees for their ordinary duties prior to the completion of an Acquisition transaction.

Commenting on the new appointments, Andy Morrison, Chairman of Spinnaker said, "The whole Board is delighted to welcome Alan and Andy to the Spinnaker team. Their in-depth financial knowledge and practical skills and experience will greatly enhance our ability to process our promising inventory of opportunities and to complete a value-adding Acquisition as quickly and as effectively as possible."

Mr Hume participated in the recent IPO, making a personal equity investment and on appointment, both Mr Hume and Mr Duncan become eligible for the Company's share option scheme. Awards under the Company's share option scheme are primarily intended for retrospective recognition for the "sweat" contributions of Directors and Retained Advisers. No option award is being made at this time.

On presentation of a potential acquisition target, Retained Advisers may be requested to provide the benefit of their experience on issues such as target quality, potential capital expenditure requirements, commodity market dynamics and business development in order to assist the Directors in formulating an investment decision. While the Retained Advisers may be asked for their recommendations, all decisions will be made solely by the Directors.

ENQUIRIES

Spinnaker Opportunities Plc

Andy Morrison

07980 878561

SP Angel (Financial Adviser and Broker)

Lindsay Mair

Caroline Rowe

020 3470 0470

PROFILES

Mr Alan Hume

Alan is a dynamic and highly developed CFO with significant experience in the oil and gas exploration and production sector as well as the broader energy market. Alan has also held senior finance, commercial and operational roles in the oilfield services, engineering, construction and energy production sectors.

Alan's career has seen him hold many domestic, as well as international financial responsibilities. He has experience in bringing companies to market as well as leading acquisition and disposal activities. His expertise encompasses blue chip American organisations, AIM listed companies, TSX-V listed companies and start-up ventures.

Alan is a Fellow of the Chartered Institute of Management Accountants.

Mr Andy Duncan

An experienced financier to the independent sector, Andy has over 11 years of oil and gas experience having worked for Standard Chartered Bank, Bank of America Merrill Lynch and the Royal Bank of Scotland providing structured financings and acquisition finance for assets globally. Andy is currently an independent consultant providing advice and assistance on corporate finance to boards and executive management teams in the oil and gas sector.

Prior to banking Andy spent 10 years in industry as a chartered mechanical engineer, where he designed topsides facilities for UK North Sea platforms as well as designing fluidised catalytic cracking units for multiple refineries across Europe.

This information is provided by RNS

The company news service from the London Stock Exchange

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May 25, 2017 02:00 ET (06:00 GMT)