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RNS Number : 8110K
Oracle Power PLC
12 July 2017
 

12 July 2017

 

 

ORACLE POWER PLC

("Oracle" or the "Company")

 

Board Appointment

 

 

Oracle Power PLC (AIM:ORCP), the UK energy developer of a combined lignite coal mine and mine mouth power plant located in the Thar desert in the south-eastern Sindh Province of Pakistan, today announces the appointment of Mr Mark Steed to its Board of Directors, as a Non-executive Director, with immediate effect.

 

Mr Steed's appointment is intended to strengthen the Company's Board for its next stage of development and project delivery of Block VI, Thar Coalfield, Sindh, Pakistan, as well as to increase the Company's access to a wider international investor base, and to identify new diversification opportunities for Oracle to deliver early cash flows. 

 

Mr Steed has had a career in the field of international stock and commodity markets, the management of offshore hedge funds, corporate finance and trading in securities in emerging economies.  He has worked with and set up various portfolio and fund management companies, in the roles of Chief Executive Officer, Chief Financial Officer and Compliance Officer.  Notably he has been involved in the set up of Amstel Securities LLP, City Capital Securities Limited, Shard Capital Partners LLP and the Sion Hall Family Office.

 

 

Anthony Scutt, Chairman of Oracle, said:

 

"It is with pleasure that I welcome Mark to our Board.  His distinguished expertise in the field of corporate finance and the administration and management of offshore hedge funds will be of considerable value to the broader development of the Company."

 

 

Mr Mark Wickham Steed, aged 64, is, or has been, a director or partner of the following companies or partnerships during the past five years:

 

Current directorships and/or partnerships

Former directorships and/or partnerships (within the last five years)

Amstel Fund Management Limited

Aesculus Press Limited

Amstel Securities LLP

CCSL Limited

Amstel Securities UK Limited

INDIEMOVIESONLINE Limited

Financial Trading & Consultancy Limited

SAM Capital Partners Ltd

Fotunate City Investment Ltd

SSG Holdings Limited

KAV Invest Holding AG

The Downside Settlement

Realworld Capital Management Ltd

Cars Drive LLP

Sion Hall Family Office Ltd


 

On 9 December 1998, Global Portfolio Management Limited, a company of which Mr Mark Steed was a director at the time, was placed into creditors' voluntary liquidation with an estimated deficiency as regards creditors of £145,327. The liquidation process concluded and Global Portfolio Management Limited was dissolved on 6 June 2000.

 

Mr Steed has a beneficial interest in 342,500 ordinary shares of 0.1 pence each in the capital of the Company, which represents 0.04% of the issued share capital of Oracle.

 

There is no further information required to be disclosed in respect of the above appointment pursuant to paragraph (g) of Schedule 2 of the AIM Rules for Companies.

 

 

For further information:

 

Oracle Power PLC

Shahrukh Khan

 

+44 (0) 203 580 4314

Grant Thornton UK LLP (Nominated Adviser)

Salmaan Khawaja, Richard Tonthat, Daniel Bush 

 

+44 (0) 207 373 5100

Brandon Hill Capital Limited (Joint Broker)

Oliver Stansfield

 

+44 (0)203 463 5000

Peterhouse Corporate Finance (Joint Broker)

Charles Goodfellow

 

+44 (0)20 7220 9791

Blytheweigh                                                  

Tim Blythe, Camilla Horsfall, Megan Ray 

 

+44 (0) 207 138 3204

Fortbridge                                                

Matt Beale, Bill Kemmery

 

+44 (0)7966 389196

 

The information contained within this announcement is considered to be inside information, for the purposes of Article 7 of EU Regulation 596/2014, prior to its release.       

 

 

 


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