Sound Energy PLC Succession Planning and Board Changes (1692T)
12 Novembre 2019 - 4:53PM
UK Regulatory
TIDMSOU
RNS Number : 1692T
Sound Energy PLC
12 November 2019
12 November 2019
Sound Energy plc
("Sound Energy" or the "Company")
Succession Planning and Board Changes
Sound Energy, the Moroccan focused upstream gas company, is
pleased to provide a further update on Board changes as it
continues to make preparations for the forthcoming potential
partial divestment of Eastern Morocco Portfolio.
As previously announced on 7 November, the Company has entered
the final phase of the marketing process for its Eastern Morocco
Portfolio which, on completion of the transaction, is expected to
result in it handing over operatorship of its Eastern Morocco
Portfolio to a third party and becoming a fully carried,
non-operating company.
It was announced by the Company on 14 August 2019 that James
Parsons, the Company's Chief Executive Officer, had agreed to
remain in his current role whilst the Company continued to explore
monetisation options available to the Company in respect of its
Eastern Morocco Portfolio. Consistent with the proposed transaction
structure where the executive responsibility for operating the
Eastern Morocco Portfolio is expected to move to a third party,
James Parsons and Simon Davies have confirmed their decision to
leave the Company. Mr. Parsons will relinquish his executive duties
and step down from the Board once his successor has been appointed
to the Board but will remain available to the Company thereafter,
in a consultancy role, until 12 May 2020 in order to assist with
the completion of the transaction announced on 6 November 2019 and
also to ensure an orderly handover of his duties. Mr Davies will
also stand down from the Board, in this case with immediate effect
due to unexpected health reasons.
The Company announces that it intends to appoint Mohammed
Seghri, currently Managing Director Morocco, to the Board,
initially as acting Chief Executive, in the near future and after
the Company completes the formal procedures relating to his
proposed appointment. The Company has also appointed Marco
Fumagalli, Non-Executive Director, as acting Chairman with
immediate effect and the Board will shortly commence a process to
identify and appoint an independent, Non-Executive Chairman in due
course.
Marco Fumagalli, acting Chairman, commented:
"Following the recent exclusivity award on the potential partial
divestment in Eastern Morocco Portfolio, I am pleased to confirm
our orderly handover of executive responsibilities for this next
important phase of our development. I would like, on behalf of the
Board, to thank Simon and James for their stewardship over the
years."
For further information please contact:
Vigo Communications - PR Adviser Tel: 44 (0)20 7390 0230
Patrick d'Ancona
Chris McMahon
Sound Energy questions@soundenergyplc.com
Marco Fumagalli
Cenkos Securities - Nominated Adviser Tel: 44 (0)20 7397 8900
Azhic Basirov
Ben Jeynes
RBC - Joint Broker Tel: 44 (0)20 7653 4000
Matthew Coakes
Martin Copeland
Macquarie Capital (Europe) Limited Tel: 44 (0)20 3031 2000
- Joint Broker
Alex Reynolds
Nick Stamp
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
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
BOAFFEFIEFUSEIF
(END) Dow Jones Newswires
November 12, 2019 10:53 ET (15:53 GMT)
Grafico Azioni Sound Energy (LSE:SOU)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Sound Energy (LSE:SOU)
Storico
Da Apr 2023 a Apr 2024
