Directorate Change

RNS Number : 0232Z

Atlantis Resources Limited

15 September 2015

 

15 September 2015

ATLANTIS RESOURCES LIMITED

("Atlantis" or the "Company")

Directorate Change

Atlantis, a global leader in the tidal power sector, is pleased to announce the appointment of Simon Counsell as Chief Financial Officer.  The Company has accepted the resignation of Duncan Black as Chief Financial Officer ("CFO"), who will step down on 18 September 2015, due to the intended relocation of the corporate headquarters, including the finance and administration function, to Scotland from Singapore.  Duncan will remain on the Board as a Non-executive Director.

Duncan has decided against relocating his family to Scotland and has therefore chosen to step down as CFO.  However, he has agreed to remain on the Board as a Non-executive Director.  The process of recruiting a UK-based replacement CFO has been successfully completed and the Board is delighted to appoint Simon Counsell as CFO.  Simon will join the Company by 15 November 2015.  It is the intention that Simon will join the Board in due course.

Simon is currently UK and Netherlands Finance Director at InterGen (UK) Ltd, a role he has held since 2003.  Simon was also made interim head of European Operations at the beginning of 2015.  He started his career as an Audit supervisor at Coopers and Lybrand in 1989, before joining Singer and Friedlander Ltd as Finance Manager in 1993.  He moved on to Merrill Lynch in 1995 and gained exposure to traded financial markets before joining InterGen in 1998 as UK Trading Controller, where he was responsible for establishing the UK Trading Back and Middle office functions. 

Head Office relocation

The relocation of Atlantis' corporate headquarters to Scotland is a natural progression following last year's admission to AIM, the MeyGen project in Scotland entering the construction stage and the recent acquisition of Marine Current Turbines Limited, which included a portfolio of six projects expanding the Company's footprint into Wales, Northern Ireland and Southern England, and increasing the project development portfolio in Scotland.

John Neill, Chairman of Atlantis, commented:

"I am delighted that we have appointed Simon as CFO as he brings with him a wealth of experience in financial management within the global power generation industry, strong finance-related technical skills and a track record of playing an integral role in achieving business growth.  He has played a key part in shaping the direction of InterGen and I look forward to him bringing his skill and experience to Atlantis at this exciting moment in the Company's development.

"On behalf of the Board, I would like to take this opportunity to express our sincere gratitude to Duncan for the huge contribution he has made to the success of Atlantis since he joined the Company.  It has been a pleasure to work alongside him during a period which has seen Atlantis transformed into a global leader in the tidal power sector with an international portfolio of projects but a strong focus in the UK.  We respect Duncan's decision not to relocate his family to the UK and are delighted that he has agreed to remain on the Board as a Non-executive Director.  His experience and expertise will be greatly valued as the business continues to grow."

Simon Counsell commented:

"I am very excited to be joining Atlantis.  I have long been impressed with the business and its leading position at the helm of a burgeoning global tidal power sector and look forward to building on the very strong foundations which have been established."

Duncan Black, outgoing CFO of Atlantis, said:

"It is not without regret that I have made the decision to remain in Singapore and step down as CFO of Atlantis.  I look forward to my new role as a Non-executive Director and will work to ensure that there is a seamless handover to my replacement.  I remain confident that the outlook for Atlantis is positive and intend to remain a long-term shareholder."

For further information please contact:

Atlantis Resources Limited	via FTI Consulting
Tim Cornelius, Chief Executive Officer
Peel Hunt LLP (Nominated Adviser and Broker)	[phone]
Daniel Harris / Jock Maxwell MacDonald
FTI Consulting	[phone]
Ben Brewerton / Alex Beagley / James Styles

 

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