Board Appointment

RNS Number : 3731M

Oracle Power PLC

07 January 2019

 

07 January 2019

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 Ms Naheed Memon to its Board of Directors ("Board"), as a Non-executive Director, with immediate effect.

Ms Memon's appointment is intended to strengthen the Company's Board, particularly in bringing Block VI, Thar Coalfield, to financial close.    

Ms Memon has had a career spanning public service and the private sector.  Following a first degree in Computing Science at the University of Karachi, she completed a MSc in Economics, including a Distinction in Econometrics, at Birkbeck College, London and an MBA at Imperial College London.  She has held various roles in her family conglomerate, the Kings Group of Industries, Pakistan, including Director of Marketing and Director of Information Systems.  She was CEO of Advici Consulting Limited, a consulting practice based in London advising in marketing and investor facilitation.  She has been a Financial Advisor with Merrill Lynch, Private Banking.  She was CEO of Manzil Pakistan, a public policy think tank based in Karachi. She has served the Sindh Board of Investment (Government of Sindh), as Vice Chair from 2013 - 2016, then as Chair until August 2018.

Mark Steed, Chairman of Oracle, said:

"It is with pleasure that I welcome Naheed to our Board. Her existing knowledge and understanding of our flagship Thar Block VI asset will be of considerable value to the development of the Company going forward. Moreover, having a Director primarily based in Pakistan should further help ensure a smooth transition to Financial Close and subsequent development."

Further information on Ms Memon, as required by the AIM Rules for Companies is as follows:

Ms Memon, 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)
Ace Travels Pvt. Ltd.	None
Thatta Cement Company 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]
Strand Hanson Limited (Nominated Adviser) Rory Murphy, James Harris, Jack Botros	[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]

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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