Business
Appointment and Proposed Directorate Changes
Appointment and Proposed Directorate Changes.
About this update from Adm Energy Plc
[{"type":"text","content":"\n \nRNS Number : 7497B ADM Energy PLC 11 June 2019 \n\nPrior to publication, the information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (\"MAR\"). With the publication of this announcement, this information is now considered to be in the public domain.\n \n11 June 2019\nADM Energy plc \n(\"ADM Energy\" or the \"Company\")\nAppointment and Proposed Directorate Changes\nADM Energy plc, an oil and gas investing company quoted on AIM, is pleased to announce that His Highness Shaikh Ahmed Bin Dalmook Al Maktoum, has been appointed President of ADM Energy in a non-Board role. Specifically, it is intended by this role that His Highness will help leverage his network and bring new opportunities and contacts to the Company. The Company expects the appointment to be formalised in due course.\nThe Company further announces that Stefan Olivier has informed the Board of his intention to step down as Chief Executive Officer. The Company will appoint a new Chairman and, upon appointment of a new Chairman, Richard Carter, current Non-Executive Chairman, will be appointed as Interim Chief Executive Officer. Stefan Olivier will remain with the Company until the appointment of a new Chairman to oversee an orderly handover. \nThe Company intends, in due course, to recruit into key executive management positions and appoint further independent non-executive Directors and has retained the services of a headhunting firm in this regard. As noted in the announcement of 15 April 2019, Shaikh Ahmed Bin Dalmook Al Maktoum also has the right to appoint one person to the board of directors, subject to requisite regulatory approval and process.\nShaikh Ahmed Bin Dalmook Al Maktoum, President of ADM Energy, said: \"I am delighted to become President of ADM Energy. Since investing in the Company, my conviction has only strengthened regarding the potential value of the opportunity.\n\"The Company's strategy is to grow and to create a larger, balanced portfolio of projects in line with its investing strategy. We will aim to leverage our extensive contacts to identify investment opportunities in undervalued production and near-production assets, primarily in Africa. I am confident we can add significant value to ADM Energy f...