Business
Senior Management Changes: Appointment of New CEO
Prospex Energy PLC announces that Tom Reynolds will become Chief Executive Officer by February 1, 2026, succeeding Mark Routh who is retiring. Reynolds, with extensive energy sector executive experience, will receive a £50,000 signing bonus settled via Convertible Loan Notes, an annual salary of £250,000 with approximately £50,000 in equity, and nil-cost options over 3.5% of the company's share capital exercisable upon a liquidity event. The company's up to £1.6 million convertible loan note offering remains open for subscriptions. Disclaimer*
About this update from Prospex Energy Plc
[{"type":"text","content":"\n\nProspex Energy PLC / Index: AIM / Epic: PXEN / Sector: Oil and Gas\n \n6 January 2026\n \nProspex Energy PLC\n('Prospex' or the 'Company')\n \nSenior Management Changes: Appointment of New CEO\n \nProspex Energy PLC (AIM: PXEN), the AIM-quoted investment company focused on European gas and power projects, announces that Mark Routh has advised the Board of his retirement as CEO and a director of the Company. Tom Reynolds will be appointed as Chief Executive Officer and a director of the Company with effect from no later than 1 February 2026, in order to provide time to wind up his pre-existing commitments, and Mark's retirement will take effect from such date.\n \nMr. Reynolds is a well-qualified leader with extensive and successful experience in senior executive roles in listed companies in the energy sector, including CEO of Scirocco Energy, and CEO of Bridge Energy. He is currently a non-executive director of Zephyr Energy, a role in which he will continue. Tom has also had considerable executive experience in a wide range of privately held companies involved in energy, energy investment and finance. He holds a B. Eng. Chemical & Process Engineering with First Class Honours.\n \nMark will assist in developing Tom's knowledge of the Company's investments and partners to ensure a smooth and orderly transition starting immediately, and likely to be for a period of no more than three months.\n \nThe Board is very grateful to Mark for his considerable achievements in building an attractive and geographically diverse portfolio of gas assets in Europe for Prospex, and for his assistance in the transition.\n \nTom Reynolds will receive an appropriate remuneration package for the role and reflecting the experience and qualities he brings to the Company, with a meaningful proportion in equity, subject to signature of a definitive contract of employment. This includes a signing bonus of £50,000, which is expected to be settled through the issue of Convertible Loan Notes currently being offered by the Company (see further below). Of the £250,000 annual salary, c. £50,000 will be satisfied in equity in the Company, paid on a monthly basis based on a prevailing VWAP. In addition, he will be awarded nil-cost options over c. 3.5% of the Company's share capital which...