Board Appointment

RNS Number : 9637M

Oracle Power PLC

03 August 2017

 

3 August 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 Andreas Migge to its Board of Directors, as a Non-executive Director, with immediate effect.

Mr Migge's appointment is intended to strengthen the Company's Board, particularly in bringing Block VI, Thar Coalfield, to financial close, as well as to provide further access to a wide international investor base and to identify new diversification opportunities in the natural resources and energy sector.

Mr Migge has had a career in Investment Banking and Private Equity with a focus on energy and natural resources. He has an international background, having worked in the US, Europe, Asia and the Middle East.

Post-graduation Mr Migge joined JP Morgan, where he executed capital markets and M&A transactions. He served as an Investment Manager at Alpinvest Capital Partners and as a Director of GE Capital in London.  Subsequently, he worked in the UAE as a Principal in the Special Situations group at the Abu Dhabi Investment Council, focused on the power sector.  Mr Migge is currently the Chief Financial Officer of Pelletasia Holdings Pte Limited. 

Mr Migge has considerable international transaction experience, notably leading the acquisition of the power plants Lalpir and Pakgen in Pakistan, which was voted "Deal of the Year Asia".  In 2014, he was a founding investor and member of the sponsor team for the Reata Prospect, an on-going shale oil exploration project in the Permian Basin in the US. Mr Migge has also led investments in power projects in Iraq and coal mining restructuring projects in the US.

He served in the Special Forces of the German Air Force and holds an MBA from Yale University.

Anthony Scutt, Chairman of Oracle, said:

"It is with pleasure that I welcome Andreas to our Board.  He is a highly experienced investment banker with a strong investment and cross border experience in the resources and energy sector.  His expertise will be of considerable value to the development of the Company going forward."

Mr Andreas Migge, aged 50, 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)
Pelletasia Holdings Pte Limited	Anglo Manganese Plc
Pelletasia Victorias Corporation	Khyber Capital Limited
Philippine Land Resources Pte Limited
Pelletasia South Pte Limited

There is no further information 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	[phone]
Grant Thornton UK LLP (Nominated Adviser) Salmaan Khawaja, Richard Tonthat, Daniel Bush	[phone]
Brandon Hill Capital Limited (Joint Broker) Oliver Stansfield	[phone]
Peterhouse Corporate Finance (Joint Broker) Charles Goodfellow	[phone]
Blytheweigh                                                   Tim Blythe, Camilla Horsfall, Megan Ray	[phone]
Fortbridge                                                 Matt Beale, Bill Kemmery	[phone]

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.       

 

END

 

 

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