Board Appointments

RNS Number : 6602R

Cadogan Petroleum PLC

26 August 2010

 



RNS Announcement

Cadogan Petroleum PLC - appointment to the Board

Cadogan Petroleum Plc is pleased to announce the appointment of Alessandro Benedetti and Bertrand des Pallieres as non-executive Directors of the Company with effect from 26 August 2010. As SAE Capital Holdings S.A is the Company's largest shareholder the Board does not recognise them as independent directors in accordance with The UK Corporate Governance Code. Both appointees have waived the right to any fees.

Alessandro Benedetti (49) is an Italian national with nearly 30 years of business experience in a diverse range of industries including telecoms, agro-industrial engineering, industrial mining, real estate, renewable and non-renewable energy and investment companies. He is fully conversant with business conditions and operating procedures in the world's key markets, especially Western and Eastern Europe, Scandinavia, CIS, Africa, North America and the Middle East.

From 2002 onward he began structuring the acquisition of a controlling interest in Italian telecom giant WIND Telecom, and subsequently formed a consortium to close a €17.2bn leveraged buy out in 2005, at that time the largest deal of its type in Europe. Taking control of SAE Capital in 2003 he disposed of the production and distribution activity transforming the Group into a M&A boutique, which has structured various multi-billion Euro acquisitions, focusing on the telecom and energy market across Europe. He is a non-executive director of Versatile Systems Inc., which is listed on the Toronto and London Stock Exchanges, and  Equus Total return, Inc., listed on the NYSE.

Bertrand Des Pallieres (43), a French national, is the CEO of SPQR Capital LLP. Previously Bertrand was the Global Head of Principal Finance and member of the Global Market Leadership Group of Deutsche Bank from 2005 to 2007. From 1992 to 2005 he held various positions at JPMorgan including Global Head of Structured Credit, European Head of Derivatives Structuring and Marketing and Co-head of sales for Europe, Middle East and Africa. He is a non-executive director of Versatile Systems Inc. listed on the Toronto and London Stock Exchanges and Equus Total return, Inc., listed on the NYSE.

There are no items to disclose in accordance with UKLA LR 9.6.13 sections 2-6 for either individual.

Commenting on the appointment, Simon Duffy, Chairman, stated: "The Board of Cadogan welcomes Alessandro Benedetti and Bertrand des Pallieres appointment as directors. SAE Capital Holdings S.A.'s vision of the future for Cadogan is aligned with that of the Board and working together we anticipate creating value for all shareholders."

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