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ANR Altona

16.50
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Altona LSE:ANR London Ordinary Share GB00BFZNKV91 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 16.50 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Altona Energy PLC Directorate Changes and Company Update (8323I)

29/11/2018 7:00am

UK Regulatory


Altona Energy (LSE:ANR)
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TIDMANR

RNS Number : 8323I

Altona Energy PLC

29 November 2018

Altona Energy plc

("Altona" or the "Company")

Directorate Changes and Company Update

Altona (AIM: ANR) is pleased to announce the appointment of Timothy (Tim) Jones as Non-Executive Chairman of the Company replacing Qinfu Zhang with immediate effect. Qinfu Zhang remains on the board as an Executive Director.

Tim is a Chartered Accountant with many years of public company experience in a range of business sectors, his main focus being on natural resources. He is currently a director of AIM listed Management Resources Solutions plc which provides infrastructure and mining support services in Australia. His previous public directorships include Bahamas Petroleum Company plc, Falkland Oil and Gas Limited, Beacon Hill Resources plc and Xcite Energy Limited, of which he was Chairman. His areas of expertise include the provision of high-level financial advice to growing businesses, merger and acquisition planning and execution and assistance with listing procedures and fundraising.

The Company also announces that Philip Sutherland, Operations Director (Australia), has tendered his resignation to take effect from 29 January 2019. The Board will seek to identify a replacement to manage its Australian operations.

Company Update

The Company continues to assess ways to exploit the exclusive licence it holds for the use of a pyrolysis technology in China and Australia. In Australia, the Company is investigating opportunities to combine its licenced pyrolysis technology with certain of its coal assets to potentially enhance the value of these assets. The Company is also in active discussions with another holder of South Australian coal assets who is interested in applying the pyrolysis technology to their project.

Given the opportunity to both develop the Company's own assets with pyrolysis technology and to work with other holders of coal assets, the Company has decided to temporarily suspend its survey and exploration activities at the Westfield Tenement. The Board has reached this decision as Altona's deposits elsewhere may be more suitable for combining with pyrolysis technology.

Progress on the Spanish pyrolysis project referred to in previous announcements has been slower than expected. However, the Board remains confident of participating in this project.

Nick Lyth, Chief Executive Officer of Altona, commented: "I'm very pleased to welcome Tim to the Board. His public company experience will be of great value to Altona as we seek to exploit our new interest in pyrolysis and explore development opportunities for our coal assets. I would also like to thank Phil for his service to Altona since it listed. His experience has been invaluable to both me and the Company. I wish him well for the future."

Further information on Tim Jones

Timothy Stephen Jones, aged 69, is or has been in the last five years a director of the following:

 
            Current Directorships 
 
              *    Accloud plc 
 
 
              *    Club 2000 Bingo Limited 
 
 
              *    Full House Bingo Limited (UK) 
 
 
              *    Esher Management Services Limited (UK) 
 
 
              *    Management Resource Solutions plc 
      Former Directorships 
 
        *    Yurastar Limited 
 
 
        *    Xcite Energy Limited 
 
 
        *    Falkland Oil and Gas Ltd 
 
 
        *    MRS PNG Ltd 
 
 
        *    Bias Tech Ltd 
 
 
        *    Switchco Ltd 
 
 
        *    TBP (Pan-Africa) Ltd 
 
 
        *    MRS Holdings Ltd 
 
 
        *    The Business Phone Limited 
 

Reg Hayter Limited, of which Mr Jones was a director at the time, became subject to an administration order on 11 November 2002. Subsequently the assets of the company were successfully sold and the company was dissolved on 10 November 2005.

There is no further information on Mr Jones to be disclosed under Schedule Two paragraph (g) or Rule 17 of the AIM Rules for Companies.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

-ends-

Enquiries

 
 
Altona Energy plc                                     +44 7769 906 
 Nicholas Lyth, Chief Executive Officer                        686 
Northland Capital Partners Ltd (Nomad and Broker) 
 Matthew Johnson / Gerry Beaney / Jamie Spotswood 
 (Corporate Finance)                                   +44 20 3861 
 Abigail Wayne (Corporate Broking)                            6625 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

UPDBIBDBDUDBGII

(END) Dow Jones Newswires

November 29, 2018 02:00 ET (07:00 GMT)

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