Reorganisation of Finance Function

RNS Number : 0015R

Igas Energy PLC

25 June 2020

 

25 June 2020

IGas Energy plc (AIM: IGAS)

("IGas" or "the Company")

Reorganisation of Finance Function

IGas has today announced a number of cost saving measures as part of an in-depth review of expenditure.

As part of this review, it was identified that certain functions within the Chief Financial Officer's team could be restructured to reduce costs. It was proposed that the role of Chief Financial Officer (CFO) be made redundant and that the Group Financial Controller would take on overall responsibility for the finance function, reporting to the Chief Executive Officer, with other disciplines reporting to other members of the Executive Team.

The Board has accepted this proposal and Julian Tedder, CFO of the Company since 2015, will step down from 31 July 2020 with Frances Ward assuming responsibility from that date.

Stephen Bowler, CEO of IGas commented:

"Julian has played a key role in developing the business over recent years. He has been instrumental in strengthening the balance sheet and reducing the costs of IGas as we have adapted to changing opportunities and challenges.

I would like to thank him for the insight and dedication that he has provided during his time with us and wish him every success for the future."

For further information please contact:

IGas Energy plc  Tel: [phone]

Stephen Bowler, Chief Executive Officer

Julian Tedder, Chief Financial Officer

Ann-marie Wilkinson, Director of Corporate Affairs

Investec Bank plc (NOMAD and Joint Corporate Broker) Tel: [phone]

Sara Hale/Jeremy Ellis/Tejas Padalkar

BMO Capital Markets (Joint Corporate Broker) Tel: [phone]

Tom Rider/Neil Elliot

Canaccord Genuity (Joint Corporate Broker) Tel: [phone]

Henry Fitzgerald-O'Connor/James Asensio

Vigo Communications  Tel: [phone]

Patrick d'Ancona/Chris McMahon 

 

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