Directorate Change

RNS Number : 8436V

OPG Power Ventures plc

08 November 2017

 

8 November 2017

OPG Power Ventures plc

("OPG", the "Group" or the "Company")

Board Changes

OPG (AIM: OPG), the developer and operator of power generation plants in India announces the following Board changes, effective immediately.

Appointment of Chief Financial Officer

Having been with the Company since its admission to trading on AIM in 2008 and overseen its growth to 750 MW of operating capacity, Mr V. Narayan Swami, Finance Director, is retiring from the Board. He will be replaced on the Board by Dmitri Tsvetkov (aged 45) who has been appointed as Chief Financial Officer of OPG Power Ventures PLC.

Mr Tsvetkov, has been the Chief Financial Officer of OPG Power Generation Pvt Ltd, the Chennai subsidiary of OPG, since July  2017. Prior to joining the Group, he accumulated over 23 years of financial, accounting and operational experience, including significant experience of working with promoter/founder-led energy sector listed companies in London, Africa, Asia and Canada.

Mr Tsvetkov was previously Chief Financial Officer of Advance International Exploration, Inc., Interim Chief Executive Officer and Chief Financial Officer of Mart Resources, Inc. and Chief Financial Controller of Heritage Oil Plc, a FTSE 250 oil and gas company.  Mr Tsvetkov was with PricewaterhouseCoopers in Calgary, Canada and Moscow, Russia from 1994 to 2006.

He has a Chartered Accountant (CA) designation from the Canadian Institute of Chartered Accountants, an FCCA designation from the Association of Chartered and Certified Accountants in the UK and Chartered Financial Analyst (CFA) designation from the CFA Institute in the US.

Appointment of independent Non-Executive Deputy Chairman

Additionally, Mr Martin Gatto, Non-Executive Director, is also retiring from the Board. He will be replaced by Jeremy Warner Allen who has been appointed as Independent Non-Executive Deputy Chairman.

Mr Warner Allen has over 25 years' experience in capital markets.  He is currently a Non-Executive Director of TP Group plc.  Prior to that he was an Executive Director, Board Member and Head of the Growth Companies Team at Cenkos Securities plc, where he advised a number of AIM companies over a period of 11 years.  Prior to joining Cenkos, he was a founding member of Beeson Gregory Limited and responsible for the UK sales desk, a role he retained when Beeson Gregory merged with Evolution Securities in 2002.  Mr Warner Allen has significant experience of working with promoter/founder led listed companies.  

Arvind Gupta, Executive Chairman commented, "We are pleased to welcome Dmitri Tsvetkov and Jeremy Warner Allen to the Board. Their appointments are an important part of the Company's development of its finance function and in the further strengthening of its external communications."

"On behalf of the Board, as well as in a personal capacity, I would like to record our thanks to V. Narayan Swami and Martin Gatto for their considerable contribution to the Company during its formative decade since Admission and wish them every success in the future."

The following information is disclosed pursuant to Schedule Two paragraph (g) of the AIM Rule for Companies:

Mr Warner Allen has an interest in 13,729 ordinary shares in the Company.

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

For further information, please visit www.opgpower.com or contact:

OPG Power Ventures PLC Arvind Gupta / Dmitri Tsvetkov	[phone]
Cenkos Securities (Nominated Adviser & Broker) Stephen Keys / Camilla Hume	[phone]
Macquarie Capital (Europe) Limited (Joint Broker) Raj Khatri / Nick Stamp	[phone]
Tavistock (Financial PR) Simon Hudson / Barney Hayward / James Collins	[phone]

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