REG - Scirocco Energy PLC - Board Change

Scirocco EnergyAnnouncement

12/01/2024 07:00

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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 7466 5000

 Tom Reynolds, CEO

 Strand Hanson Limited, Nominated Adviser          +44 (0) 20 7409 3494

 Ritchie Balmer / James Spinney / Robert Collins

 WH Ireland Limited, Broker                        +44 (0) 207 220 1666

 Harry Ansell / Katy Mitchell

 Buchanan, Financial PR                            +44 (0) 20 7466 5000

 Ben Romney / Barry Archer / George Pope

 

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