Scirocco Energy PLC Board Change (4640Z)
January 12 2024 - 2:00AM
UK Regulatory
TIDMSCIR
RNS Number : 4640Z
Scirocco Energy PLC
12 January 2024
12 January 2024
Scirocco Energy plc
("Scirocco" or "the Company")
Board Change
Scirocco Energy (AIM: SCIR), the AIM investing company targeting
attractive assets within the European sustainable energy and
circular economy markets, announces that CEO, Tom Reynolds, is
standing down from his position as a Director of the Board of
Scirocco, effective immediately, but will remain in his role as CEO
until 12 July 2024, or an earlier date as agreed by Mr Reynolds and
the Company.
The decision follows the completion of the General Meeting on 10
January 2024 to approve the divestment of Scirocco's investment in
EAG, being Scirocco's sole material investment. As a result,
Scirocco expects to require less active management resource of its
portfolio and his decision to step down from the role will support
Scirocco's efforts to preserve cash.
As the only executive of Scirocco, Mr Reynolds will continue to
support the Company during the notice period as a range of
strategic options available to the Company are further considered -
including the distribution of available cash, further investments
in line with its investing policy and/or the deployment of the
proceeds in pursuit of a reverse takeover transaction.
Commenting on the update, Scirocco's Non-Executive Chairman,
Alastair Ferguson, said:
"Tom's decision to resign from his role as a Director aligns
with Scirocco's efforts to husband the cash it has received, or
expects to shortly receive, from the recent divestments. Tom is a
high quality CEO who has steered Scirocco through material changes,
both within the Company and in terms of the industry backdrop, and
the timing of his signalled departure is appropriate given the
current status of Scirocco. On behalf of the Board, I'd like to
thank Tom for his tireless efforts since taking on the role and we
appreciate his commitment to ensure an orderly handover of
responsibilities while the Company assesses its next move."
For further information:
Scirocco Energy plc +44 (0) 20
Tom Reynolds, CEO 7466 5000
Strand Hanson Limited, Nominated Adviser
Ritchie Balmer / James Spinney / Robert +44 (0) 20
Collins 7409 3494
WH Ireland Limited, Broker +44 (0) 207
Harry Ansell / Katy Mitchell 220 1666
Buchanan, Financial PR +44 (0) 20
Ben Romney / Barry Archer / George Pope 7466 5000
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END
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