Neos Resources PLC Board Changes and Indian Operations (5605Q)
October 15 2013 - 9:30AM
UK Regulatory
TIDMNEOS
RNS Number : 5605Q
Neos Resources PLC
15 October 2013
NEOS Resources plc ("NEOS", the "Company")
Board Changes & Indian Operations
NEOS is pleased to announce that Duncan Keil and Gordon Tainton
have been appointed to the Board as non-executive directors with
immediate effect.
Mr Tainton has more than 30 years of natural resources sector
experience at senior management levels with organisations including
SGS Group, Inspectorate S.A., Sumitomo Corporation and European
Nickel plc. Since 2009 he has been VP for Bulk Products at Aslchem
International Inc. where he has focussed on sourcing ferrous metals
and petrochemical products for industrial key accounts.
Mr Keil has more than 20 years of experience including a
background in derivatives and risk management prior to a move into
the renewable energy sector where he built-up a portfolio of
businesses at Atmosclear SA, the Swiss-based private equity fund.
He is currently Business Development Director of Ariya Capital, an
investment company dedicated to sustainable investments in
sub-Saharan Africa and has recently been working with ICAP Energy
to build-up their renewable commodities footprint.
Mr Ravi Jose, Chief Operations Officer has resigned with
immediate effect. We would like to thank Mr Jose for his efforts
over the past two years and we wish him well. In line with the
statements made with the interim results published on 27 March 2012
the orderly wind down of the Indian business has continued and the
Board has now determined to cease operations entirely. Mr Myerson
will now oversee the process with the assistance of the in-country
staff that have been retained to facilitate the process and
external consultants which may include Mr Jose. The expected net
proceeds of the liquidation of India should result in the release
of circa GBP0.1 million of cash which would be repatriated in due
course in accordance with local laws and deployed in support of the
Company's continuing operation.
The Board has resolved that Michael Moquette and Nicholas
Myerson should receive remuneration of GBP5,000 as Non-Executive
Chairman and GBP18,750 as Chief Executive Officer respectively per
quarter. Mr. Moquette's will commence with effect from 1 September
2013 and Mr. Myerson's from 1 October 2013. Mr. Moquette will also
continue to charge certain per diem expenses. Mr Tainton and Mr
Keil will not receive any compensation until further notice.
The Company's financial position remains in line with previous
announcements and as at 30 September 2013 the consolidated cash
balance is approximately GBP0.5 million.
The previously announced contract to supply, as principal, 500
tonnes of used cooking oil ("UCO") to a global energy group is
expected to be completed by the end of November 2013. This business
is expected to generate a positive margin for the Company and we
remain confident that further contracts with significantly
increased volumes are within reach.
Enquiries:
NEOS Resources plc +41 (0)22 908 1199
Nicholas Myerson - Chief
Executive Officer
+44 (0) 207 220
finnCap Ltd 0500
Stuart Andrews
Christopher Raggett
The following information is provided in compliance with
Schedule 2(g) of theAIM Rules for Companies:
Mr. Alastair Duncan Keil is 50 years old, his current and
previous directorships and partnerships are listed below:
Current Directorships Directorships and partnerships held
in the past 5 years
Bioctane Ltd Atmosclear SA
Ariya Capital Pty Delta Economics LLP
Mr. Gordon Tainton is 57 years old, his current and previous
directorships are listed below:
Current Directorships Directorships held in the past 5 years
Tegan Resources AG
There are no further disclosures required under Schedule 2(g) of
the AIM Rules for Companies.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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