REG - Obtala Resources Ltd - Directorate Changes <Origin Href="QuoteRef">OBT.L</Origin>

WoodboisAnnouncement

15/07/2015 13:08

RNS Number : 3571K
Obtala Resources Limited
16 April 2015
Obtala Resources Limited
("Obtala" or the "Company")
(AIM: OBT)
Directorate Changes
Obtala Resources Limited (AIM:OBT), the vertically integrated agri-processing, farming, timber and retail company, is pleased to announce the appointment of Mr Stephen A. Murphy as Executive Deputy Chairman with immediate effect. Mr Murphy's background includes considerable relevant experience investing in Africa from his time with Cairo based Qalaa Holdings SAE, where he worked in numerous senior capacities from 2008 to 2013. He continues his role at Qalaa as a Special Adviser. 
Stephen started his career in 1985 in New York with Salomon Brothers Inc. and progressed through the ranks of the firm working in New York, Tokyo and London. Originally a Mergers & Acquisitions ("M&A") specialist he went on to head Salomon's European M&A practice and Paper & Forest Products practice. In 1998 he left the firm to join TIR E*Trade International where he was the partner responsible for pioneering online equity distributions. Prior to moving to Cairo and joining Citadel Capital (now renamed Qalaa Holdings) , Stephen was Head of Private Placements at Citigroup Global Markets in London, where for seven years he worked with both General Partners and Private Limited Companies on over $25 billion of private fundraising assignments. In 2008 Stephen commenced work as a Managing Director at Citadel Capital, which was then the leading private equity firm in Africa and the Middle East, with more than US$ 4.0 billion of equity capital under its control. On returning to London in April 2013, he became a Special Advisor to Qalaa Holdings and remains a Director of both Qalaa Holdings' institutional funds and a number of its large portfolio companies. His personal investment interests have been focused on investments in UK luxury retailing and green technologies. He also currently acts as an advisor to MAB Partners on Private Equity. He is an Irish national and holds a BSc from the University of Dublin, Trinity College.
The Board also announces that Grahame Vetch and Timothy Walker have stepped down from the Board to concentrate on managing the agriculture projects and African Home Stores carried out by the Company's subsidiaries, respectively. 
Commenting on today's announcement, Francesco Scolaro, Chairman of Obtala, said: "Obtala Resources is moving rapidly to expand its very promising Forestry and Agriculture activities in Mozambique and Tanzania. We welcome Stephen's extensive experience, insights and strong relationships with some of the world's leading investors and businesses in Africa. I would like to take this opportunity to thank Grahame and Tim for their efforts serving on the Board and am very pleased that we will maintain their expertise within the Company as we drive forwards the various business sectors." 
"I believe that the prospects for Obtala's early stage businesses will be sufficient to draw both talent and new investors" commented Mr. Murphy on his appointment. "The macro view on Mozambique in particular is also very positive as its abundant natural gas and coal reserves are driving major increases in Foreign Direct Investment." 
The recent Board changes are reflective of the shift within Obtala Resources towards growth businesses that can be consistently profitable. An internal business review is now being undertaken with a view to building on the existing platform. A comprehensive disclosure will be made when annual results are released.
Obtala Resources
Francesco Scolaro - Chairman
Simon Rollason - Managing Director
www.obtalaresources.com
+44 (0)20 7099 1940
ZAI Corporate Finance Limited (Nomad)
+44 (0)20 7060 2220
Ray Zimmerman
Richard Morrison 

Brandon Hill Capital (Broker)
+44 (0)20 3463 5000
Jonathan Evans

Square 1 Consulting (Public Relations)
+44 (0)20 7929 5599
David Bick
Mark Longson
The following information is disclosed under Schedule 2g of the AIM Rules. 
Stephen Anthony Murphy, aged 52, currently holds or previously held in the last five years the following directorships and partnerships:
Current: 
Africa Joint Investment Fund
Africa JIF Holdco I
Africa JIF Holdco II
Africa JIF Holdco III 
Brown Thomas Group Limited
Budd (Shirt Makers) Limited
Citadel Capital Joint Investment Fund Management Limited
Citadel Capital Transportation Opportunities II Limited
Coleridge and Murphy (C&M) Limited
Ledmore Holdings Limited
MENA JIF Holdco I Limited
MENA JIF Holdco II Limited
MENA Joint Investment Fund Management S.A. 
MENA Joint Investment Fund S.C.A., SICAV-SIF.
MENA JIF Limited 
Orient Investment Properties Limited
Rally Capital Limited
Sierra Carbonera Inversiones SL
Silverstone Capital Investments Limited
Vegetable Farming Limited
Past:
H. Huntsman & Sons Limited
H. Huntsman (Holdings) Limited
MK Partnership Limited 
Mr Murphy does not hold any shares in the Company. 
For further information:
Notes to editors:
(1) There is no business or financial relationship between Obtala Resources Ltd and Qalaa Holdings SAE, which is a listed company on the Egyptian Stock Exchange. Mr Murphy will however, maintain his current "Special Advisor" role to Qalaa Holdings SAE (which has in excess of $2.0 billion of gross principal investments in North and East Africa) and its two institutional co-investment funds.
(2) The World Bank data highlights FDI of $6.7 billion in 2013 into Mozambique (the latest year available) versus $1.2 billion in 2010. This would rank Mozambique in the top 5 Sub-Saharan Economies in terms of Foreign Direct Investment. 
(3) According to a recent report by Standard Bank, Liquefied Natural Gas (LNG) development alone will add $39 billion to the Mozambican economy over the next 20 years, boosting GDP per capita from approximately $650 in 2013, to $4,500 by 2035.
(4) Obtala Resources has secured concession agreements covering a total of 279,965 Hectares in Northern Mozambique. These concessions allow for an annual sustainable cut of circa 71,000 m3 of high quality hardwood. With incremental additional investment, applying a 15% discount rate the potential NPV of these concessions was estimated in June 2014 to be 93.9 million. 

This information is provided by RNS
The company news service from the London Stock Exchange
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