Board Change

Scirocco Energy PLC

12 January 2024

 

12 January 2024

Scirocco Energy plc

("Scirocco" or "the Company")

Board Change

Scirocco Energy (AIM: SCIR), the AIM investing company targeting attractive assets within the European sustainable energy and circular economy markets, announces that CEO, Tom Reynolds, is standing down from his position as a Director of the Board of Scirocco, effective immediately, but will remain in his role as CEO until 12 July 2024, or an earlier date as agreed by Mr Reynolds and the Company.

The decision follows the completion of the General Meeting on 10 January 2024 to approve the divestment of Scirocco's investment in EAG, being Scirocco's sole material investment.  As a result, Scirocco expects to require less active management resource of its portfolio and his decision to step down from the role will support Scirocco's efforts to preserve cash.

As the only executive of Scirocco, Mr Reynolds will continue to support the Company during the notice period as a range of strategic options available to the Company are further considered - including the distribution of available cash, further investments in line with its investing policy and/or the deployment of the proceeds in pursuit of a reverse takeover transaction.

Commenting on the update, Scirocco's Non-Executive Chairman, Alastair Ferguson, said:

"Tom's decision to resign from his role as a Director aligns with Scirocco's efforts to husband the cash it has received, or expects to shortly receive, from the recent divestments.  Tom is a high quality CEO who has steered Scirocco through material changes, both within the Company and in terms of the industry backdrop, and the timing of his signalled departure is appropriate given the current status of Scirocco.  On behalf of the Board, I'd like to thank Tom for his tireless efforts since taking on the role and we appreciate his commitment to ensure an orderly handover of responsibilities while the Company assesses its next move."

For further information:

Scirocco Energy plc Tom Reynolds, CEO	[phone]
Strand Hanson Limited, Nominated Adviser Ritchie Balmer / James Spinney / Robert Collins	[phone]
WH Ireland Limited, Broker Harry Ansell / Katy Mitchell	[phone]
Buchanan, Financial PR Ben Romney / Barry Archer / George Pope	[phone]

 

END